Crowd at the preview of Hillock Green a fortnight ago (Photo: Hillock Green)
At 6 pm this evening, about 131 units at the 474-unit Hillock Green were sold, said the developer. This brings the take-up rate of the 99-year leasehold private condo at Lentor Central to 27.6%, with an average price of units sold at $2,108 psf.
"We feel that achieving close to 30% sales of total units on the first day in Lentor is credible and bears testimony to our product positioning and location attributes, being next to the MRT station and a mall," says Lim Han Qin, director of Soilbuild Group on behalf of the consortium developing the project.
Besides Soilbuild Group, the consortium comprises Forsea Holdings, a wholly-owned subsidiary of Beijing-based China Communications Construction Co., and United Engineers Ltd, a Singapore-listed real estate developer Yanlord Land Group subsidiary.
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Given that Hillock Green is the third project to be launched in Lentor Hills estate, "We feel that the sales achieved today reflect the confidence and interest of buyers and investors in this up-and-coming residential enclave", adds Soilbuild's Lim.
Scale model of the 474-unit Hillock Green at Lentor Central (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Buyers were said to be "a healthy balance" of upgraders, first-time homebuyers, and investors from across Singapore, with a significant number living within the Ang Mo Kio Planning Area and the northeast region.
The sales achieved at Hillock Green "is respectable", says Ismail Gafoor, CEO of PropNex, given that it's one of two projects launched this weekend. Hillock Green's average price of $2,108 psf also proved attractive to buyers.
Ahead of this weekend's launch, about 273 cheques were collected as expressions of interest over the past fortnight. The 131 units sold translates to a conversion rate of 48%.
"It's a high sales conversion rate based on cheque collection, especially with J'den launching on the same weekend," says Ken Low, managing partner of SRI.
Showflat of a three-bedroom-plus-study at Hillock Green (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Units sold were a good balance across all unit types, adds Low. "An interesting fact is that we saw more investors buying into larger units, such as the three- and four-bedroom units, instead of the usual one- and two-bedroom units."
Hillock Green's sales were conducted via decentralised bookings at the respective marketing agencies' premises: PropNex, ERA Singapore, Huttons Asia, OrangeTee & Tie and SRI.
"Home buying interest remains strong," says Marcus Chu, CEO of ERA Singapore. "There was a sizable turnout of homebuyers and investors at our office for the booking, and we are very happy for them to have secured the units of their choice."
As Lentor Hills is part of the Ang Mo Kio Planning Area, private homeowners and HDB upgraders from areas such as Ang Mo Kio, Bishan, and Hougang estates were among the interested buyers, adds Chu. "In the past two years, some 16,000 HDB units in the north have attained their minimum occupation period (MOP) status. They make up the next wave of HDB upgraders who may want to upgrade to a private home in the same area."
Hillock Green is located parallel to Lentor Modern and has a sheltered walkway to the Lentor MRT station located 150m away (Source: EdgeProp Landlens)
Two prior projects were launched in the Lentor precinct and have sold well since launch, remarks Mark Yip, CEO of Huttons Asia. The 598-unit Lentor Hills Residences was launched in July and is 70.4% sold at an average price of $2,084 psf, based on caveats lodged. The first launch in Lentor Hills estate is the mixed-use development Lentor Modern integrated with the Lentor MRT station. The 605-unit Lentor Modern was launched in September 2022 and is 94.5% sold at an average price of $2,101 psf.
"Hillock Green is the third launch in the [Lentor] vicinity within just slightly over a year, with three more upcoming sites to be launched there," says Justin Quek, deputy CEO of OrangeTee & Tie. "It achieved healthy sales on launch day, considering buyers have more options in this location."
While the primary market has seen moderating performance in the last few months, Hillock Green and J'den demonstrate that there is "healthy demand for well-positioned projects with positive attributes", adds Quek.
Two-bedroom-plus-study showflat at Hillock Green (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Hillock Green is just across the road from Lentor Modern and has a sheltered walkway to the MRT station just 150m away. "Buyers like the private residential enclave and URA's plans for the Lentor precinct," observes Huttons' Yip. "It probably has the widest frontage along Hillock Park."
Investors believe that future housing demand for Lentor among upgraders and homeowners will remain strong, notes SRI's Low. "They also drew reference from the strong capital gains this year at recently completed projects in the northeast region such as Riverfront Residences, Affinity at Serangoon, Florence Residences and JadeScape."
In line with the long weekend and Singles' Day, the developer of Hillock Green is offering a "special 11.11 promotion" with an additional $11,000 discount for buyers from 5 pm this evening until Monday, Nov 13.