Units sold for an average price of more than $2,650 psf.

Terra Hills in Pasir Panjang sold 102 (38%) of its 270 units during its launch, data from PropNex showed.

The average price of units sold during the launch was more than $2,650 psf.

“We think the average transacted price is reasonable in today’s market for a freehold development in the city fringe. The take-up rate of over one-third sold at Terra Hill is also generally within our expectations, in view of the high interest rates,” PropNex said.

“Buyers may now need more time to come to a decision, and with more new launches coming up this year, some of them could be looking at comparing options before they purchase a property,” the real estate expert added.

Meanwhile, transactions from PropNex’s agents showed that many of Terra Hills’ buyers were Singaporeans.