The Hillshore sells three units by placement at an average price of $2,626 psf
Boutique projects’ appeal: The Hillshore’s special preview sees 20% sold Other new launches in the Pasir Panjang area include a 270-unit, freehold Terra Hill in February 2019, which has sold 110 units (40.7%) at an average of $2,683 psf. This year alone, five units were sold at an average of $2,760 psf. Adjacent to Keppel Club is the upcoming 17th floor Arina East Residences ZACD Group, which will feature 25 units, each $175 million at an average of $2,108 psf.
The Arina East Residences by ZACD Group is a highly sought-after freehold boutique development located in the serene Pasir Panjang area. Over the weekend of April 20-21, three units were successfully sold via placement exercise at The Hillshore, a 59-unit development in Pasir Panjang. The units sold included a two-bedroom and two three-bedrooms, fetching an average price of $2,626 psf, which is higher than the development’s average psf price. The buyers, who are Singaporeans, purchased the units for their own stay and investment purposes.
According to FRX Capital CEO Oliver Siah, the units sold were some of the more premium ones in The Hillshore. It is reported that the freehold boutique development has a mix of two- to four-bedroom types and penthouses, with a majority of the two-bedroom units and some of the penthouses held back from sale for enhancements to the building plan. However, Siah assures that the units sold will not be affected by these enhancements.
Sales at boutique developments, which usually have less than 100 units, are typically slower and more gradual. The appeal of these developments lies in their more tranquil and exclusive living environment, with fewer units in the project. Other new boutique developments launched this year include Koon Seng House, a 17-unit project, and Ardor Residence, a 35-unit project, both located in District 15. As of April 19, two units were sold at Koon Seng House, and one was sold at Ardor Residence.
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Luxury boutique development 32 Gilstead also saw strong sales, with four units sold out of 14 following its launch on April 15. Out of the estimated 66 project launches from 2021 to 2023, half are freehold. Of these 33 freehold projects, 16 are in the Core Central Region (CCR), and 12 are in the Rest of Central Region (RCR). “This shows the rarity of freehold RCR projects in Singapore,” says Mark Yip, CEO of Huttons Asia.
The Hillshore is located within walking distance of the Haw Par Villa MRT Station and is also near the future Greater Southern Waterfront. According to PropNex CEO Ismail Gafoor, the project’s location near the MRT station and the upcoming Greater Southern Waterfront precinct may potentially offer capital appreciation or rental opportunities when the precinct is up and running. He adds that investors could also tap into the leasing demand due to its proximity to employment hubs such as Mapletree Business City, the upcoming Labrador Tower in Pasir Panjang, Science Park, the National University of Singapore, and the National University Hospital.
With the Pasir Panjang Park and Labrador Nature Reserve nearby, ERA Singapore CEO Marcus Chu views the Pasir Panjang area as “the gateway to tranquillity and nature just outside the CBD.” ERA’s Chu believes that The Hillshore is undervalued, with entry prices starting from $1.85 million, making it one of the most affordable options in the market today. He also notes that the relocation of Keppel Club and eventually the Pasir Panjang Terminals will pave the way for future housing developments, which could support the growth of home prices in the vicinity.
Before The Hillshore, the last project launch in the Pasir Panjang neighbourhood was Terra Hill, a freehold 270-unit development. Terra Hill has sold 110 units since its launch in February 2019, at an average price of $2,683 psf. In 2021, five units have been sold at an average of $2,760 psf. Gafoor believes that developers will price projects more sensitively, focusing on keeping price quantum palatable in a bid to drive take-up, especially at the early stages of the launch.
Other new developments in the Pasir Panjang area include the adjacent Arina East Residences by ZACD Group, which will feature 25 units, each expected to fetch an average of $2,108 psf.