On 2 June 2022, UOL, together with our subsidiary Singapore Land Group (SingLand), was the top bidder for the Pine Grove (Parcel A) residential site, with $671.5 million or about $1,318 psf ppr. The 99-year leasehold land has a total site area of 22,534.7 sqm, and will be developed in an 80:20 joint venture with SingLand.

Five bidders competed for the state land tender, with UOL winning with one of the narrowest margins of just $800 more than the second-highest bid.

“The site will be developed into a 520-unit residential development, nestled in the established private residential enclave near Mount Sinai Rise. Popular schools like Henry Park Primary School and Pei Tong Primary School are located within one kilometre. It is also in close proximity to the School of Science and Technology, One-North and the upcoming Clementi Nature Trail. Retail amenities like Holland Village, The Clementi Mall and The Star Vista are under a 10-minute drive. Given the site’s strong attributes, we expect to see keen interest from both homebuyers and investors,” said Chief Investment and Asset Officer Jesline Goh.”