Pinetree Hill’s 520 units are dispersed over three 24-story residential towers that take up only 12% of the site’s size
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The preview for Pinetree Hill on June 29 and its official launch in July 15 provide the Pandan Valley-Pinegrove neighborhood located in District 21 the chance to live a fresh life. “We are taking advantage of the demand that has been building over the last fourteen years” declares UOL Group CEO Liam Wee Sin.
The most recent project to be launched in the neighborhood in 2009 was the 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 property in District 10 was completed in June, when a 2,067 square feet three-bedder on the 20th floor was sold at $4.176 million ($2,021 per sq ft) in accordance with the caveat that was lodged.
Pinetree Hill is an 80/20 joint venture of SingLand’s listed property developer UOL Group and its subsidiary SingLand Group.
The idea is “a house built on an uphill”, Liam states. The private condominium, which has 520 units, consists of three residential blocks that are elevated 12.6m (equivalent to 4 storeys) above the surface. The blocks comprise only twelve% from the total 242,561 square feet of 99-year leasehold site which leaves some 88% to be used for landscaping and facilities.
The units are facing north and south with the site being bordered with Ulu Pandan Road, Pandan Valley and Pine Grove. The units facing south toward Pine Grove will have views of Dover Forest, a 5ha park with greenery. 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 frontage of the side facing Ulu Pandan Road is 10m above street level. With the added 12.6m elevation the lowest floor of the tower’s rear is going to be 8 floors higher than the ground. This means that even the units on the bottom floor will be able to see the crowns of trees in Clementi Forest, says UOL’s Lim.
The slope of 10m along Ulu Pandan Road will be heavily landscaped, and will have the three “pinetree nests” or nest-shaped pavilions that will be lit at night, creating an attractive development element, according to 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 – 1,421 sq ft are the 159 homes (30.7%).
As per the developer according to the developer, around 78% or% (or 407) units of Pinetree Hill comprise one- to three-bedroom apartments.
Four-bedroom and four-bedroom deluxe apartments between 1,292 and 1,668 sq ft, which comprise 90 apartments (17.3%), with five-bedroom units that measure 1,733 sq ft comprising 22, which is (4%). The five- and four-bedroom luxury units are fitted with bathrooms and include an exclusive lift lobby as well as an open-plan kitchen with sliding doors that open up to the living room as well as the balcony, creating a spacious area for those who wish to entertain in their home. The kitchen also features an island.
Pinetree Hill homes 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 penthouse that has five bedrooms and 2,874 sq feet in Pinetree Hill has a price at $8 million ($2,784 per square foot).
Neighbourhood renewal
Nearby close by is Pandan Valley, one of Singapore’s earliest major private condominium complexes. Built in 1978, Pandan Valley has seven 14-storey blocks spread over an area of area of 865,000 square feet on a freehold site. Owners of the 45-year old private condo tried to make an $2.6 billion joint sale in September of 2018, however, it was not able to take off.
“I am in love with the area,” 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 towards Ghim Moh Food Centre or Clementi Mall.”
The development at Pine Grove, the 170-unit Astor Green and the 254-unit Cavendish Park were completed in 1995 and 1996 respectively. The most significant addition is the 660-unit, private HUDC (Housing and Urban Development Company) property, Pine Grove, completed in 1984. The owners of Pine Grove tried to negotiate a collective sale for a reserve that was $1.86 billion on February 19, 2019. The company was revived in July 2019 for $1.7 billion, but it was unable to find an interested buyer.
UOL and SingLand were awarded both the Pinetree Hill site (Pine Grove Parcel A) with a maximum bid of $671,500800 ($1,318 plot ratio per plot which is also known as the per plot ratio) by June 20, 2022. The price was only $1800 (0.0001%) above the second highest bidder’s value at the end of the auction.
The next door neighbor next to Pinetree Hill is Pine Grove Parcel B that is set to be launched in August, under the Confirmed List of GLS 2H2023 program. The site located at Parcel B is believed to produce around 560 units. Should it is the case that this GLS site is sold in the auction, it will take approximately 15 to 18 months before a new residential development is put up to be offered for sale. “A new residential project that is being developed located on the site located at Parcel B is expected to be ready for launch by the close of 2024 or 2025” is the estimate of Liam.
He’s a bit hesitant about UOL’s interest in neighboring 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 could be Clementi Avenue 1, which will also launch in August as part of the GLS 2H2023 program. Clementi Avenue 1 is a 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 acquired Clement Avenue 1 as the initial 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 sold out and finished by March 2019, with the average of $1,374 psf as per URA Realis.
Second GLS site located at Clementi Avenue 1 officially launched in the year 2019. UOL as well as SingLand agreed to pay $491.3 million ($788 per square foot psf) to acquire the site after the end of the auction in 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, at an average of $1,639 per sq ft. This project was scheduled to completion by 1H2024.
“At The Clement Canopy, after it was opened and completely sold out, the next parcel helped to fill it. site,” says Liam. “It also helped us be a leading player in the region.”
In addition, he says “we are the very first to be in Ang Mo Kio Avenue 1 and the first on Clementi Avenue 1 and the first in Canberra as well as in Pine Grove”.
He continues: “For many years, we’ve moved to areas where there were too dense.”
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. $381.381 million ($1,118 per sq ft ppr). A 372-unit Amo Residence was launched in July 2022. The previous project that was that was launched in the area was The Panorama in 2014.
So far, Amo Residence has been 99.5% sold at an average of $2,112 per square foot. The first unit that were sold in Amo Residence was the biggest of three penthouses, 2,497 square feet five-bedroom apartment that sold for $6.008 million ($2,406 per square foot). The units are all sold with the exception of two penthouses that remain.
UOL, SingLand and Kheng Leong Co have also joined forces in Canberra Drive to develop the 448-unit Watergardens project in Canberra. They officially launched Watergardens on August 20, 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 since the Canberra MRT Station opened on the North-South Line in November 2019.
“For Pinetree Hill, we once again benefited from the advantage of being first to move,” Liam says. “At at the same time, it was important to stayed away from areas with a high concentration of sites which could result in an intense competition in the beginning and then sales.”
Schools, greenery, pricing differential
Based on the cost of land at $1,318 per square foot per acre, Ismail Gafoor, CEO of PropNex believes that Pinetree Hill’s cost could be between $2,300 and $2,500 per sq ft.
Gafoor says she believes that 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 live 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 as per Mark Yip, CEO of Huttons Asia. He envisions Pinetree Hill enjoying panoramic views of the surrounding greenerythe “Bukit Timah Nature Park to the North, and an urban skyline in the south”.
As per Ken Low, managing partner of SRI, “At Pinetree Hill you’re getting District 10’s ease of use however, at a lower cost that is within the range of”.
Low points for Freehold Holland Tower, that was listed property developer Wing Tai Holdings bought the entire block at $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 and $3500 per square foot Low estimates. (See possible condos using an En block calculation)
“Pinetree Hill’s position in District 21 technically puts it within the city’s fringe (or RCR”Rest Central Region”” states Eugene Lim, key executive officer of ERA Realty Network. “But it’s just one block away from the most sought-after districts or CCR (Core Central RegionCCR [Core Central Regional. This is similar to living in the CCR with RCR costs.”
Another draw are the greenery that surrounds Pinetree Hill. “We are in Clementi Forest, with Botanic Gardens only five minutes from our property,” says Low.
Foreign demand
Apart from the locals In addition to locals, UOL’s Liam believes that the area is an attractive destination for foreign buyers, including recently-minted permanent residences (PRs) as well as foreign buyers not affected with the one-time 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 just as good as an CCR project” Lim says. Although housing demand is predominantly dependent on local consumers, Lim expects to see greater demand by Singapore PRs. While foreigners are likely to be the minority, he says.
“Pinetree Hill’s location is close to one-north and 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, which will be located on the Cross Island Line, Pinetre Hill will be two MRT stops 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 just 15 minutes away from Jurong Lake District Liam adds. Shenton Way and the CBD are just 20 minutes away. So, he anticipates buyers to be to “the eastern and the central parts of Singapore”.
It is expected that the developer will also offer free transport service between Holland Village and Buona Vista MRT Stations for the initial year following that temporary occupancy permit has been issued, slated for September 2027. Dover as well as Clementi MRT stations are the closest MRT stations currently.
The government unveiled its 2H2023 GLS program on June 21st and stated that it would be the biggest increase in the last decade in terms of supply. Residential development sites launched for 2023 add 9,250 units to the existing supply. “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 in the past 3 years.”
Based on Liam, the growth of supply is less pronounced as compared to the four years following the Global Financial Crisis of 2008. The last time that additional GLS sites were established in 2009; however, from 2010 until 2013 from 2010 to 2013, from 2010 to 2013, new GLS sites were launched at the rate of 11,000-16,600 units per year He 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 says. Liam.
Tampines mixed-use development site
UOL and SingLand as well as CapitaLand came out as the highest from three proposals for the residential and commercial site located at Tampines Avenue 11 after the tender was closed on the 27th of June. The proposed development will be connected to an interchange for buses, a community club, and hawker center. The development will be connected with Tampines North MRT Station on the Circle Line.
CapitaLand will have the 50% part of the joint venture and UOL along with SingLand having the remainder of 50%. Based on the offer of more than $1.206 billion, for the site with the maximum gross floor area (GFA) that is greater than 1.36 million square feet that is around $885 psf for each GFA.
The residential portion that is part of the site could result in around 1,190 units. This development is the first time that UOL and CapitaLand have collaborated. UOL as well as CapitaLand. “We believe there is synergy between the two joint venture participants,” says Liam. “This site will also have the advantage of being first to move, given that the most recent GLS site granted in the Tampines region was awarded 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 was launched in the past and fully sold as 816 units of Tapestry. Tapestry through City Developments.
“Watten House,” it’s the follow-up to MeyerHouse’
The opening 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 located in Singapore, which UOL and SingLand bought in a single transaction at $550.8 million ($1,723 per square foot per) in the month of October 2021. The freehold site located in District 11’s prime area is situated within a mile 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 and our Masterpiece Collection,” says Liam.
The freehold 56 unit MeyerHouse has been completed March 2022 and has since been 100% sold. The architect responsible for this award-winning development is the well-known WOHA Architects, who collaborated with the internationally renowned designer Yabu Pushelberg and landscape architect Henning Larsen (formerly known as Ramboll Studio Dreiseitl).
After the popularity of MeyerHouse, UOL and SingLand bought the adjacent Meyer Park in an en bloc purchase that was worth $392.18 million ($1,668 psf per month) in February of this year.
“What I love most about Meyer Park is that the Meyer Park site is that it’s one of the few waterfront sites that are available and is a freehold property,” Liam says. Liam. “It provides unblockable sea views towards the south, and perspectives of the Mountbatten Estate’s landed estate to 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 process that we use to select the additional sites,” says Liam.