UOL Group’s residential project Pinetree Hill in the Mount Sinai area will launch for preview on Thursday (June 29), with prices starting at S$2,236 per square foot (psf). 

The 99-year leasehold condominium at Pine Grove is jointly developed by UOL and the Singapore Land Group (SingLand) in an 80:20 partnership. It was secured with a S$671.5 million bid at a government land tender in June 2022.

This worked out to S$1,318.27 psf per plot ratio, reported to be at the higher end of expectations at the time. Market watchers then expected final selling prices to range in the S$2,300 to S$2,400 psf range.

Pinetree Hill comprises 520 units sin three 24-storey towers. Around 78 per cent of it – or 407 units – will have one to three bedrooms, said UOL on Tuesday. 

Prices of one-bedroom units, sized from 538 square feet (sq ft) and including a study, start at around S$1.2 million. Two-bedroom units (from 700 sq ft) will start from S$1.6 million, while three-bedroom units (from 969 sq ft) will start just under S$2.2 million. 

Four-bedroom units (from 1,292 sq ft) and five-bedroom units (sized at 1,733 sq ft) will start at S$3.2 million and S$4.3 million respectively, and will include private lifts. A penthouse spanning 2,874 sq ft is also available. 

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UOL noted that Pinetree Hill will be the first condo launch in the Mount Sinai area in nearly 15 years. The last launch in the vicinity was SingLand’s freehold condo The Trizon in 2009. 

Caveats data showed that resale prices at The Trizon averaged at S$2,067 psf in the past three months. In early June, a 2,067 sq ft unit was transacted at about S$4.2 million or S$2,021 psf. 

Resale prices for private condo units in Pinetree Hill’s vicinity have also ranged from S$1,002 psf to S$2,373 psf in the past three months. The most recent sale just two weeks ago was for a 936 sq ft unit at 99-year leasehold condo Dover Parkview, which transacted at S$1.3 million or S$1,410 psf. 

UOL group chief executive Liam Wee Sin said there has been “a very healthy level of enquiries” for Pinetree Hill, due to its central location as well as proximity to several popular primary schools.  The condo is near Dover and Clementi MRT stations on the East-West Line and the upcoming Maju MRT station on the future Cross Island Line. 

A second Pine Grove site, next to the parcel that Pinetree Hill is coming up on, will soon be put up for tender under the government land sales programme.

UOL has another residential project it is expected to launch this year - the redevelopment of Watten Estate Condo, which UOL and SingLand acquired in a collective sale in October 2021 for for $550.8 million, or $1,723 psf ppr.

The two partners also subsequently bought Meyer Park en bloc in a $392.18 million deal in February this year. The price translated to $1,668 psf ppr.

Pinetree Hill will book sales from Jul 15 and is expected to complete in 2027.