Pinetree Hill (D21, 99 years leasehold, UOL/SingLand)

[New Reporter]

Pinetree Hill at Mount Sinai to start preview at prices from S$2,236 psf

Jun 27, 2023

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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.

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.

https://www.businesstimes.com.sg/property/pinetree-hill-mount-sinai-start-preview-prices-s2236-psf

[New Reporter]

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

Jul 17, 2023

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NEARLY 29 per cent of the 520 units at Pinetree Hill in Ulu Pandan were sold during its launch weekend at an average price of S$2,460 per square feet (psf), developers UOL Group Limited (UOL) and Singapore Land Group says on Sunday (Jul 16).

A total of 150 units out of the 400 launched the day before were sold before 6pm on Sunday, 61 per cent of which one- and two-bedroom units with a study, said Anson Lim, general manager for residential marketing at UOL. The psf price is based on the units launched, not sold, the developers added. (*see amendment note)

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.

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.

https://www.businesstimes.com.sg/property/pinetree-hill-sells-29-units-during-launch-weekend-average-price-s2460-psf

[New Reporter]

UOL Group’s first-mover advantage in mature estates: Pinetree Hill to be priced from $2,236 psf

June 29, 2023

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.

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).

More at: https://www.edgeprop.sg/property-news/uol-group%E2%80%99s-first-mover-advantage-mature-estates-pinetree-hill-be-priced-2236-psf

[New Reporter]

Urban living in a natural oasis at Pinetree Hill

Set for completion in 2027, this new condominium offers the accessibility and prestige of a central location at relatively affordable prices

Sep 27, 2023

SINGAPORE is, without a doubt, the epitome of a concrete jungle. Amid the sea of greys and blues that swathe the island, spots of green are oases that provide a respite from the hustle and bustle of everyday city life.

Pinetree Hill, a joint development by UOL Group Limited and Singapore Land Group Limited (SingLand), strikes a balance between city and nature.

Nestled in the Pine Grove private residential enclave at the fringe of District 21 bordering District 10, the condominium features all the amenities of modern living in a close-to-nature setting, giving residents the best of both worlds.

Comprising 520 units across three 24-storey towers in an elevated area, Pinetree Hill is set to stand out as a beacon in the area upon its estimated completion in 2027. The three towers take up just 12 per cent of the development site, with a sprawling 88 per cent going towards landscaping and facilities.

For young families seeking a long-term home, Pinetree Hill’s proximity to several schools at various levels also makes it a good option.

Henry Park Primary School and Pei Tong Primary School are both within 1 km of the development, and the children of those living in Pinetree Hill will receive higher priority for coveted places in these schools.

There are also numerous reputable secondary and tertiary education institutions nearby, including Nan Hua High School, NUS High School of Math and Science, School of Science and Technology, Singapore Polytechnic and National University of Singapore.

Pinetree Hill offers the accessibility and prestige of a central location at relatively affordable prices. Unit prices start from S$2,314 per square foot (sq ft). Sizes range from 538 sq ft for a one-bedroom-plus-study unit to 1,733 sq ft for a five-bedroom premium unit with a private lift; there is also a 2,874 sq ft penthouse.

High potential

As the first new launch in the vicinity in 14 years, Pinetree Hill offers high upside potential for buyers. This is especially so when considering the existing benefits of having a home in such a central location, alongside the slew of upcoming developments in the region.

The last private residential launch in the neighbourhood was that of SingLand’s The Trizon in 2009. Pinetree Hill is set to be the first mover in a major refresh of this part of Singapore, paving the way for further growth in the area.

With the city centre – in addition to key hubs such as one-north – just a short distance away, Pinetree Hill’s location makes it an attractive investment property.

“Pandan Valley and Ridgewood Condominium located within the Mount Sinai-Pandan Valley neighbourhood were the earliest private condominiums completed in Singapore’s housing history, sometime in the late 1970s,” notes Anson Lim, general manager for residential marketing at UOL.

“Buyers of condominium units then… were attracted (to) the full range of recreational facilities, as well as the convenience, accessibility to central-area amenities, and the prestige of the location as a high-class residential area. Today, this established residential locale remains one of Singapore’s most desirable private residential enclaves.”

At one with nature

For nature lovers, Pinetree Hill will be an ideal home surrounded by greenery. At an elevation of 12.6 m, the development provides sprawling views of nature in the immediate area, even from the lowest-level units.

“The architects wanted the development to blend functionally and aesthetically with the local topography,” says Lim. “The three towers represent pine trees growing from the site on an elevated ground, extrapolated from the surroundings and landforms.”

Homeowners will be just a stone’s throw away from the Ulu Pandan Park Connector, as well as the upcoming Clementi Nature Trail and Dover Forest nature park.

Three nest-shaped pavilions on the grounds, known as the Pinetree Nests, will light up at night, providing residents with a unique vantage point from which they can view the nearby Clementi and Dover forests.

“By leveraging the scale of the site with nature-inspired amenities, Pinetree Hill is designed as a harmonious extension of nature,” says Lim.

Work and play, all in one

Those seeking leisure experiences will find no shortage of options as residents of Pinetree Hill, given the development’s proximity to The Star Vista and Orchard Road shopping belt, among others. Foodies, especially, will love the offerings available in the locale, from cafes in Sunset Way to bars and restaurants in the neighbouring Holland Village.

Pinetree Hill’s location just off Holland Road provides a direct path to the city centre; it is also close to the Pan Island Expressway, Ayer Rajah Expressway, and West Coast Highway.

The development is well-connected to public transport as well, with bus services and Dover MRT station close by. And the upcoming Maju MRT station on the Cross Island Line will be within 1 km of Pinetree Hill.

This high connectivity makes Pinetree Hill a prime living space for the urban professional. Besides one-north, Science Park is another research and development hub just a stone’s throw away from the condominium.

https://www.businesstimes.com.sg/property/urban-living-natural-oasis-pinetree-hill