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17-07-23, 11:28
Pinetree Hill sells 29% of units during launch weekend at average price of S$2,460 psf
Jul 17, 2023
https://i.imgur.com/f1rXZCB.jpg
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
Jul 17, 2023
https://i.imgur.com/f1rXZCB.jpg
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