Terra Hill draws 5,000 visitors over preview weekend

According to joint venture developers Hoi Hup Realty and Sunway Developments, the Terra Hill sales gallery drew approximately 5,000 visitors from noon on Friday, 10 February, to 6pm on Sunday, 12 February.

The 270-unit private condominium Terra Hill is located on Yew Siang Road, off Pasir Panjang in District 5. It is just a five-minute walk to Pasir Panjang MRT station on the Circle Line. The freehold project is a redevelopment of the former Flynn Park condo, which Hoi Hup and Sunway jointly acquired in September 2021 for $371 million.

The General Manager of Hoi Hup Realty noted: "We believe this is a truly unique project and marks the first freehold launch of the year. Being less than 350m from an MRT station and adjacent to the Greater Southern Waterfront has piqued the interest of homebuyers, drawing many to come down and learn more."

Terra Hill is a high-end condominium project comprising two distinct collections of residences to cater to different buyer profiles: the Signature Collection, featuring 240 units spread across six residential blocks; and the more exclusive Prestige Collection, with 30 units across three residential blocks.

In the Signature Collection, two-bedroom units start from 624 sq ft, three-bedroom units from 904 sq ft, and four-bedroom units from 1,302 sq ft. Penthouses range from 840 sq ft for a two-bedroom, 1,335 sq ft for a three-bedroom, 1,539 sq ft for a four-bedroom, to 2,120 sq ft for a five-bedroom unit.

Perched on the highest point of the site, the Prestige Collection offers 24 identical four-bedroom units measuring 1,894 sq ft each, alongside six five-bedroom penthouses of 3,035 sq ft.

Prices for the Signature Collection start from over $1.5 million for a two-bedroom unit, $2.3 million for a three-bedroom, and $3.4 million for a four-bedroom.

Four-bedroom units in the Prestige Collection are priced above $5 million.

Spanning a site area of 208,445 sq ft, Terra Hill is a low-density, freehold development. With a plot ratio of 1.4, the nine five-storey blocks house just 270 units, ensuring a tranquil and serene living environment. As the development is situated outside the city centre, the average unit size exceeds 100 sq m.

Located within the Queenstown planning area in District 5, Terra Hill is positioned as a premium luxury development. The developers sought to elevate the benchmark for projects in this sub-market, offering specifications and design finishes comparable to luxury developments in prime Districts 9, 10, and 11, despite its District 5 location.

The last major residential launch in the neighbourhood was the 548-unit Kent Ridge Hill Residences in November 2018. That 99-year leasehold project on South Buona Vista Road comprised apartments and 50 strata terraced houses. The development was fully sold by the end of 2022, with the final transaction being a strata terrace that changed hands for $3.266 million ($1,580 psf). According to caveats lodged, apartment units sold in the project during the second half of 2022 transacted at prices ranging from $1,644 to $2,062 psf.

The last freehold launch within walking distance of an MRT station in the Pasir Panjang area dates back to 2014 with Far East Organization's 120-unit Bijou on Jalan Mat Jambol, directly opposite Pasir Panjang MRT station.

The most recent transaction at Bijou was a 775 sq ft, two-bedroom unit that changed hands for $1.755 million ($2,265 psf).

New freehold developments are rare in the Rest of Central Region (RCR), particularly in District 5. Given that the last freehold launch in the immediate area was eight years ago, Terra Hill garnered considerable market attention upon its debut.

Four-bedroom units in the Prestige Collection feature a generous 6m-wide living room frontage, equivalent to the width of an intermediate terrace house. The five-bedroom duplex penthouses boast an expansive living room frontage of 9m.

As part of its luxury offering, units in the Prestige Collection come with private lift access, en suite bathrooms for all bedrooms (including master and junior master suites), full marble flooring, and ample built-in storage space.

High-end fittings in the Prestige Collection include kitchen appliances from Swiss brand V-Zug. Units will also come equipped with two refrigerators: an integrated V-Zug fridge in the dry kitchen and a Samsung fridge in the wet kitchen. Bathrooms are fitted with top European sanitary ware and fittings from Italian brand Gessi and Swiss brand Laufen.

The five-bedroom duplex penthouses in the Signature Collection will share the same design finishes and specifications as those in the Prestige Collection.

All units at Terra Hill will come fitted with ceiling fans in the living rooms, and solar panels will be installed on the rooftops. These eco-friendly features have earned Terra Hill the distinction of being among the first private residential developments in Singapore to achieve the Platinum Super Low Energy (SLE) rating—the highest accolade under the Building and Construction Authority (BCA) Green Mark scheme.

Freehold developments typically command a 15% to 20% price premium over 99-year leasehold counterparts in the same vicinity. With 99-year leasehold condos located near MRT stations in the Outside Central Region (OCR) currently averaging around $2,100 psf, and 99-year leasehold projects in the RCR transacting between $2,300 and $2,400 psf, buyers can expect freehold developments near an MRT station in the RCR to be priced in the range of $2,500 to $2,600 psf.