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

July 16, 2023
Pinetree Hill sells 29% of units over launch weekend at average selling price of $2,460 psf

SINGAPORE - Nearly 29 per cent of the 520 units at Pinetree Hill in Ulu Pandan were sold during its launch weekend at an average selling price of $2,460 per sq ft (psf), developers UOL Group and Singapore Land Group said on Sunday.

A total of 150 units out of the 400 launched the day before were sold before 6pm on Sunday, 61 per cent of which were one- and two-bedroom units with a study, said Mr Anson Lim, general manager for residential marketing at UOL.

The psf price was based on the units launched, not sold, the developer added.

The remaining units sold were larger units consisting of three to five bedrooms. The highest transacted price was above $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... close to good schools,” Mr Lim said.

About 99 per cent of the buyers were Singaporeans and permanent residents, he noted.

The 99-year leasehold development is near popular schools such as Henry Park Primary School and Pei Tong Primary School, and analysts said this makes it attractive to families with young children.

PropNex chief executive Ismail Gafoor said: “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 their own stay, judging by the number of larger units sold on higher floors, which is a typical trait of those buying for owner-occupation.”

The starting price of a one-bedroom unit with a study is $1.25 million, while that for two-bedders is $1.59 million. Three-bedroom units start at $2.2 million.

ERA Singapore CEO 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 sq m site, is expected to obtain its temporary occupation permit in 2027. THE BUSINESS TIMES

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