The Hillshore sells three units by placement at an average price of $2,626 psf
Over the weekend of 20-21 April, three units at The Hillshore in Pasir panjang were sold through a placement exercise. Developer FRX Capital said that one unit sold was a 2-bedroom and the two other units were 3-bedrooms.
Oliver Siah, CEO of FRX Capital, said that the average price was $2,626 psf. This is higher than average psf prices for the development because the units sold were among the most premium. He adds that the buyers are Singaporeans who bought for themselves and as an investment.
The Hillshore unit prices start at $1.885m ($2,491psf), for a two bedroom, and go up to $2.628m ($2,484psf), for a three bedroom.
The Hillshore offers a variety of types, including penthouses and two-to-four-bedroom units. The majority of two-bedroom units and penthouses have been held back from sale until the Building and Construction Authority approves enhancements to their building plans. Siah, however, says that the units already sold will not be affected by these enhancements.
Boutique developments (fewer 100 units) are more likely to have a gradual sales process. Boutique developments (less than 100 units) tend to be more gradual in their sales.
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The Ardor Residence, a 35-unit boutique development, and the 17-unit Koon Seng House are also new developments that were launched in this year. In March, both freehold projects were launched in the District 15 area in east Singapore. At the end of April, two units in Koon Seng House were sold and one unit at Ardor Residence.
After its launch on April 15, 32 Gilstead, a luxury boutique development, sold four of its fourteen units (as of April 19).
Half of the estimated 66 projects that will be launched between 2021 and 2023 are freehold. Of the 33 freehold project, 16 are located in the Core Central Region, while 12 are in Rest of Central Region. The rarity of RCR freehold projects in Singapore is evident.
The Hillshore is located near the Haw Par Villa MRT Station and the Greater Southern Waterfront Precinct. This could offer potential rental or capital appreciation opportunities once the precinct opens.
Investors could also take advantage of the leasing demand due to its proximity to employment centers, including Mapletree Business City, and the Labrador Tower, which will be built in Pasir Panjang. Other nearby employment hubs include Science Park, National University of Singapore, and National University Hospital.
The Pasir Panjang region is “the gateway to nature and tranquility just outside the CBD” because of the nearby Labrador Nature Reserve and Pasir Panjang park.
