The Urban Redevelopment Authority (URA) launched a residential site at Pine Grove, Parcel A, for sale under the Government Land Sales programme.
The land tender for Pine Grove (Parcel A) closed on 2 June. A total of 5 bids were submitted, with UOL Group and its Singapore Land Group subsidiary submitting the top offer of $671.5 million.
This article will take a closer look at Pine Grove (Parcel A) and its estimated yield of 520 residential units upon completion.
Site rating: Pine Grove (Parcel A)
Factors that contributed to our ratings
Below are the factors contributing to our overall site rating of 7.8/10.
|Surrounding Amenities: 8.5/10||Living in a mature estate such as Clementi means you’ll never run out of amenities nearby: from shopping malls to top schools, and even supermarkets, community centres, hawkers and restaurants, most of which are a short drive away.|
|Transport Links: 7||The site is situated between Clementi and Dover MRT stations, connecting you to the Circle and North-South lines via Buona Vista and Jurong East. Do note though that the two MRT stations are quite a trek from the Pine Grove (Parcel A) site and thus not all that accessible by foot. It’s also about a 10-15-min bus ride to either MRT station.|
|Driving Accessibility: 8||The site is connected to major roads and expressways, making it easier for you to reach the rest of the city. This includes the Ayer Rajah Expressway (AYE), Clementi Road, Pan-Island Expressway (PIE) and Ulu Pandan Road.|
|Value for Money: 7.5||Resale condominiums (that are about 30 years old) in the district have an average price of about $1.1k, while the 99-year new launch projects are priced at around $1.8k. Though there’s a bit of difference in prices, with new launches priced slightly higher, it is worth noting that they come with a fresher lease and more contemporary fittings. That means spending less on renovations compared to a resale condo, which may need more repairs. Plus, new launch prices may be offset by developer discounts if you buy early.|
About the site at Pine Grove (Parcel A)
|Project:||Pine Grove (Parcel A)||District:||21|
|Site Area:||22,534.7 sqm||No. of units:||Est. 520|
Surrounding amenities: schools and park spaces
For families looking to relocate closer to their children’s schools, there are several near the residential site such as Pei Tong Primary School and Henry Park Primary School. There are also a good number of tertiary institutions, including the School of Science and Technology, Singapore and the National University of Singapore, Yale-NUS College, Singapore Institute of Technology and Singapore Polytechnic. With the new Vaccinated Travel Lanes and easing of border restrictions, students may flock to the area looking for a place to rent. Those looking to invest may look forward to finding this group of potential tenants in the area.
You can also drive to nearby town centres like the Clementi Community Centre, Holland Village and One-North precinct, or shop around at The Clementi Mall and Grantral Mall @ Clementi.
For a quick resupplying of your daily needs or if you need to grab a quick bite, you can check out Clementi Avenue 2 Market & Food Centre.
In addition, the upcoming Clementi Nature Trail, which will run along the Ulu Pandan Park Connector and links to the Old Jurong Line Nature Trail, will be closeby — perfect for those who like to run, jog or cycle to keep fit or stay sane in the new normal.
Located off Pandan Valley and next to Ulu Pandan Road, residents can easily hop on a bus at the nearby bus stop and reach Orchard Road in around 28 minutes, while riding to Raffles Place takes just 35 minutes.
The nearest MRT stations are Clementi and Dover along the East-West line, which will connect you to the Circle and North-South lines via the Jurong East and Buona Vista MRT stations.
If you own a vehicle, driving to the new site at Pine Grove (Parcel A) will be a breeze with major roads and expressways nearby, such as Ayer Rajah Expressway (AYE), Clementi Road and Ulu Pandan Road just minutes away.
You can get to Orchard Road via Holland Road in under 15 minutes, while driving to Raffles Place is under 20 minutes via AYE.
Value for Money
The land site for Pine Grove (Parcel A) offers prospective buyers more options for private housing in the Ulu Pandan estate.
Looking at the recent new launch nearby at Ki Residences at Brookvale, which has sold over 75% of its units since launch in December 2020, there is healthy demand in the area.
Average transacted price of a 99-year new launch condo unit in district 21 from 2017 to 2021 (in psf)
The lowest-recorded transacted price for a 99-year new launch unit was $1,740.52 per square foot (psf) in 2020, which could be due to difficulties in securing viewings amid the pandemic. The Straits Times reported that sales of new units by developers fell 26% in the fourth quarter from the previous three months in 2020.
The highest-recorded transacted price for a 99-year new launch unit was $1,860.34 psf in 2018. Meanwhile, there were no caveats lodged in 2017.
However, the recent pickup suggests there is a growing demand for new homes in the area as Covid-19 restrictions are slowly lifted.
Average transacted price of a resale 99-year condo unit in district 21 from 2017 to 2021 (in psf)
Similar to new launches in the area, there was a rebound in prices for resale condos in the area: from $1,044.28 psf in 2020 to $1,127.80 psf in 2021, which is the highest-recorded figure since 2017. This suggests that demand is back for resale condos in the area.
There’s quite a bit of a price difference between new launch and resale condos, according to the URA’s average transacted prices of developments in the area.
Resale condos in the district, which are about 30 years old now, have an average price of about $1.1k psf. This is slightly lower compared to the 99-year new launch projects in the district, which is priced at around $1.8k psf. It is worth noting, though, that leases for resale condos start as early as 1952, and many are above 30 years old, meaning that buyers could have difficulty selling them in future.
And while new launches are typically priced higher than resale units, they come with a fresher lease and newer fittings. That means spending less on renovations compared to a resale condo, which may need more repairs. Plus, new launch prices may be offset by developer discounts if you buy early.
Dive Deeper: Pros and Cons: Buying Resale Condo vs New Launch Condo
The location of this new residential site at Pine Grove (Parcel A) is the main draw for interested buyers as it offers future residents proximity to a wide range of amenities, three MRT lines — the Circle, East-West and North-South lines — and a short drive to three major roads and expressways. There are also a good number of primary and secondary schools, as well as tertiary institutions.
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Frequently Asked Questions
1. Why buy a Condominium in the West?
Overall connectivity is good with the site located between Clementi and Dover MRT station. MRT interchanges such as Buona Vista and Jurong East stations connecting to the Circle and North-South lines are also a short ride away.
2. What is the site lease for Pine Grove (Parcel A)?
It is a 99-year leasehold development.
3. Which district or zoning is Pine Grove (Parcel A)?
It falls in zoning district 21.
4. When is a good time to buy a Condominium?
There is always an opportunity in every market condition, such as the low-interest rates in the current market or high rental demand.