The Hill @ One-North experienced a modest uptake, with approximately one-third, or 43 units, sold on the initial booking day. Described as one of the lowest take-up rates for the first weekend of a launch among major private residential projects in 2024, the units were sold at an average price of around $2,595 per square foot (psf) on April 20. These units primarily comprised two-bedroom, two-bedroom plus study, three-bedroom, and three-bedroom plus study apartments, with sizes ranging from 732 sq ft to 1,259 sq ft. Additionally, the development includes four-bedroom units and five commercial units. Expected to obtain temporary occupation permit by December 2026, the project saw 86% of home buyers being Singaporeans, with the remainder being permanent residents and foreigners.<\/p>\n
Mr. Nicholas Mak, Chief Research Officer of Mogul.sg, attributed the “muted” sales to the higher prices compared to nearby developments like Blossoms by the Park, which was priced at $2,427 psf. He noted that the developer has ample time to sell the units before the additional buyer’s stamp duty deadline in 2026 and may not rush to lower prices.<\/p>\n
While the lower take-up rate at The Hill @ One-North compared to Blossoms by the Park was somewhat expected, PropNex Chief Executive Ismail Gafoor deemed it “decent” given the current market sentiment. Blossoms by the Park achieved over 70% sales during its launch in April 2023. Gafoor attributed the cautious market sentiment to easing home sales, buyer fatigue, and a lack of urgency among buyers.<\/p>\n
In contrast, boutique development Hillshore sold three out of its 59 units during its launch on April 20. Gafoor noted that sales at boutique developments are typically gradual, catering to buyers seeking a more tranquil and exclusive living environment due to the smaller number of units available.<\/p>\n