Location is undoubtedly one of the biggest considerations people have when it comes to home-hunting, and if you’re someone who loves living on the fringe of the city with no shortage of nature surrounding you, then the upcoming Terra Hill condo project is one you should keep on your radar.
As a registered real estate agent who’s on the sales development team for Terra Hill, I’ll walk you through the pros and cons, and tell you how to secure a VIP preview way ahead of the public showflat launch on the 25th of Feb 2023.
Terra Hill – a freehold condo project in District 5
Image credit: Terra Hill
Terra Hill (formerly Flynn Park) is a highly anticipated freehold condominium set to launch in 2023 that’s located in District 5 (Buona Vista, Pasir Panjang and Clementi). The project is a joint venture between Hoi Hup and Sunway Group, who have an impressive 12-year history of successful collabs with residential and commercial projects such as Andaz Singapore and Parc Canberra in their portfolio.
Image credit: Terra Hill
Its actual location along Yew Siang Road puts it right in the heart of Pasir Panjang with Kent Ridge Park and Hort Park right in its “backyard”.
Image credit: Terra Hill
In terms of connectivity, the location is ideal for the car-less amongst us with Pasir Panjang MRT a mere 350m away. It’s also just a 15-min drive to the CBD and Marina Bay, and a stone’s throw from Pasir Panjang Food Centre, ViVo City, Mapletree Business City and One North.
Book your VIP preview of the Terra Hill showflat
While the public preview of the Terra Hill showflats opens to the public on the 25th Feb 2023, there’s still a chance for you to get dibs on the project by securing a VIP preview from the 10th of Feb onwards. To qualify for a VIP preview, you simply have to contact me (Elaine) at 8881 4588, a developer sales team representative, to book your slot – this also grants you the advantage of balloting on the 25th of Feb, while the public will only be able to ballot in the next phase
What you need to know about Terra Hill:
Total land size: 208,433sqft
Expected TOP date: Q3 2026
Total units: 270 units
Unit mix and sizes:
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???? – 904 to 1,098sf (108 units)
???? ?? – 1,249 to 1,335sf (18 units)
???? – 1,302 to 1,355sf (20 units)
???? ??/?+? ?? – 1,539 to 1,862sf (19 units)
Developer Details
Hoi Hup Sunway Kent Ridge won the BCI Asia Top 10 Developers Award in 2017, 2018, 2020, 2021 and their works include:
Residential
- Arc at Tampines
- Kovan Regency
- Parc Central Residences
- Parc Canberra
Commercial
- Andaz Singapore
- Courtyard Marriott
- Royal Square
Image credit: Terra Hill
These are the Terra Hill monthly maintenance fees based on the various configurations and unit sizes:
Image adapted from: Terra Hill
Should you buy a unit at Terra Hill?
New condo launches are aplenty, but is Terra Hill a worthy investment? As a property agent, this is my analysis.
Freehold status in today’s market
In land-scarce Singapore, a freehold property is the best asset you can get your hands on. And since the government has ceased offering freehold land to developers under the Government Land Scheme (GLS), freehold condos are essentially rare. It is unlikely that there will be a fresh supply of freehold properties in the future, unless – like in the case of Terra Hill – the project is a previous leasehold development that has undergone an en bloc sale to become freehold.
This snapshot of data compares condos in the RCR (rest of central) region which are freehold vs 99 years. We use this data as Terra Hill is in the RCR region.
Looking at the volume of transactions on the left Y-axis, we observe a lot more leasehold condominiums being transacted than freehold condominiums. This is partly because the government ceased offering freehold land under the GLS.
Looking at the right Y-axis, we can see the transacted PSF over the years. Historically, freehold properties have a 20% premium over their leasehold counterparts. However, there is currently a narrow price gap between RCR freehold vs 99 years leasehold properties.
In 2022, freehold properties transacted at $2,311 psf vs leasehold $2,238 psf – only a 3% difference. The gap is likely to widen over the years to historical averages, and also after you factor in the shortage of freehold properties.
This makes freehold land “limited edition” and highly prized in today’s market. Finding an apartment or condo that is both freehold and located within walking distance to an MRT station is rare, with just 13% of the properties island wide meeting both criterias.
Prime location near the CBD
Apart from being a short 4-minute walk to the Pasir Panjang MRT, Terra Hill is located in a Cul-de-Sac which means added privacy and tranquility for residents.
It’s located on the fringe of the city and well connected to highways, commercial districts and amenities. 1 stop away from Pasir Panjang MRT, you will find Mapletree Business City where Google is at. National University Singapore (NUS) is also 2 MRT stops away and the One North Tech Corridor is just 3 stops away.
The Orchard Shopping Belt is less than a 10-minute drive away and Vivo City is 3 MRT stops away. This leaves the residents of Terra Hill spoilt for choice where food, shopping and entertainment is concerned.
Good asset with appreciation potential
We previously distilled URA’s masterplan, and the Greater Southern Waterfront is one such region in Singapore that stands to gain from future redevelopment plans.
The benefit of this is that while future development plans have already been announced, the prices are not inflated that reflect them just yet. This puts Terra Hill’s prospective homeowners in a favourable spot to see the value of their homes see almost guaranteed appreciation in the future. It also solidifies freehold properties as a great strategic long-term investment.
Low density + huge land plot
Lastly, there are just a total of 270 units on a 19,365sqm (208,443sqft) of land, which makes for an extremely spacious environment. All the blocks here are just 5 floors tall! They are also built on a hill-side plot which means great views in a serene environment.
Pros:
- Convenient location and connectivity
- Freehold status
- Appreciation potential
- Low density + huge land plot
Terra Hill – Cons to be aware of
Price
With all that said, Terra Hill does have its own set of cons as well. For starters, while all its units are beautifully designed, Terra Hill is not priced for everyone. The development is positioned as a luxurious home offering and it comes with a price tag that commensurates that luxe life.
Image credit: Terra Hill
While the majority of the units fall under The Signature Collection, there’s also the The Prestige Collection (pictured above) which consists of Block 20, 20A and 20B. These units come with their own private lift and luxurious appliances and fittings from brands like Vzug, Gessi and Laufen.
Here’s a quick breakdown of the difference in offerings.
Image credit: Terra Hill
Other things to note are the fact that the condo doesn’t have any 1-bedroom offerings, and a shortage of primary schools in a 1km radius.
The newly-released prices for Terra Hill units.
Not all units have a great view
While this is a beautiful project, unit selection is crucial as 10-20% of units in this development are about 3.5m away from a solid wall. Imagine having no view from your living room – something that is definitely going to impact your resale value.
It’s best to arrange for a showflat preview to identify the units with the highest growth potential, and the ones you should avoid.
Arranging a VIP preview at the Terra Hill showflat
To secure a showflat viewing way before the public launch, just contact me (Elaine) at 8881 4588 for a VIP preview. Should you decide to purchase a unit during the viewing, you’ll also have the advantage of balloting on the 25th of Feb, while the public will only be able to ballot in the next phase.
Cover image adapted from: Terra Hill
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