Pinetree Hill achieves new high of $2,763 psf

By Nur Hikmah Md Ali

/ EdgeProp Singapore |

August 8, 2024 9:00 AM SGT

Source: EdgeProp Singapore, URA

Pinetree Hill, a 99-year leasehold condo in Bukit Timah, has topped the list of condos that hit a new psf-price high during the period of July 19 to 26. This comes with the new sale of a 1,733 sq ft, five-bedroom unit on the 23rd floor on July 23. The unit was sold for $4.79 million, or $2,763 psf.

The price is about 2% higher than the condo’s previous high of $2,705 psf, which occurred in July last year when a similar-sized five-bedder was transacted at $4.69 million.

Scaled model of Pinetree Hill at their showflat. (Photo: Samuel Isaac Chua / EdgeProp Singapore)

The unit sold on July 23 is one of the 75 units sold this year as of July 26. Since the 520-unit condo was launched in July 2023, it has sold 241 (46%) of its total units at an average price of $2,412 psf as of July 26, based on caveats lodged.

Read also: The Ladyhill hits record psf-price of $3,182

Located on Pine Grove in prime District 21, Pinetree Hill is expected to be completed in 2027. The development has 520 units of one- to five-bedroom apartments spanning between 538 and 1,733 sq ft, as well as penthouses occupying 2,874 sq ft. Pinetree Hill is within 1km of educational institutions such as Henry Park Primary School and the School of Science and Technology, Singapore.

Freehold development Tanglin Park came in second in the list of condos that achieved new psf-price records during the period in review. The condo achieved its new psf-price high of $2,468 on July 26, when a three-bedroom unit measuring 1,033 sq ft on the second floor changed hands for $2.55 million.

A three-bedroom unit measuring 1,033 sq ft in Tanglin Park changed hands for $2.55 million. (Photo: Samuel Isaac Chua / EdgeProp Singapore)

The seller had bought the unit for $1.98 million ($1,916 psf) in November 2015. This means they netted a gain of $570,000 from the July 26 transaction.

This comes just two days after the condo’s previous record of $2,436 psf, which was achieved with the sale of a 1,593 sq ft, three-bedroom unit on the sixth floor for $3.88 million on July 24.

Tanglin Park is a 274-unit development on Ridley Park in Tanglin, prime District 10. Completed in 1989, the freehold condo has a mix of two- to four-bedroom units spanning between 1,023 and 2,067 sq ft across 12 low-rise blocks.

Based on caveats lodged as of July, the development has seen six transactions this year with an average price of $2,333 psf.

Read also: The Inspira hits new psf-price peak of $2,563

Coming in third on the list of condos that saw new psf-price highs during the period of review is Parc Clematis, a 99-year leasehold mega development along Jalan Lempeng in Clementi. This comes with the sub-sale of a 904 sq ft three-bedder on July 26. The 11th floor unit was sold for $2.1 million, which translates to $2,323 psf.

Parc Clematis is a 99-year leasehold mega development along Jalan Lempeng in Clementi. (Photo: Samuel Isaac Chua / EdgeProp Singapore)

The unit was bought from the developer at $1.46 million, or $1,616 psf, in September 2019. This means the seller raked in a profit of $639,000 from the sale.

The new high beats Parc Clematis’ previous record psf-price of $2,295 from the sub-sale of a 915 sq ft, three-bedroom apartment on the 12th floor for $2.1 million on June 26. The seller had bought the unit from the developer at $1.48 million in October 2019. This means that the seller netted a profit of about $619,000 from the transaction.

This year, Parc Clematis has seen 83 sub-sales as of July 26. In total, the development has seen 169 sub-sales between 2022 and 2023.

Recent transactions at Parc Clematis tabulated by EP Buddy. (Source: EP Buddy, URA)

Parc Clematis was completed in 2023. It has 1,450 condo units across nine 24-storey tower blocks, which include 452 sq ft, one-bedroom units and 2,669 sq ft, five-bedroom penthouses. There are also six two-storey strata bungalows from 2,659 sq ft, and 12 two-storey, strata terraced homes of 3,832 sq ft each. Based on caveats lodged as of July 26, the condo development has sold 1,445 out of 1,450 units.

The development is close to educational institutions such as Clementi Primary School, Nan Hua Primary School, and Clementi Town Secondary School.

Read also: Daintree Residence hits new peak of $2,199 psf

No new psf-lows were recorded during the period in review.

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