Huttons’ Yip is forecasting more project launches in the area in 2021, including the Collective and a non-landed residential project in the former Pasir Panjang Power Station.Terra Hill, the first freehold condominium launch in the Rest of Central Region (RCR) in 2021, was sold out during weekend with 38% units – 102 out of the total 270 units – sold. The average price of the units sold was over $2,650 psf with seven units in the Prestige Collection being sold at an average price of above $2,850 psf.
The launch of Terra Hill saw an enthusiastic response from the public with more Champions Way Condo than 10,000 visitors at the sales gallery and on the launch weekend, the developer had achieved its target to sell about 100 units. This set a new benchmark for prices and demonstrated the positive sentiment in the market, despite the higher interest rates and uncertainties.
Mark Yip, CEO of Huttons Asia, is of the view that the sales were within expectations. The announcement of the budget and increase in buyer phase stamp duty, did not reduce the buying interest but instead, large crowds were seen at the show flats.
The 270-unit freehold Terra Hill is situated atop Yew Siang Road and located at the Rest of Central Region, being a four-minute walk away from Pasir Panjang MRT station. The units mainly comprise of 2,3 and 4-bedroom units with 30 exclusive units of The Prestige Collection. Two-bedroom units are priced over $1.5 million, with an area of 624 to 840 sq ft and three-bedroom units ranging from 904 sq ft to 1,335 sq ft and priced from $2.3 million.
The 24 four-bedroom units of 1,894 sq ft cost from $5 million, with the six 5-bedroom duplex penthouses of 3,035 sq ft in The Prestige Collection. Setting new benchmarks, The Prestige Collection units were sold with an average price of above $2,850 psf.
At the launch, PropNex Realty CEO Ismail Gafoor commented that the high supply of new project launches in 2021, will result in most reaching roughly 35% to 40% sales in the weekend launch. Compared to other launches, Terra Hill presents an attractive proposition owing to the larger unit sizes and the prices.
The area is also proximate to places of employment, higher education, retail outlets, and with the upcoming Greater Southern Waterfront, the area is set to become even more attractive. The last freehold launch in the vicinity was Bijou in 2014, with the most recent transaction for a two-bedroom unit being for $1.755 million ($2,265 psf).
With Terra Hill, buyers were predominantly from the west and include a mix of investors and owner-occupiers. Marcus Chu, CEO of ERA Realty Network, pointed out that freehold, non-landed developments are rare in District 5 and represent just 14% of transacted private residential non-landed properties in the District.
Going forward, 2021 is set to bring more new launches including The Collective and a non-landed residential project at the former Pasir Panjang Power Station. With such attractive offerings, the area is set to become a bustling center in the future.