Terra Hill

About 1/3 of the Units sold on Preview Day

In its two-day booking exercise on February 24 and 25, TERRA Hill in Pasir Panjang sold 102 apartments at an average selling price of S$2,650 per square foot (psf).

This amounts to around 38% of the 270 apartments in the luxury freehold property.

On Sunday, developers Hoi Hup Properties and Sunway Developments announced that more than S$2,850 psf had been sold across 102 apartments at Terra Hill, including seven from the Prestige Collection at the site’s highest point (Feb 26).

Taking the place of the demolished Flynn Park condominium on Yew Siang Road, the construction will be a low-density project consisting of nine buildings, each reaching five stories.

Wong Siew Ying, head of research and content for PropNex Realty, characterized the average price of S$2,650 psf at Terra Hill as “fair” for a freehold property on the city’s outskirts.

With the high borrowing rates, “the take-up rate of almost one-third sold is also typically within our expectations,” she noted.

It’s possible that buyers may take their time making a selection this year since there will be more releases.

ERA Realty CEO Marcus Chu has also reported “strong” interest for Terra Hill, since it is one of the few non-landed private projects in District 5 that provide freehold tenure. He indicated that just 14% of the private, non-landed properties in the region were such apartments.

 

Good Connectivity with a City Fringe Address

Moreover, Terra Hill can be reached by public transportation because to its proximity to the Pasir Panjang MRT Station, which can be reached in under ten minutes on foot. According to Chu, this makes the area more desirable for both potential residents and tenants.

In 2014, Far East Organization completed construction on the 120-unit Bijou, within walking distance of an MRT station in the Pasir Panjang district. URA Realis shows that in November, a 775 sq ft flat sold for S$1.8 million, or S$2,265 psf.

 

Be Part of Greater Southern Waterfront

Senior research director at Huttons Lee Sze Teck has observed that purchasers have included both investors and first-time homeowners, most of whom live in the western part of Singapore.

Both types of purchasers were attracted by the area’s closeness to the Greater Southern Waterfront, which is now under construction.

The number of prospective tenants in the region is projected to grow after the neighboring Grade A office building Labrador Tower is finished in 2024, as stated by Lee.

 

Upcoming Launches for 2023

PropNex’s Wong predicted that a 30%-40% adoption rate will be typical for future launches in 2023. Such examples include EL Development’s Blossoms by the Park on Slim Barracks Rise and City Developments Limited’s Tembusu Grand on Jalan Tembusu, both of which are set to debut at the urban periphery of the Rest of Central Region (RCR).

The take-up rates of over 70% obtained at certain RCR launches in 2022 “appear to have been the exception rather than the rule,” she added.

Piccadilly Grand, a joint project between CDL and MCL Land, sold 77% of its 407 apartments in the first weekend. More over 75% of the 298 apartments at LIV @ MB in Mountbatten, developed by Bukit Sembawang Estates, were purchased on its opening weekend.