Hoi Hup-Sunway previews high-end Terra Hill in Pasir Panjang
February 10, 2023
Long-term joint venture partners Hoi Hup Realty and Sunway Developments are set to preview their upcoming condominium development Terra Hill, on Feb 10. Nestled within a quiet residential enclave, Terra Hill is perched at the top of Yew Siang Road — just 350m or a five-minute walk from the Pasir Panjang MRT Station on the Circle Line.
Sitting on a 208,445 sq ft, freehold site with a plot ratio of 1.4, Terra Hill is a low-density project with just 270 units spread across nine five-storey blocks. As the project is outside the Central Area, the units have an average size above 100 sqm.
Located within the Queenstown Planning Area in District 5, Terra Hill is positioned as a high-end condominium. “We wanted to elevate the quality of the project in this market segment,” says Koon Wai Leong, general manager of Hoi Hup Realty, the spokesman on behalf of the joint venture partners. “Even though it’s located in District 5, the specifications and design features are comparable to that of luxury projects in the prime districts of D9, 10 and 11.”
The last major launch of a residential project in the neighbourhood was the 548-unit Ridge Hill Residences in November 2018. The 99-year leasehold residential development on South Buona Vista Road has a mix of apartments and 50 strata-titled terraced houses. The project was fully sold as of November 2022, with the latest transaction being the sale of a strata terraced house for $3.266 million ($1,580 psf). Apartments sold from July 1, 2022, to Nov 30, 2022, ranged from $1,644 psf to $2,062 psf, according to caveats lodged.
One has to go back to 2014 for the last freehold development within walking distance of an MRT station in the Pasir Panjang area: According to Ken Low, managing partner of SRI, it was the 120-unit Bijou by Far East Organization. Located on Jalan Mat Jambol, it is directly opposite Pasir Panjang MRT Station. The latest transaction at Bijou was for a 775 sq ft, two-bedroom unit that fetched $1.755 million ($2,265 psf) in late November.
“In the Rest of Central Region (RCR), especially District 5, there are very few new freehold projects, hence they are very desirable,” says Low. Further up on Pasir Panjang Road, there is another freehold condominium slated for launch sometime in 3Q2023. It is the new 59-unit condominium on the site of the former Gloria Mansion. The site was sold en bloc for $70.3 million in January 2022 to a private investment vehicle controlled by Daniel Teo and his brother Teo Teck Weng along with Fraxtor Group’s collective investment platform.
More at: https://www.edgeprop.sg/property-new...-pasir-panjang