Terra Hill, a prestigious freehold condominium developed by Hoi Hup and Sunway Developments, has made a splash in the market by selling 102 units during its launch weekend, translating to an impressive 38% sales rate. In addition, the average price of the units sold surpassed $2,650 psf.
Seven of the 102 units sold were part of The Prestige Collection, which consists of 30 exclusive units. These luxurious apartments boast an average price of over $2,850 psf. The Prestige Collection features spacious four-bedroom units measuring 1,894 sq ft, with prices starting from $5 million. Additionally, six 5-bedroom duplex penthouses spanning 3,035 sq ft are also available.
Over the past two weeks, more than 10,000 visitors visited Terra Hill show flat on South Buona Vista Road. The balloting and booking exercise on February 24th and 25th received a highly enthusiastic response.
According to Ismail Gafoor, CEO of PropNex Realty, the developer’s initial target was to sell 100 units. Selling 102 units has achieved that target and set a new benchmark price for the area.
Despite higher interest rates and market uncertainty, experts predict that new project launches will achieve around 35% to 40% sales this year on the launch weekend. In addition, Terra Hill’s unit sizes are more significant than average, leading to higher absolute prices.
Besides The Prestige Collection, Terra Hill offers a diverse range of two-, three-, and four-bedroom units in the 240-unit Signature Collection. Two-bedroom units range from 624 to 840 sq ft, with prices starting at over $1.5 million. Three-bedroom types include 126 units, with sizes from 904 to 1,335 sq ft and prices beginning at $2.3 million. Meanwhile, the 63 four-bedroom units measure between 1,302 and 1,862 sq ft, costing $3.4 million ($2,611 psf).
Kent Ridge Hill Residences, the previous new residential project in the area, was launched in November 2018 and sold out by November 2022. The most recent transaction for a strata-terraced house fetched $3.266 million ($1,580 psf). Apartment prices ranged from $1,644 psf to $2,062 psf. However, this development has a 99-year leasehold, making it an imperfect comparison to the freehold Terra Hill.
The last freehold development launched nearby was Bijou in 2014, completed in 2018. The most recent transaction at Bijou involved a 775 sq ft two-bedroom unit that sold for $1.755 million ($2,265 psf).
Terra Hill has attracted investors and owner-occupiers due to its proximity to the upcoming Greater Southern Waterfront. In addition, the condominium is a mere four-minute walk from Pasir Panjang MRT station on the Circle Line, which is slated to become a full circle by 2026, enhancing access to the city center.
Moreover, Terra Hill is near employment hubs and institutions of higher learning. It is within 2 km of Science Park and 3 km of the National University of Singapore (NUS), Biopolis, and the Media Hub at one-north. These factors contribute to the development’s appeal for both investors and homebuyers.
Residents of Terra Hill can also look forward to various amenities and attractions nearby. The development is close to shopping malls like VivoCity and West Coast Plaza, offering a range of retail, dining, and entertainment options. In addition, nature lovers will appreciate its proximity to Kent Ridge Park and the Southern Ridges, where they can enjoy scenic walks and recreational activities.
Terra Hill’s location is a significant advantage for families with children, as it is near reputable schools such as Anglo-Chinese School (Independent), Fairfield Methodist School, and Tanglin Trust School.
Terra Hill offers comprehensive facilities designed to cater to residents’ diverse needs. Some highlights include:
With its strategic location, luxurious facilities, and proximity to upcoming developments like the Greater Southern Waterfront, Terra Hill presents an attractive investment opportunity for local and foreign buyers. The initial solid sales performance is a testament to the project’s potential for capital appreciation and rental demand in the future.
In conclusion, Terra Hill’s impressive sales rate during its launch weekend showcases the development’s allure and potential as a valuable investment. Its luxurious units, excellent location, and proximity to amenities make it an attractive choice for homeowners and investors. With the Greater Southern Waterfront taking shape and new transportation developments underway, Terra Hill is set to become a prime residential destination in the years to come.