Crowd at Pinetree Hill on the first day of preview over a fortnight ago (Photo: UOL Group)
SINGAPORE (EDGEPROP) - Joint developers UOL Group and Singapore Land Group (SingLand) sold 150 units (29%) at the 520-unit Pinetree Hill condo on the launch weekend of July 15-16. The developer released 400 units for sale at an initial average price of $2,460 psf. Based on the number of units released, the developer achieved 37.5% sales.
About 99% of the buyers are Singaporeans and Singapore Permanent Residents, says Anson Lim, UOL's general manager (residential marketing).
"The units transacted are quite well-spread," 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.
"We believe a large percentage of our buyers are owner-occupiers looking for an exclusive private residential enclave with lifestyle offerings and being close to good schools," observes Lim.
The highest transacted price of $2,700 psf was for a five-bedroom unit, according to UOL.
Over the past fortnight of previews, more than 350 cheques were collected as expressions of interest. The units sold, therefore, reflected a sales conversion rate of 41%. "It's one of the highest sales conversion rates at new project launches this year," says Ken Low, managing partner of SRI.
“There were four new project launches over the past two weekends, and every development saw decent sales figures,” says Ismail Gafoor, CEO of PropNex. “This shows the resilience of the Singapore residential market, backed by local buying demand.”
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Gafoor reckons the buyers were mainly from the western region, the surrounding Holland and Mount Sinai areas, and the older condos in the Pandan Valley and Pine Grove neighbourhood.
The larger units sold also reflect homeowners' desire for more space, notes Mark Yip, CEO of Huttons Asia. "Many of them like the tranquil residential enclave nestled in the highly-coveted Mount Sinai landed area, panoramic views of the surrounding lush greenery, with Bukit Timah Nature Reserve to the north and the city skyline to the southeast," he says.
Pinetree Hill's location is attractive to both investors and owner-occupiers, especially families with children of school-going age, as it's within 1km of reputable schools such as Henry Park Primary School and Pei Tong Primary School; and 2km of Pei Hwa Presbyterian School and Methodist Girls' School, notes Yip.
Families with children entering secondary and tertiary levels will appreciate Pinetree Hill's proximity to Nan Hua High School, NUS High School, Singapore Polytechnic and Ngee Ann Polytechnic, which are within 2km, while the National University of Singapore is 3km away, says Marcus Chu, CEO of ERA Singapore.
According to SRI's Low, Pinetree Hill's proximity to the CBD, Orchard Road, one-north, Jurong Lake District and Science Parks were also primary considerations for home buyers and investors.
Having 29% of units sold on the launch weekend is "a good start", says Low. He adds: "The developer will have room for further price growth, as there will be fewer new project launches in 2024 than we've seen this year. Pinetree Hill buyers who have purchased units this weekend can piggyback on this capital appreciation until the project is sold out."
Check out the latest listings near Pinetree Hill, Pine Grove, Henry Park Primary School, Pei Tong Primary School, Pei Hwa Presbyterian School, Methodist Girls' School, Nan Hua High School, NUS High School, Singapore Polytechnic, Ngee Ann Polytechnic, National University of Singapore