Pinetree Hill sells 29% of units during launch weekend, initial average price at S$2,460 psf

NEARLY 29 per cent of the 520 units at Pinetree Hill in Ulu Pandan were sold during its launch weekend, developers UOL Group Limited and Singapore Land Group said on Sunday (Jul 16).

Only 400 units were launched on Saturday, and 150 of these were sold at an average price of S$2,460 per square feet (psf) before 6pm the following day, said Anson Lim, general manager for residential marketing at UOL. (*see amendment note)

The psf price is based on the units launched, not sold, the developers added. The average selling price psf was not disclosed.

Of these, 61 per cent of which one- and two-bedroom units with a study.

The remaining units sold are larger units consisting of three to five bedrooms. The highest transacted unit was above S$2,700 psf for a five-bedroom unit.

“We believe a large percentage of our buyers are owner-occupiers who are looking for an exclusive private residential enclave with lifestyle offerings and being close to good schools,” Lim said.

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About 99 per cent of the buyers are Singaporeans and permanent residents, he noted.

The 99-year leasehold development is near popular schools such as Henry Park Primary School, Pei Tong Primary School; and analysts said this makes it attractive to families with young children.

“While there are investors among the buyers particularly for smaller units, our general observation is that many of the buyers are owner-occupiers, such as families, who are purchasing the unit for own stay, judging by the number of larger units sold on higher floors, which is a typical trait of those buying for owner-occupation,” said Ismail Gafoor, chief executive of PropNex.

The starting price of a one-bedroom unit with a study is S$1.25 million, while that for two-bedders is S$1.59 million. Three-bedroom units start at S$2.2 million.

ERA Singapore chief executive Marcus Chu said investors looking to rent to “high-quality tenants” may be attracted to the short commute from the project to One-North and Science Park, which are hubs for local, regional and global high-tech research and development.

The project, which sits on a 22,534.7 square-metre site, is expected to obtain its Temporary Occupation Permit in 2027.

*Amendment note: An earlier version of this story stated that 38 per cent of 400 units were sold at an average selling price of S$2,460. It should have been 29 per cent of 520 units. The developers have also clarified that S$2,460 is not the average selling price but the average price based on units launched. The average selling price psf was not disclosed.