Terra Hill Discounts Reach Up To $1.63 Million On Unsold Units

With the 270-unit Terra Hill striding towards its expected completion in 1Q2027, the freehold development in District 5 still has a significant number of unsold units. Developer sales data indicates that just over 50 units – or 20% of the total number of units in the development – remain unsold, according to URA caveats downloaded on Sept 4.

With buying attention in the new launch market focused on other parts of Singapore in the coming months, the developers of Terra Hill have updated their price list and are now offering discounts on nearly all remaining unsold units.

The discounts range from $1.632 million for a 3,035 sq ft penthouse on the fifth floor, which had its listed price of $8.912 million ($2,936 psf) knocked down to $7.28 million ($2,399 psf), to $377,000 for a 969 sq ft three-bedder, which had its listed price of $2.517 million ($2,597 psf) slashed to $2.14 million ($2,208 psf).

More than half (31 units) of the unsold units are penthouses, ranging from 3,035 sq ft to 1,249 sq ft. With the discounts, the average $psf price of these penthouse units is about $2,149 psf. The other units range from five-bedroom units of 2,164 sq ft to three-bedroom units of 969 sq ft.

Here are some of the remaining units, and their discounted prices, at Terra Hill:

Block | Unit No. | Type | Area (sq ft) | Previous price ($) | Price adjustment ($) | Discounted Price ($) | $PSF

20 | 05-26 | EP1-PH | 3,035 | 8,757,000 | 1,477,000 | 7,280,000 | 2,399

20B | 04-30 | DP1 | 1,894 | 5,670,000 | 850,000 | 4,820,000 | 2,545

20B | 01-30 | DP1 | 1,894 | 5,538,000 | 830,000 | 4,708,000 | 2,486

20A | 02-27 | DP1 | 1,894 | 5,341,000 | 801,000 | 4,540,000 | 2,397

18 | 05-03 | D7-PH | 1,862 | 4,543,000 | 681,000 | 3,862,000 | 2,074

22 | 05-34 | C7-PH | 1,249 | 3,082,000 | 462,000 | 2,620,000 | 2,098

22A | 02-44 | C4 | 1,076 | 2,949,000 | 442,000 | 2,507,000 | 2,330

18B | 01-18 | C3 | 969 | 2,517,000 | 377,000 | 2,140,000 | 2,208

Jointly developed by Hoi Hup and Sunway MCL, Terra Hill entered the market in 2023. After its initial sales launch over the Feb 25-26 weekend, the development sold 89 units (33%) and set an average selling price of $2,659 psf, according to URA caveats.

You can read more about this project in our New Launch Condo Review here. To summarise the development, it consists of two different residential collections: the Signature Collection, and the Prestige Collection. Units in the Prestige Collection have a private lift lobby with just two units per floor. The units come with full marble flooring, and each bedroom has an ensuite.

In general, Terra Hill recorded a relatively healthy take-up rate, with 108 units (40%) sold one year after it launched. The average selling price had also inched up to reach $2,669 psf by the end of February 2024.

So far this year, the development has sold 55 units, including three penthouse units:

A 3,035 sq ft unit that transacted for $7.28 million ($2,398 psf) on Aug 18

A 2,142 sq ft unit which fetched $5.2 million ($2,428 psf) after it was sold on March 30

A 1,334 sq ft unit that was sold for $4.79 million ($2,576 psf) on May 25

According to caveats, the most expensive unit sold by the developers of Terra Hill is a 3,035 sq ft penthouse unit that transacted for $8.2 million ($2,701 psf), after it was sold in April 2023. The runner-up is the penthouse unit that moved for $7.28 million last month.

A cursory glance at the unit distribution at Terra Hill, compared with the recently discounted units, reveals that nearly all of the units which have had their prices slashed consist of ground floor units, or top-floor units with high-ceilings that come with void spaces.

This could shed some light into why these units have taken so long to find buyers, especially the top-floor units where the excess air space would be a challenge to find a suitable and effective use of the space.

Moreover, we also noted that more than a handful of the discounted units also face the perimeter of the condominium. Although we can’t say for certain at this time, there’s a good chance that most of these wall-facing units have blocked views.

It’s quite a challenge to find a comparable development to benchmark the prices at Terra Hill, given the scarcity of new launch projects in that part of Pasir Panjang in recent years. You’ll have to go back to 2014 for the last new freehold project in that locale: namely, the 120-unit Bijou by Far East Organization.

There is also The Hillshore on Pasir Panjang Road, and although it is broadly within the Pasir Panjang area and in District 5, it is far enough to make it an unfair comparison.

So, the newest private residential developments in that area is the 99-year leasehold Kent Ridge Hill Residences, which was completed in 2024. The 548-unit development by Oxley Holdings launched for sale in 2018.

Resale units at Kent Ridge Hill Residences started to enter the market last year. From May 2025 to August this year, at least 49 resale units have changed hands at that condo, with the average resale price settling in at about $1,939 psf.

The most expensive resale unit at Kent Ridge Hill Residences is a 1,829 sq ft strata terrace house that changed hands for $3.28 million ($1,795 psf) when it was sold on June 5 this year. Another similarly sized strata terrace house transacted for $2.93 million ($1,601 psf) on April 27 this year too.

There were also three condo unit transactions last month: a 645 sq ft unit on the fifth floor that fetched $1.08 million ($1,672 psf); a 958 sq ft unit on the third floor that was sold for $1.93 million ($2,017 psf); and, a 1,076 sq ft unit on the first floor that transacted for $2.02 million ($1,881 psf).

However, it’s important to keep in mind that Kent Ridge Hill Residences is a 99-year leasehold development, and the freehold tenure held by Terra Hill does contribute to a degree of price premium for its units.

Terra Hill consists of two collections: the more premium Prestige Collection, and the Signature Collection.

In broad terms, there is good reason to bank on the future price appreciation that some residential developments in Pasir Panjang will enjoy, Terra Hill included. Anchoring the area’s transformation is the Greater Southern Waterfront (GSW), and the redevelopment of Pasir Panjang Port – which is slated to move to Tuas by the 2040s.

While the GSW is a monumental master plan that will reshape the southern coastline, most of the residential and new commercial development plans seem to focus on the Berlayer area (the former Keppel Golf Course), Sentosa and Brani Islands, and Marina South next to the CBD.

Based on the information shared about the GSW to date, the positive knock-on effect on certain residential areas in Pasir Panjang is still uncertain. But the freehold tenure of Terra Hill certainly gives it a robust runway for prices to increase at a largely consistent rate over the next few decades.

When we take a step back to consider the new launch pipeline of upcoming OCR projects, there are clear signs that property prices will continue ticking up. Even in neighbourhoods like Bedok, we’ve started to see developers bid record land prices for highly desirable sites.

The most recent is the record $1,537 psf per plot ratio land bid placed by a consortium of developers (UOL Group, CapitaLand Development, and Singapore Land) for a government land sale (GLS) site in New Upper Changi Road. That land rate has set a new record for a residential GLS site in the Outside Central Region.

Some market watchers already expect the eventual development by the UOL-CapitaLand consortium could see launch prices of over $3,000 psf when it hits the market.

Take note that if this is true, this would match the estimated launch price of The Serra Residences, a new project in Novena by Far East Organization. That 133-unit, freehold development is one of the upcoming projects that is set to preview next month.

Here’s what we know about The Serra Residences and its estimated launch prices.

With prices like that in a prime district, and land prices in the OCR rapidly closing the gap, perhaps it is time to reconsider some of the previously launched freehold projects – especially since discounts are being offered.