The Hillshore sells three units by placement at an average price of $2,626 psf

/ EdgeProp Singapore |

April 22, 2024 9:42 AM SGT

The crowd at the preview of The Hillshore (Photo: FRX Capital)

At The Hillshore, a 59-unit freehold boutique development in Pasir Panjang, three units were sold by placement exercise over the weekend of April 20-21. According to developer FRX Capital, one of the units sold was a two-bedroom, and the other two units were three-bedrooms.

The average price achieved was $2,626 psf, which is higher than the development’s average psf price as the units sold were some of the more premium ones in the development, says FRX Capital CEO Oliver Siah. The buyers are Singaporeans, buying for their own stay and for investment, he adds.

Unit prices at The Hillshore start from $1.885 million ($2,491 psf) for a two-bedroom and upwards of $2.628 million ($2,484 psf) for a three-bedroom.

Search for the latest New Launches, to find out the transaction prices and available units

The Hillshore has a mix of two- to four-bedroom types and penthouses. A majority of the two-bedroom units and some of the penthouses were withheld from sale pending enhancements to the building plan, which will be submitted to the Building and Construction Authority for approval. However, Siah says the units sold are unaffected by these enhancements.

The 59-unit, freehold The Hillshore sits on an elevated site along Pasir Panjang Road (Photo: Samuel Isaac Chua/EdgeProp Singapore)

‘More gradual sales’

Sales at boutique developments (fewer than 100 units) tend to be more gradual, says Ismail Gafoor, CEO of PropNex. "They appeal to a certain segment of buyers who may prefer the more tranquil and exclusive living environment, owing to fewer units in the project," he adds.

Other boutique developments launched this year include the 17-unit Koon Seng House and 35-unit Ardor Residence. Both freehold projects in District 15 in the east were launched in March. As at April 19, two units were sold in Koon Seng House and one at Ardor Residence.

Luxury boutique development 32 Gilstead sold four out of its 14 units (as at April 19) following its launch on April 15.

Of the estimated 66 project launches from 2021 to 2023, half of them are freehold, says Mark Yip, CEO of Huttons Asia. 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,” he says.

The Hillshore is within walking distance of the Haw Par Villa MRT Station and near the future Greater Southern Waterfront (Source: EdgeProp Landlens)

Proximity to MRT station, Greater Southern Waterfront

"In the case of The Hillshore, buyers may be drawn to the project's location near the Haw Par Villa MRT station and the future Greater Southern Waterfront precinct, which may potentially offer capital appreciation or rental opportunities when the precinct is up and running," says PropNex's Gafoor.

In addition, investors could also tap leasing demand given its proximity to employment hubs, such as Mapletree Business City and 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 in the vicinity, Marcus Chu, CEO of ERA Singapore, views the Pasir Panjang area as "the gateway to tranquillity and nature just outside the CBD”.

‘Undervalued’

“Those unfamiliar with the location will take more time to understand and appreciate the location before committing to a purchase,” according to ERA’s Chu. He sees The Hillshore as “undervalued”, with entry prices starting from $1.85 million, making it “one of the most affordable options” in the market today.

The relocation of Keppel Club and eventually the Pasir Panjang Terminals “will pave the way for future housing developments that could support the growth of home prices in the vicinity”, says Chu.

Before The Hillshore, the last project launch in the Pasir Panjang neighbourhood was the freehold, 270-unit Terra Hill. The project has sold 110 units (40.7%) since its launch in February 2023, at an average price of $2,683 psf, based on caveats lodged. This year alone, five units were sold at an average of $2,760 psf.

"Following the lukewarm new private home sales in 2023, developers are acutely aware that buyers are cautious and very price-conscious," says PropNex's Gafoor. "We think 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."