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UOL-SingLand sold 37.5% of Pinetree Hill on launch weekend

UOL Group and Singapore Land Group (SingLand) sold 150 units (29%) at the 520-unit Pinetree Hill condo on the launch weekend of July 15-16. The developer released 400 units for sale, based on the number of units released, the developer achieved 37.5% sales. The average selling price of the 400 released units was $2,460 psf.

Of these, 61 per cent of which one- and two-bedroom units with a study. 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.

Source: EdgeProp, The Business Times