UOL Group's Pinetree Hill residential New launch condo in the Mount Sinai area will go live for preview on Thursday (June 29), with prices starting at S$2,236 per square foot (psf).
99-year rental apartment in Pine Grove jointly developed by UOL and Singapore Land Corporation (SingLand) under an 80:20 partnership. It was secured for a bid of S$671.5 million at a government land tender in June 2022.
The facade of New Launch Condo - Pinetree Hill in Mount Sinai (Picture: From the official developer)
This amounted to S$1,318.27 psf per plot, which was reported to be above expectations at the time. Market watchers then expect the final sale price to range between S$2,300 and S$2,400 psf.
Pinetree Hill consists of 520 apartments in three 24-storey towers. About 78% of those - or 407 apartments - will have one to three bedrooms, UOL said Tuesday.
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Prices for one-bedroom New launch condos, which range in size from 538 square feet (sq ft) and include classrooms, start at around S$1.2 million. Two-bedroom apartments (from 700 square feet) will start from S$1.6 million, while three-bedroom units (from 969 square feet) will start from under $2.2 million la Singapore.
The 4-bedroom (from 1,292 square feet) and five-bedroom (from 1,733 square feet) apartments will start at S$3.2 million and S$4.3 million, respectively, and will include private elevator. A 2,874-square-foot penthouse is also available.
UOL notes that New launch project will be the first condominium launch in the Mount Sinai area in nearly 15 years. The last launch in the vicinity was SingLand's The Trizon apartment in 2009.
Alert data shows resale prices at The Trizon averaging at S$2,067 psf over the past three months. At the beginning of June, a unit of 2,067 square feet was traded for around S$4.2 million or S$2,021 psf.
Resale prices for private apartments in the Pinetree Hills vicinity have also ranged from S$1,002 psf to S$2,373 psf over the past three months. The most recent sale just two weeks ago was a 936-square-foot unit at Dover Parkview 99-year rental unit, which traded at S$1.3 million or S$1,410 psf.
UOL group chief executive Liam Wee Sin said there was "a very good level of inquiry" for Pinetree Hill, due to its central location and proximity to several popular primary schools. The apartment is located near Dover and Clementi metro stations on the East-West Line and the upcoming Maju metro station on the future Cross Island Line.
A second Pine Grove site, next to the land that Pinetree Hill is about to build, will soon be up for tender under the government's land sale program.
UOL has another residential project slated to launch this year - the Watten Estate Apartment redevelopment, which UOL and SingLand acquired in a collective sale in October 2021 for 550, $8 million, or $1,723 psf ppr.
The two partners later also acquired Meyer Park en bloc for $392.18 million in February of this year. Price converts to $1,668 psf ppr.
Pinetree Hill will accept orders for sale from July 15 and is expected to be completed in 2027.
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