Throughout the weekend of February 25–26, joint venture partners Hoi Hup and Sunway Developments sold 102 apartments (or around 38%) of the 270-unit, freehold Terra Hill. The first freehold private condo to be launched in the Rest of Central Region (RCR) in 2023 is Terra Hill, which is located at the top of Yew Siang Road, off Pasir Panjang Road. Almost $2,650 per square foot was the average price obtained across all the units sold.
The Prestige Collection at Terra Hill consists of 30 exclusive residences. Six 5-bedroom duplex penthouses totaling 3,035 square feet are included among the twenty-four 1,894 square foot, four-bedroom homes with prices starting at $5 million. Seven apartments from The Prestige Collection were sold at the debut, with prices per square foot average over $2,850.
More than 10,000 people attended the preview at the sales gallery on South Buona Vista Road over the course of the previous two weeks. The developer said in a media release that the Terra Hill voting and reservation process, which took place on February 24–25, “got an enthusiastic reaction from the public.”
According to Ismail Gafoor, CEO of PropNex Realty who recently tells us about the RES Exam Questions, “The developer’s objective was to sell 100 apartments from the beginning of the launch.” Selling 102 units indicates that they surpassed their sales goals and established a new benchmark price.
According to Gafoor, it is doubtful that the 70% to 85% of sales obtained at new project debuts last year would be duplicated this year. According to him, 17 new projects with a total of more than 4,000 residential units were launched last year. This year, the launch of up to 47 new projects with a possible 12,000 additional units is anticipated. Buyers now have more options since the increased supply is three times greater.
Especially in light of increasing borrowing rates and market uncertainties, Gafoor anticipates that the majority of new project launches this year will generate between 35% and 40% of their total sales over the launch weekend.
The CEO of Huttons Asia, Mark Yip, has the same opinion. According to him, “Terra Hill’s weekend sales were within expectations.” “The general mood is still upbeat. Several people visiting display apartments following the Budget’s announcement of the buyer’s stamp duty rise suggested that purchasing demand was unaffected.
Gafoor notes that Pasir Panjang is one of nine estates outside the Central Area where URA mandates that new non-landed residential developments have an average unit size of 100 sqm. Because of this, “Terra Hill’s unit sizes are greater, with higher absolute pricing,” he claims.
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