Terra Hill sells 38% of its units in the first weekend with an average price over $2,650 per square foot
Over the weekend of February 25-26, joint venture partners HoiHup and Sunway Developments were able to sell 102 units of the freehold Terra Hill. This represents about 38 percent of the total 270 units. Terra Hill, located at the top of Yew Siang Road off Pasir Panjang Road is the first private freehold condo to launch in RCR in 2023. The average price of the sold units was $2,650 per square foot.
The Prestige Collection at Terra Hill consists of 30 exclusive units. The Prestige Collection at Terra Hill consists of 30 exclusive units.
Over 10,000 people visited the South Buona Vista Road sales gallery during the preview. The developer stated in a press release that the voting and booking exercise held for Terra Hill on February 24-25 was met with enthusiasm by the public.
It is unlikely that the 70% to 85% of sales achieved in new project launches last Year will be repeated this. Estimated to be over 4,000 residential units, 17 new projects were launched last year.
This year, up to 47 new projects with 12,000 potential new units will be launched. The new supply is now three times greater, giving buyers more choice.
Market analysts expect that most of the new projects launched this year will achieve between 35 and 40% sales during the launch weekend. This is due to the higher interest rates, as well as the uncertainty in the market. Pasir Panjang, one of nine estates located outside of the Central Area where URA has set the standard of 100 square meters for new non-landed residential developments. Terra Hill unit sizes are therefore larger and the absolute price is higher.
Terra Hill’s weekend sales were in line with expectations. The mood on the ground remains positive. Even after the Budget announced the increase in buyer’s stamp duties, the large crowds of show flats indicate that the buying interest has not changed.
Terra Hill’s Signature Collection has 240 units that include a mixture of two, three, and four bedroom units. The price of two-bedroom units ranging from 624 to 840 sq ft is over $1.5million. Three-bedroom types comprise 126 units. Prices start at $2.3 million for sizes ranging from 904 to 1,335 square feet. Prices range from $3.4 million to $2,611 per square foot for 63 four-bedroom units ranging in size from 1,302 sq ft to 1,862 sq ft.
In November 2018, the Kent Ridge Hill residences, a 548-unit residential development in the area, was launched. The project was sold out by November 2022. The latest transaction involved the sale of a strata terraced house at $3.266m ($1,580psf). According to URA Realis, apartments sold between July 1, 2022 and November 30, 2022 ranged in price from $1,644 per square foot to $2,062 per square foot.
In 2014, the Bijou with 120 units was launched. The latest sale at Bijou, which was completed in 2018, and is located opposite Pasir Panjang MRT station, was a two-bedroom apartment measuring 775 square feet. It sold for $1.755m ($2,265 per sqf) late in November.