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Macly Group-led consortium sells 16.7% of Hill House at an average price of $2,980 psf

/ EdgeProp Singapore |

November 13, 2022 9:36 PM SGT

Main entrance of Hill House (Picture: Macly Group)

SINGAPORE (EDGEPROP) - Boutique condominium Hill House saw 12 units sold over the weekend of Nov 12-13, at an average price of $2,980 psf. The 72-unit, 999-year leasehold condominium is located at the top of Institution Hill, off River Valley Road.

The sales at Hill House translate to a take-up rate of 16.67%. “The take-up rate meets our expectations, given that we proceeded with the sales preview of the project despite the current holiday season,” says Joan Chang, director of Macly Group.

“The buyers were a mix of young families, upgraders and older generation buying for the younger generation,” says Chang. Some may be buying for their own use, while others are buying with the option of renting it out in the future. Hence, buyers were a good mix of owner-occupiers and investors, she adds. While the buyers were mainly Singaporeans, there was a sole foreign buyer too.

The 72-unit Hill House is located on Institution Hill, just off River Valley Road in District 9 (Source: EdgeProp LandLens)

Hill House is a redevelopment of two residential sites at 10A and 10B Institution Hill located in prime District 9. The sites were purchased en bloc for $33.6 million by a consortium made up of Macly Group (which holds a majority stake), Roxy-Pacific Holdings and LWH Holdings in Feb 2021. (See potential condos with en bloc calculator)

The development is made up of compact apartments: 40 of the units are one-bedroom and one-bedroom plus study types, with sizes ranging from 431 to 452 sq ft. Another 24 units are two-bedroom types of 624 sq ft, with eight units of three-bedroom apartments of 753 sq ft.

Selling prices of units start from $1.291 million ($2,995 psf) for a one-bedder; $1.351 million ($2,989 psf) for a one-bedroom plus study; $1.778 million ($2,849 psf) for a two-bedder; and from $2.097 million ($2,785 psf) for a three-bedder.

artist's impression - EDGEPROP SINGAPORE

On the first weekend of launch, 12 units were sold at an average of $2,980 psf (Picture: Macly Group)

“Hill House has one of the most attractive projects in District 9 given its quantum prices,” says Mark Yip, CEO of Huttons Asia. “Some buyers who were preparing for their year-end holidays put off buying a new home for the moment.” Singapore Treasury bills with yields of 4% per annum have diverted some investors to put their money in such short-term instruments, adds Yip.

However, first-time buyers at new project launches are less concerned about rising interest rates as the drawdown on their loan is based on the progressive payment scheme for a project under construction, Yip observes. Hill House is scheduled for completion in 3Q2026.

Likewise, the developer is confident of the project’s prime location atop a hill, the 999-year lease, coupled with Hill House’s nature- and wellness-inspired theme, according to Macly Group’s Chang.

tepee garden oasis at Hill House - EDGEPROP SINGAPORE

Artist's impression of the tepee garden oasis at Hill House (Picture: Macly Group)

Macly Group and its joint venture partners are no strangers to the prime District 9 location of River Valley. Just one street away on Kim Yam Road is the 51-unit The Iveria, another boutique condominium by Macly Group and LWH Holdings. Launched in Jan 2019, the freehold project is fully sold at an average price of $2,582 psf, based on caveats lodged to date.

Meanwhile, Roxy-Pacific Holdings’ 140-unit RV Altitude further up on River Valley Road is also fully sold 16 months after its launch in Jan 2019. The average price achieved for the freehold development is $2,776 psf, according to URA Realis.