The preview for Pinetree Hill on June 29 and its grand opening the 15th of July will provide the Pandan Valley and Pine Grove neighborhood located in District 21 an opportunity to breathe new life. “We are basing our plans on the massive demand over the last 14 years” declares UOL Group CEO Liam Wee Sin.
The last development to be introduced in the neighborhood is Trizon. Trizon in 2009. The 289-unit Trizon located at Ridgewood Close was developed by Singapore Land Group and completed in 2012. The most recent deal for the freehold development in District 10 was completed in June when a 267 square feet three-bedder on the 20th floor was sold at $4.176 million ($2,021 per square foot) in accordance with the caveat that was lodged.
Grand Dunman new launch 99-year leasehold property is situated in one of the attractive neighbourhoods in Singapore.
Pinetree Hill is an 80/20 joint venture between SingLand’s listed property developer UOL Group and its subsidiary SingLand Group.
The idea is “a home on an uphill”, Liam states. The 520-unit private condominium consists of three residential blocks that are elevated 12.6m (equivalent to 4 storeys) above the surface. The blocks comprise only twelve% out of the 24,561 sq feet, 99-year leasehold site leaving an additional 88% to be used for landscaping and facilities.
The units are facing north and south and the site bordered with Ulu Pandan Road, Pandan Valley and Pine Grove. Units facing south towards Pine Grove will have views of Dover Forest, a 5ha greenery and park. North facing units will have unobstructed view of 85ha Clementi Forest, according to Anson Lim, UOL Group general manager (residential marketing).
P&T Consultants is the design architect of Pinetree Hill, while Danish firm Henning Larsen is the landscape architect.
Site Elevated site
The side that faces Ulu Pandan Road is 10m above street level. With the added 12.6m elevation the floor that is lowest in the tower’s rear can be found eight levels higher than the ground. It means that even the units on the bottom floor will be able to see the tree crowns that are in Clementi Forest, says UOL’s Lim.
The 10m slope that runs along Ulu Pandan Road will be heavily landscaped with the three “pinetree nests” or nest-shaped pavilions which will be lit at the night, which makes it an important development feature, says 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 with 969 sq ft to 1,421 sq feet make up the 159 homes (30.7%).
As per the developer according to the developer, around 78% or% (or 407) units in Pinetree Hill comprise one- to three-bedroom units.
Four-bedroom and four-bedroom deluxe apartments with sizes ranging from 1,292 to 1,668 square feet, consist of 90 of them (17.3%), with five-bedroom units with 1,733 square feet, which make up 22, which is (4%). The five and four-bedroom superior units are all equipped with a bathroom and an exclusive lift lobby as well as an open-plan kitchen with sliding doors that open up to the living area and balcony, creating a spacious area for those who wish to entertain in their home. The kitchen also features an island.
Pinetree Hill apartments are priced at $2,236 per square foot. 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 only penthouse with five bedrooms of 2,874 sq feet in Pinetree Hill has a price at $8 million ($2,784 per square foot).
Neighbourhood renewal
Nearby nearby is Pandan Valley, one of Singapore’s earliest major private condominium complexes. It was completed in 1978. Pandan Valley has seven 14-storey blocks spread over an area of 85,000 square feet freehold site. Its owners 45 year-old private condo tried to make an $2.6 billion sale collectively in September 2018 but they failed to get it off.
“I am a fan of the neighborhood,” says Ai Ling who has lived in Pandan Valley for many years. “It’s green with the [Sungei Ulug Pandan] park connector as well as Holland Village nearby. It is also possible to get a bus ride for Ghim Moh Food Centre or Clementi Mall.”
In Pine Grove, the 170-unit Astor Green and the 254-unit Cavendish Park were completed in 1995 and 1996 respectively. The most notable development is the 660-unit privatised HUDC (Housing and Urban Development Company) estate at Pine Grove, completed in 1984. The owners of Pine Grove tried to negotiate a collective sale for a reserve in the range of $1.86 billion back in the month of February. The sale was revived in July 2019 for $1.7 billion, but it was unable to find buyers.
UOL and SingLand took both the Pinetree Hill site (Pine Grove Parcel A) with a maximum price of $671,500,800 ($1,318 per plot ratio which is also known as the PPR) on June 22, 2022. The price was only $1800 (0.0001%) above the second-highest bidder’s price at the time of closing of the auction.
The next door neighbor adjacent to Pinetree Hill is Pine Grove Parcel B that is set to be launched in August, under the Confirmed List of GLS 2H2023 project. The site located at Parcel B is believed to produce around 560 units. Should it is the case that this GLS site is successful in selling in the auction, it will take between 15 and 18 months before a new residential development is made available to be offered for sale. “A new development located on the site located at Parcel B will be launched by the mid-year or the end of 2025” is the estimate of Liam.
He’s not sure about UOL’s interest in adjacent Parcel B. “There are a lot of other sites that are part of the GLS program,” he says.
‘First-mover advantage’
Another site which UOL and SingLand might be focusing on would be Clementi Avenue 1, which will be launched in August as part of the GLS 2H2023 program. This residential site could result in 500 units, and is situated between two developments by UOL along with SingLand -the Clement Canopy and Clavon.
UOL and SingLand bought one of the original GLS site located at Clementi Avenue 1 in December 2015 for $302.1 million ($615 psf per month). The 505-unit Clement Canopy, which is 505 units in size Clement Canopy was launched in February of 2017. It was completely sold and was completed in March 2019, with an average cost of $1,374 per square foot, in accordance with URA Realis.
Second GLS site located at Clementi Avenue 1 inaugurated in the year 2019. UOL as well as SingLand agreed to pay $491.3 million ($788 psf per ppr) to acquire the site at the time of closing this tender on July of this year. The project was officially launched as the Clavon, a 640-unit project. Clavon by the month of December, 2020, and was sold completely in September 2022 for an average of $1,639 per sq ft. This project was scheduled to completion by 1H2024.
“At The Clement Canopy, when it was first launched and was sold out, the second parcel helped to fill it. site,” says Liam. “It also enabled us to be a leading player in the region.”
In addition, he says “we are the very first on Ang Mo Kio Avenue 1 as well as the first to be in Clementi Avenue 1 and the first in Canberra as well as on Pine Grove”.
He says: “For many years, we’ve shifted to areas where there were too filled with people.”
UOL, SingLand and Kheng Leong Co jointly submitted bids for and were awarded the GLS site located at Ang Mo Kio Avenue 1 in June 2021. The price was $381.381 million ($1,118 per sq ft ppr). Amo Residence, a 372-unit development Amo Residence was launched in July 2022. The previous project that was that was launched in the area was The Panorama in 2014.
As of today, Amo Residence has been 99.5% sold at an average of $2,112 per square foot. The first unit that were sold by Amo Residence was the biggest of three penthouses, 2,497 square feet five-bedroom property that was sold for $6.008 million ($2,406 per square foot). All units have been sold, with the exception of two penthouses that remain.
UOL, SingLand and Kheng Leong Co together in Canberra Drive to develop the 448-unit Watergardens in Canberra. The project was launched by Watergardens at Canberra in the month of August, 2021 and the development was completed in March this year, with an average cost of $1,446 per square foot. The interest in the Canberra neighborhood had increased following the time that Canberra MRT Station opened on the North-South Line in November 2019.
“For Pinetree Hill, we also took advantage of the first-mover advantage” Liam says. “At all times, we tried to avoid areas with a high concentration of sites which could result in fierce competition when the site first opened and then sales.”
Schools, greenery, pricing differential
Based on the cost of land at $1,318 per sq ft ppr, Ismail Gafoor, CEO of PropNex estimates that Pinetree Hill’s costs could range between $2,300 and $2,500 per square foot.
Gafoor says the Pinetree Hills’ proximity to the private residential enclaves in Holland in addition to Mount Sinai in prime District 10 may also attract wealthy families that reside in the area.
Another aspect is the development’s closeness (within one kilometer) of 1km to Henry Park Primary School and Pei Tong Primary School in the words of Mark Yip, CEO of Huttons Asia. He envisions Pinetree Hill enjoying panoramic views of the surrounding greenerythe “Bukit Timah Nature Reserve in the northern part, and an urban skyline in the south”.
As per Ken Low, managing partner of SRI, “At Pinetree Hill you’re getting District 10’s convenience however, at a lower cost that is within the range of”.
Low points for the leasehold Holland Tower, that was listed property developer Wing Tai Holdings bought the entire block in a single transaction for $76.3 million ($1,746 psf per ppr) in March of this year. SRI Capital Market brokered the deal. Based on the sale price the high-end new district 10 development is expected to launch with prices between $3,300 to $3,500 per square foot Low believes. (See the potential condos by using the En block calculation)
“Pinetree Hill’s location within District 21 technically puts it within the city fringe, (or RCR”Rest Central Region”” states Eugene Lim, key executive officer of ERA Realty Network. “But it’s only two blocks away from the most sought-after districts or CCR (Core Central RegionCCR [Core Central Regional. It’s akin living in the CCR with RCR rates.”
Another draw can be found in the lush natural vegetation that surrounds Pinetree Hill. “We are in Clementi Forest, with Botanic Gardens just five minutes from our property,” says Low.
Foreign demand
In addition to the locals In addition to locals, UOL’s Liam thinks that the city is an attractive destination for foreign buyers, including new permanent residents (PRs) as well as foreign buyers not affected from the 60% additional stamp duty on buyers.
The ERA’s Lim says he agrees. The proximity of Pinetree Hill to the CCR is a sign that “It’s similar to an CCR project” Lim says. Even though housing demand is mostly generated by buyers from the local market, Lim expects to see greater demand by Singapore PRs. While foreigners are likely to make up the minority Lim says.
“Pinetree Hill’s location is close to one-north of which is the National University of Singapore and other universities,” UOL Liam says. “It’s located close to Holland Village, Orchard Road, Science Park and the Jurong Lake District.”
With the upcoming Maju MRT station located on the Cross Island Line, Pinetre Hill will be two MRT stations away from to the Jurong Lake District, which could be the second CBD and also a live-work-play-play precinct Adds Liam.
If you drive, it’s only 10 minutes to one-north, and fifteen minutes from Jurong Lake District Liam adds. Shenton Way and the CBD are just 20 minutes away. Therefore, he expects buyers to be to “the eastern and the central parts of Singapore”.
This developer will also offer free transportation to Holland Village and Buona Vista MRT Stations for the initial year following an interim occupation license has been issued, slated for September 2027. Dover as well as Clementi MRT stations are the nearest two MRT stations at the moment.
The government unveiled its 2H2023 GLS program on June 21 and stated that it would be the largest increase in the last decade in terms of supply. Residential development sites that will be released for 2023 add 9,250 units to the stock. “The increasing supply is a way to catch up more than any other thing,” says Liam. “It’s an adjustment post-Covid following a slowdown of the GLS program over the last 3 years.”
As per Liam, the increase in supply has been more moderate as compared to the four years following the Global Financial Crisis of 2008. The last time that brand-new GLS sites were launched in 2009, however between 2010 and 2013 the from 2010 to 2013, new GLS sites were created at a rate of 11,000-16,000 units per year Liam explains.
With more launches of new projects on the horizon, homeowners are looking to develop projects that “create value, have high-quality indoor spaces, and are able to meet the changing needs of their lifestyles” Liam. Liam.
Tampines mixed-use development site
UOL and SingLand along with CapitaLand came out as the highest out of the three offers for residential and commercial site on Tampines Avenue 11 after the tender was closed on the 27th of June. The proposed development will be incorporated into the bus interchange, community club, and hawker center. Additionally, it will be connected with Tampines North MRT Station on the Circle Line.
CapitaLand will have the 50% part of the joint venture and UOL as well as SingLand own the other 50%. Based on the offer of more than $1.206 billion, for the site with an area of gross floor (GFA) of more than 1.36 million square feet which is approximately $885 per square foot for GFA.
The residential part on the site could yield around 1,190 units. This development is the first time that UOL and CapitaLand have collaborated. UOL together with CapitaLand. “We believe there is synergy between the two joint venture participants,” says Liam. “This site will also have an advantage in first-mover, since the previous GLS site given to the Tampines region was in the year 2017. This region Outside Central Region has a very low inventory of housing, especially in Tampines which is an extremely sought-after estate that is mature and sought-after.”
The most recent GLS site that was awarded in 2017 was Tampines Street 86, which is now completely sold as the 816-unit the Tapestry through City Developments.
“Watten House, it’s the follow-up to MeyerHouse’
The inauguration of Pinetree Hill will be followed by the opening of Watten House in 4Q2023. Watten House is a redevelopment of the previously-owned Watten Estate Condo that UOL and SingLand bought together at $550.8 million ($1,723 per sq ft per) in the month of October, 2021. The freehold site located in District 11’s prime area is located within 1km of two highly-rated primary schools, including Nanyang in Singapore and Raffles Girls’.
Watten House is a five-storey, 180-unit development. “It’s expected to become the sequel to MeyerHouse, which is our Masterpiece Collection,” says Liam.
The freehold 56 unit MeyerHouse is scheduled to be completed by March 2022 and has since been 100% sold. The architect responsible for this award-winning design is the well-known WOHA Architects, who collaborated with the internationally renowned designers Yabu Pushelberg and landscape architect Henning Larsen (formerly known as Ramboll Studio Dreiseitl).
After the popularity of MeyerHouse, UOL and SingLand acquired the nearby Meyer Park in an en bloc purchase that was worth $392.18 million ($1,668 per sqf per year) in February of this year.
“What I love most about this Meyer Park site is that it’s one of the few waterfront sites accessible, and it is a freehold property,” Liam says. Liam. “It has unblocked views of the sea towards the south, and perspectives of the Mountbatten Estate’s landed estate to toward the north.”
Meyer Park is also near Tanjong Katong Primary School Kong Hwa School and Eton International Pre-school Mountbatten Road. “This will be the same method that we use to select the different sites,” says Liam.
