[UPDATE] UOL Group’s first-mover advantage in mature estates: Pinetree Hill to be priced from $2,236 psf
By Cecilia Chow
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The upcoming preview of Pinetree Hill on June 29 and its launch on July 15 will give the Pandan Valley-Pine Grove neighbourhood in District 21 a new lease of life. “We are riding on the pent-up demand over the past 14 years,” says UOL Group CEO Liam Wee Sin.
The last project launched in the neighbourhood was The Trizon in 2009. The 289-unit Trizon at Ridgewood Close was developed by Singapore Land Group and completed in 2012. The latest transaction for the freehold project in District 10 was in early June when a 2,067 sq ft three-bedder on the 20th floor changed hands for $4.176 million ($2,021 psf) based on a caveat lodged.
Pinetree Hill is an 80:20 joint venture between Singapore-listed property developer UOL Group and its subsidiary SingLand Group.
The concept is “a house on a hill”, Liam states. The 520-unit private condo comprises three 24-storey residential blocks elevated 12.6m (equivalent to four storeys) above the ground. The blocks occupy just 12% of the 242,561 sq ft, 99-year leasehold site, freeing up the remaining 88% for landscaping and facilities.
Units are north-south facing, with the site bounded by Ulu Pandan Road, Pandan Valley and Pine Grove. Those units facing south towards Pine Grove will have views of Dover Forest, a 5ha park and greenery. Those facing north will have unblocked views of the 85ha Clementi Forest, according to Anson Lim, UOL Group general manager (residential marketing).
P&T Consultants is the design architect for Pinetree Hill, while Danish firm Henning Larsen is the landscape architect.
The 10m slope along Ulu Pandan Road will be heavily landscaped, with three “pinetree nests” or nest-shaped pavilions looking towards Clementi Forest (Picture: UOL Group/Singapore Land)
Elevated site
The side fronting Ulu Pandan Road is 10m above street level. With the additional 12.6m elevation, the lowest floor of the rear tower will be eight floors above ground. That means even units on the lowest floor will have views of the tree crowns in Clementi Forest, says UOL’s Lim.
The 10m slope along Ulu Pandan Road will be heavily landscaped, with three “pinetree nests” or nest-shaped pavilions lit up at night, making it a development feature, adds Lim.
Units at Pinetree Hill range from a one-bedroom-plus-study of 538 sq ft to a five-bedroom premium of 1,733 sq ft.
Only 22 units (4%) are one-bedroom-plus-study units, with two-bedroom types ranging from 700 to 915 sq ft making up 226 units (43%). Three-bedders of 969 to 1,421 sq ft comprise 159 units (30.7%).
According to the developer, about 78% or 407 units at Pinetree Hill comprise one- to three-bedroom units.
Four-bedroom and four-bedroom deluxe units from 1,292 to 1,668 sq ft, comprise 90 units (17.3%), with five-bedroom units of 1,733 sq ft making up 22 units (4%). The four- and five-bedroom premium units are all en suite and come with a private lift lobby and a kitchen with sliding doors that open to the living room and the balcony, creating an open space for those who want to entertain at home. The kitchen also has an island.
Pinetree Hill units will be priced from $2,236 psf. One-bedroom-plus-study starts from $1.248 million ($2,320 psf); a two-bedroom from $1.588 million ($2,269 psf); a three-bedroom from $2.198 million ($2,268 psf); a four-bedroom from $3.173 million ($2,456 psf); and a five-bedroom from $4.268 million ($2,463 psf).
The sole five-bedroom penthouse of 2,874 sq ft at Pinetree Hill has a price tag of $8 million ($2,784 psf).
Showflat of a two-bedroom-plus-study unit at Pinetree Hill, where two-bedders account for 43% of the units (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Neighbourhood renewal
Nearby is Pandan Valley, one of Singapore’s first major private condo complexes. Completed in 1978, Pandan Valley has seven 14-storey blocks spread across an 865,000 sq ft freehold site. The owners of the 45-year-old private condo attempted a $2.6 billion collective sale in September 2018, but it failed to take off.
“I love the neighbourhood,” says Ai Ling, a resident of Pandan Valley for many years. “It’s green, with the [Sungei Ulu Pandan] park connector and Holland Village nearby. You can also take a bus to Ghim Moh Food Centre or Clementi Mall.”
At Pine Grove, the 170-unit Astor Green and the 254-unit Cavendish Park were completed in 1995 and 1996, respectively. The most significant development is the 660-unit, privatised HUDC (Housing and Urban Development Co) estate, Pine Grove, completed in 1984. The owners at Pine Grove attempted a collective sale at a reserve price of $1.86 billion in February 2019. It was relaunched in July 2019 at $1.7 billion but did not find a buyer.
UOL and SingLand won the Pinetree Hill site (Pine Grove Parcel A) with a top bid of $671,500,800 ($1,318 psf per plot ratio or ppr) in June 2022. The bid was just $800 (0.0001%) above the second-highest bidder’s at the close of the tender.
Next door to Pinetree Hill is Pine Grove Parcel B, which is scheduled for launch in August under the Confirmed List of the GLS 2H2023 programme. The site at Parcel B is estimated to yield about 560 units. If the GLS site is successfully sold at the tender, it generally takes about 15 to 18 months before the new residential project is launched for sale. “A new project on the site at Parcel B will only be launch-ready towards the end of 2024 or early 2025,” estimates Liam.
He is coy about UOL’s interest in the neighbouring Parcel B. “There are many other sites in the GLS programme,” he says.
UOL Group general manager (residential marketing) Anson Lim (left) and Liam Wee Sin, group CEO (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘First-mover advantage’
Another site that UOL and SingLand could focus on is Clementi Avenue 1, which will also be launched in August under the GLS 2H2023 programme. The residential site could yield 500 units and sits between two projects by UOL and SingLand — The Clement Canopy and Clavon.
UOL and SingLand purchased the first GLS site at Clementi Avenue 1 in December 2015 for $302.1 million ($615 psf ppr). The 505-unit The Clement Canopy was launched in February 2017. It was entirely sold and completed by March 2019 at an average price of $1,374 psf, according to URA Realis.
The second GLS site at Clementi Avenue 1 was launched in 2019. UOL and SingLand paid $491.3 million ($788 psf ppr) for the site at the close of the tender in July 2019. The project was launched as the 640-unit Clavon in December 2020 and entirely sold by September 2022 at an average price of $1,639 psf. The project is scheduled for completion sometime in 1H2024.
“At The Clement Canopy, once it was launched and sold out, the second parcel came in handy to replenish the site,” says Liam. “It also allowed us to be a dominant player in the area.”
Likewise, he notes, “we were the first in Ang Mo Kio Avenue 1, the first in Clementi Avenue 1 and the first in Canberra, and now at Pine Grove”.
He adds: “For many years, we have moved away from areas that are too saturated.”
UOL, SingLand and Kheng Leong Co jointly bid for and won the GLS site at Ang Mo Kio Avenue 1 in June 2021 for $381.381 million ($1,118 psf ppr). The 372-unit Amo Residence was launched in July 2022. The last project launched in the area was The Panorama in 2014.
To date, Amo Residence is 99.5% sold at an average price of $2,112 psf. Among the first units sold at Amo Residence was the biggest of three penthouses: a 2,497 sq ft, five-bedroom unit that fetched $6.008 million ($2,406 psf). All the units are sold except for the two remaining penthouses.
UOL, SingLand and Kheng Leong Co also joined forces at Canberra Drive to develop the 448-unit Watergardens at Canberra. They launched Watergardens in August 2021, and the project was completely sold out in March this year at an average price of $1,446 psf. Interest in the Canberra neighbourhood had picked up after Canberra MRT Station opened on the North-South Line in November 2019.
“For Pinetree Hill, we again captured the first-mover advantage,” Liam says. “At the same time, we avoided locales with a saturation of sites that could lead to intense competition at launch and subsequent sales.”
Artist's impression of the floating pool pavilion at Pinetree Hill (Picture: UOL Group/Singapore Land)
Schools, greenery, pricing differential
Given the land cost of $1,318 psf ppr, Ismail Gafoor, CEO of PropNex, reckons Pinetree Hill’s prices could average between $2,300 to $2,500 psf.
Gafoor adds that Pinetree Hills’ proximity to the private residential enclave of Holland and Mount Sinai in prime District 10 could also draw affluent families who are residents there.
Another factor is the project’s proximity (within 1km) to Henry Park Primary School and Pei Tong Primary School, according to Mark Yip, CEO of Huttons Asia. He sees Pinetree Hill enjoying panoramic views of the surrounding greenery — “Bukit Timah Nature Reserve to the north and the city skyline to the southeast”.
According to Ken Low, managing partner of SRI, “At Pinetree Hill, you’re buying into the convenience of District 10 but at a lower price range”.
Low points to the freehold Holland Tower, which listed property developer Wing Tai Holdings purchased en bloc for $76.3 million ($1,746 psf ppr) in March this year. SRI Capital Market brokered the deal. Based on the selling price, the new high-end development in prime District 10 will likely launch at prices between $3,300 and $3,500 psf, Low reckons. (See potential condos with en bloc calculator)
“Pinetree Hill’s location in District 21 technically puts it in the city fringe or RCR [Rest of Central Region],” says Eugene Lim, key executive officer of ERA Realty Network. “But it is only a stone’s throw away from the prime districts or CCR [Core Central Region]. So it is akin to living within the CCR at RCR prices.”
Another attraction is the natural greenery surrounding Pinetree Hill. “We are facing Clementi Forest, with Botanic Gardens just a five-minute drive away," says Low.
Showflat of a 1,733 sq ft, five-bedroom premium unit at Pinetree Hill. There are only 22 such units in the development (Picture UOL Group)
Foreign demand
Besides locals, UOL’s Liam sees the location being a draw to foreign buyers, especially newly-minted permanent residents (PRs) and foreigners unaffected by the 60% additional buyer’s stamp duty.
ERA’s Lim agrees. Pinetree Hill’s proximity to the CCR means “It’s as good as a CCR project”, he says. While housing demand is still primarily driven by local buyers, Lim expects to see more interest from Singapore PRs. Meanwhile, foreigners are expected to form the minority for now, he adds.
“Pinetree Hill’s location is near one-north, the National University of Singapore and other tertiary institutions,” UOL Liam says. “It’s also near Holland Village, Orchard Road, Science Park and the Jurong Lake District."
With the future Maju MRT station on the Cross Island Line, Pinetre Hill will be two MRT stops from the Jurong Lake District, which is poised to be the second CBD and a live-work-play precinct, adds Liam.
For those who drive, it is just 10 minutes to one-north and 15 minutes to Jurong Lake District, Liam adds. Shenton Way and the CBD are a 20-minute drive away. Hence, he expects the buyers to come from “the central and western regions of Singapore”.
The developer will also provide free shuttle service to Holland Village and Buona Vista MRT Stations for the first year after the temporary occupation permit is obtained, targeted for September 2027. Dover and Clementi MRT stations are the two closest MRT stations right now.
The government announced its 2H2023 GLS programme on June 21, and said it is the highest ramp-up in supply in a decade. The residential development sites released in 2023 will add 9,250 new units to the supply. “The ramp-up in supply is a catch-up more than anything else,” says Liam. “It’s a post-Covid pandemic adjustment, after a slowdown in the GLS programme over the past three years.”
According to Liam, the acceleration in supply is more tempered than in the four years after the Global Financial Crisis of 2008. No new GLS sites were launched in 2009, but from 2010 to 2013, new GLS sites were launched to the tune of 11,000 to 16,000 units annually, he points out.
With more new project launches in the offing, homebuyers will look for developments that “create value, offer quality internal spaces and cater to their changing lifestyle needs”, says Liam.
A consortium of CapitaLand, UOL and SinLand emerged at the top of three bids for the mixed-use commercial and residential site at Tampines Avenue 11 with a bid of over $1.206 billion ($885 psf per gross floor area) [Source: EdgeProp Landlens]
Tampines mixed-use development site
UOL and SingLand, together with CapitaLand, emerged at the top of three bids for the commercial and residential site at Tampines Avenue 11 when the tender closed on June 27. The future development will be integrated with a bus interchange, community club and hawker centre. It will also be directly linked to Tampines North MRT Station on the Circle Line. (Find Singapore commercial properties with our commercial directory)
CapitaLand will hold a 50% stake in the joint venture, with UOL and SingLand holding the remaining 50%. Based on the bid of over $1.206 billion for the site with a maximum gross floor area (GFA) of over 1.36 million sq ft, the price translates to about $885 psf per GFA.
The residential component of the site could yield about 1,190 units. This development marks the first collaboration between UOL and CapitaLand. “We see synergy for the two joint-venture partners,” says Liam. “This site will also have a first-mover advantage, as the last GLS site awarded in the Tampines area was in 2017. The Outside Central Region has a low housing inventory, particularly in Tampines — a sought-after, mature estate.”
The last GLS site awarded in 2017 was at Tampines Street 86, which has since been launched and fully sold as the 816-unit The Tapestry by City Developments.
Four- and five-bedroom premium units come with private lift, kitchen with island and all en suite bedrooms (Photo: Samuel Isaac Chua/EdgeProp Singapore)
‘Watten House, the sequel to MeyerHouse’
The launch of Pinetree Hill will be followed by the launch of Watten House in 4Q2023. Watten House is a redevelopment of the former Watten Estate Condo, which UOL and SingLand purchased en bloc for $550.8 million ($1,723 psf ppr) in October 2021. The freehold site in prime District 11 is within 1km of two sought-after primary schools, namely Nanyang and Raffles Girls’.
Watten House will be a 180-unit, five-storey development. “It’s going to be a sequel to MeyerHouse, our Masterpiece Collection,” says Liam.
The freehold, 56-unit MeyerHouse was completed in March 2022 and is entirely sold. The architect behind this award-winning project is the acclaimed WOHA Architects, who collaborated with international design studio Yabu Pushelberg and landscape architect Henning Larsen (formerly known as Ramboll Studio Dreiseitl).
Following the success of MeyerHouse, UOL and SingLand purchased the nearby Meyer Park in an en bloc deal worth $392.18 million ($1,668 psf ppr) in February this year. (See potential condos with en bloc calculator)
“What I like about the Meyer Park site is that it’s one of the last few waterfront sites available, and it has a freehold tenure,” says Liam. “It offers unblocked sea views towards the south and views of the Mountbatten Estate landed estate towards the north.”
Meyer Park is also near Tanjong Katong Primary School, Kong Hwa School and Eton International Pre-school Mountbatten Road. “This is the same formula used for choosing our other sites,” says Liam.
Check out the latest listings near Pinetree Hill, The Trizon, Pandan Valley, The Clement Canopy, Clavon, Amo Residence, The Panorama, Watergardens at Canberra, Holland Tower, The Tapestry, MeyerHouse, Meyer Park, Canberra MRT Station, Maju MRT Station, Buona Vista MRT Station, Clementi MRT station, Tampines North MRT Station, Henry Park Primary School, Pei Tong Primary School, Tanjong Katong Primary School, Kong Hwa School, Eton International Pre-school
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