FREEHOLD luxury development Terra Hill started previews on Friday (Feb 10), with prices for the 270-unit project in Pasir Panjang starting at S$1.5 million for a two-bedroom unit.

Two-bedroom units are sized from 624 sq ft to 807 sq ft. Three-bedroom units, ranging from 904 sq ft to 1,335 sq ft, start at S$2.3 million; four-room units of 1,302 sq ft to 1,862 sq ft in size will go from S$3.4 million. Four-bedroom units of 1,894 sq ft, equipped with private lifts, start at S$5 million.

Agents are looking at an average of around S$2,600 per square foot for the Terra Hill project, which is jointly developed by Hoi Hup Realty and Sunway Developments.

Terra Hill is being developed as a low-density project, housing 270 units in nine 5-storey blocks on the site of the old 72-unit Flynn Park condominium.

The site was sold en bloc to Hoi Hup and Sunway in October 2021 for S$371 million, which works out to S$1,355 psf per plot ratio. It spans 208,445 square feet (sq ft) with a plot ratio of 1.4.

The new condo, which will include a 50-metre lap pool, is next to the Greater Southern Waterfront (GSW) and near Pasir Panjang MRT. In the vicinity are shopping mall Vivocity and Sentosa, business districts Mapletree Business City and one-north, as well as the National University Hospital.

Apart from being the first residential project coming up on the GSW, Terra Hill might also draw interest from investors, “given the large tenant pool from National University of Singapore, Science Park and Alexandra precinct”, said Huttons chief executive Mark Yip.

He also noted that SP Group is currently building Labrador Tower, a Grade-A office building, which will be ready by 2024 and will boost the working population in the area.

The last major residential launch in the area was the 548-unit Ridge Hill Residences in November 2018, said EdgeProp. The 99-year leasehold project, fully sold as of November last year, has a mix of apartments and 50 strata-titled terraced houses.

Its last transaction was the sale of a strata terraced house for S$3.3 million, or S$1,580 psf. Apartments sold from July to November 2022 ranged from S$1,644 psf to S$2,062 psf, according to caveats lodged.

Meanwhile, the last freehold development within walking distance of an MRT station in the Pasir Panjang area was the 120-unit Bijou by Far East Organization in 2014, SRI managing partner Ken Low told EdgeProp.

Located on Jalan Mat Jambol and directly opposite Pasir Panjang MRT, Bijou’s latest transaction was a 775 sq ft, two-bedroom unit that sold for around S$1.8 million, or S$2,265 psf, in late November.

Terra Hill