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Terra Hill sells 102 units on sales launch

Posted by admin on March 3, 2023

SingaporeTerra Hill sells 102 units (38%) out of the 270 units available during the weekend of their sales launch on Feb 24th and Feb 25th. The average selling price for the freehold property was seen at $2650psf.

According to the joint developers, Hoi Hup Realty and Sunway Developments last Sunday (26th Feb), out of 102 units that were sold 7 units were from Terra Hill’s Prestige collection. These were sold at at average price of $2850 psf.

Terra Hill is being built on the old site of Flynn Park Condominium at Yew Siang Road. The new development is a low rise density estate with 9 blocks of 5 storeys.

Wong Siew Ying from Propnex Realty’s head of research and content said that Terra Hill’s average price of $2650 is reasonable for a freehold project in the city fringe.

Also Marcus Chu CEO of ERA Realty mentioned that demand for Terra Hill is healthy as it is one of the few new launches with a freehold tenure in District 5. Such units account for only 14 per cent of private residential non landed properties in the area, he said.

He continued to add that both home owners and investors will be attracted to Terra Hill’s close proximity to the Pasir Panjang MRT station.

Properties on Greater Souther Waterfront

The last freehold development that was within walking distance to Pasir Panjang MRT is Bijou. The latest transaction on November 2022 on data from URA Realis was at $1.8m or 2265psf for a 775sqft unit.

Lee Sze Teck, senior research director at Huttons highlighted that the buyers mostly lived in the West of Singapore and were a mixture of investment purchases and home owners.

Buyers were attracted to the upcoming Greater Southern Waterfront transformation that will take shape in the future. Labrador Tower which is a Grade A office building is expected to complete in 2024. Lee Sze Teck said the potential tenant pool will increase for the area.

Subsequent launches in 2023

Propnex’s Wong also predicted that a take up rate of 30-40% is likely to be normal for the future launches this year. This includes launches in the Rest of Central Region (RCR) city fringe such as Blossoms by the Park and The Hill @ One North as well CDL project called Tembusu Grand on Jalan Tembusu.

On hindsight, take up rates of over 70% sold at some Rest of Core Region launches in 2022 were the exception rather than the norm. For example Piccadilly Grand which sold 77% of its 407 units in the launch weekend. As well as Liv @ MB in Mountbatten sold 75% of their 298 units.

Wong cited low interest rates and pent up demand for new projects launched in 2022 that attributed to such a take up rate last year.

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