At 6 pm this evening, approximately 131 units at the 474-unit Hillock Green were sold, according to the developer.This brisk sales activity brings the take-up rate of the 99-year leasehold private condo at Lentor Central to 27.6%, with an average price of $2,108 per square foot (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,” said Lim Han Qin, director of Soilbuild Group on behalf of the consortium developing the project.
Besides Soilbuild Group, the consortium includes Forsea Holdings, a wholly-owned subsidiary of Beijing-based China Communications Construction Co., and United Engineers Ltd, a Singapore-listed real estate developer subsidiary of Yanlord Land Group.
Hillock Green is the third project launched in the 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,” added Soilbuild’s Lim.
The buyers comprised a healthy balance of upgraders, first-time homebuyers, and investors from across Singapore, with a significant number residing within the Ang Mo Kio Planning Area and the northeast region.
Ismail Gafoor, CEO of PropNex, remarked, “The sales achieved at Hillock Green are respectable, 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. About 273 cheques were collected as expressions of interest over the past fortnight, leading 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,” commented Ken Low, managing partner of SRI. Units sold were well-distributed across all unit types. “Interestingly, 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,” Low added.
Hillock Green’s sales were conducted via decentralized bookings at the respective marketing agencies’ premises, including PropNex, ERA Singapore, Huttons Asia, OrangeTee & Tie, and SRI.
“Home buying interest remains strong,” said 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.” Private homeowners and HDB upgraders from areas such as Ang Mo Kio, Bishan, and Hougang estates were among the interested buyers. “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,” Chu added.
Hillock Green is located parallel to Lentor Modern and has a sheltered walkway to the Lentor MRT station located just 150 meters away. This connectivity and convenience are significant selling points.
Two prior projects in the Lentor precinct have sold well since launch. The 598-unit Lentor Hills Residences, launched in July, is 70.4% sold at an average price of $2,084 psf. The mixed-use development Lentor Modern, integrated with the Lentor MRT station, 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,” said Justin Quek, deputy CEO of OrangeTee & Tie. “It achieved healthy sales on launch day, considering buyers have more options in this location.”
Investors are optimistic about future housing demand in Lentor among upgraders and homeowners. “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,” noted SRI’s Low.
In line with the long weekend and Singles’ Day, Hillock Green’s developer is offering a “special 11.11 promotion” with an additional $11,000 discount for buyers from 5 pm this evening until Monday, Nov 13.
With a strong start in sales and a prime location next to essential amenities, Hillock Green exemplifies a desirable investment opportunity in the Lentor Hills estate. The healthy interest from diverse buyer groups underscores the project’s appeal and the overall confidence in this burgeoning residential area.
