A joint venture between developers UOL Group and Singapore Land Group (SingLand) sold 150 units (29%) at the 522-unit Pinetree Hill condo during the weekend between July 15-16. The developer has released 400 units available for sale with an initial price of $2,460 per square foot. Based on the amount of units sold the developer was able to achieve 37.5% sales.
Around 99% of customers comprise Singaporeans as well as Singapore Permanent Resident, according to Anson Lim UOL’s general director (residential marketing).
“The units sold are spread out,” Lim adds. About 61% of the units sold are one-bedroom-plus-study and two-bedroom-plus-study, with 39% comprising the larger three- to five-bedroom units.
Pinetree Hill land price bid of $671.5 million, equivalent to $1,318 per square foot per plot ratio (psf ppr).
“We believe that a substantial portion of our customers are owners who are looking for a exclusive residential area with amenities and close to a number of good education facilities,” observes Lim.
The highest price paid for a unit of $2,700 per square foot was for a five-bedroom house UOL reports. UOL.
In the last two weeks of previews over 350 cheques were gathered in expressions of interest. The sales, as had a percentage that was 41%. “It’s an impressive conversion rates for new projects launched in the past year.” states Ken Low the managing partner of SRI.
“There was four brand new developments launched in the past two weekends and all of them saw good numbers in sales,” says Ismail Gafoor who is the PropNex’s CEO. PropNex. “This illustrates the resilience of the Singapore residential market, which is bolstered by local demand for housing.”
Gafoor says the buyers came mostly from the western region, as well as the nearby Holland as well as Mount Sinai areas, and the older condominiums located in Pine Grove and the Pandan Valley and Pine Grove neighborhood.
The larger homes sold reflect the desire of homeowners for more space, says Mark Yip, CEO of Huttons Asia. “Many of them have the serene residential enclave in the coveted Mount Sinai landed area, with panoramic views of the lush greenery surrounding and the Bukit Timah Nature Reserve to northwest and the skyline of the city to the east,” he says.
Pinetree Hill’s location is appealing to both owners and investors and families with kids who are in school, since it’s located within 1km of highly regarded schools like Henry Park Primary School and Pei Tong Primary School; and 2km from Pei Hwa Presbyterian School and Methodist Girls’ School, according to Yip.
Parents of children who are entering the secondary and tertiary grades will appreciate the proximity of Pinetree Hill the Nan Hua High School, NUS High School, Singapore Polytechnic and Ngee Ann Polytechnic, which are all within 2km. NUS, the National University of Singapore is 3km away, claims Marcus Chu, CEO of ERA Singapore.
According to SRI’s Low Pinetree Hill’s closeness to its CBD, Orchard Road, one-north, Jurong Lake District and Science Parks were also primary aspects for buyers of homes and investors.
The fact that there were 29% in units being sold during the weekend of the launch is “a good beginning” Low says. Low. He says: “The developer will have an opportunity to grow their prices because there are fewer new project launch in 2024 than what we’ve witnessed this year. Pinetree Hill buyers who purchased units this weekend are able to benefit from this appreciation up as long as the building is completed.”