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

November 13, 2022

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.

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.

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.

“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.

Read more at: