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Record-Breaking Sale at Pinetree Hill
About Record PSF Prices Achieved | Pinetree Hill, a 99-year leasehold condominium located in the prestigious Bukit Timah area, has set a new benchmark in property prices, reaching an all-time high in terms of price per square foot (psf). The latest milestone was achieved with the sale of a luxurious five-bedder unit on the 23rd floor, spanning 1,733 square feet.
The unit was sold on July 23 for an impressive S$4.79 million, which equates to a psf price of S$2,763. This sale surpasses the previous record held by the same development, where a similar-sized unit fetched S$2,705 psf in July of the previous year. The earlier transaction involved a sale price of S$4.69 million, marking the recent sale as a 2% increase, setting a new standard for luxury condominiums in the area.
Strong Sales Momentum at Pinetree Hill – Record PSF Prices Achieved
The Pinetree Hill development has been experiencing strong sales momentum since its launch in July 2023. As of July 26, 2024, a total of 75 units have been sold this year alone. In total, the development has sold 241 units out of its 520 available units, which represents 46% of the entire project. The average price per square foot for units sold so far stands at S$2,412, based on caveats lodged. The sustained demand and rising prices reflect the appeal of Pinetree Hill to home buyers and investors alike, who are drawn to its prime location, high-quality finishes, and comprehensive range of amenities.
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Prime Location and Comprehensive Amenities – Record PSF Prices Achieved
Pinetree Hill is strategically situated on Pine Grove in the coveted District 21, an area known for its tranquility, greenery, and proximity to the city center. The development offers a diverse mix of unit types, ranging from one to five bedder apartments. The sizes of these units vary from 538 square feet to 1,733 square feet, catering to different preferences and needs.
Additionally, the development includes penthouses that offer even more space and luxury, with sizes reaching up to 2,874 square feet. Completion of the project is anticipated in 2027, and buyers can look forward to a modern living environment that combines luxury, convenience, and an exceptional location. This development is a joint venture between UOL Group Limited as well as Singapore Land Limited.
Proximity to Top Educational Institutions
One of the key attractions of Pinetree Hill is its proximity to several top educational institutions. The development is located within a 1-kilometer radius of Henry Park Primary School and the School of Science and Technology, Singapore, making it an ideal choice for families with school-going children. This proximity to reputable schools adds to the development’s appeal, as many parents prioritize educational opportunities when choosing a home. Moreover, the Bukit Timah area is well-known for its established network of schools, parks, and recreational facilities, further enhancing the lifestyle offerings of Pinetree Hill.
Parc Clematis Reaches New PSF-Price High – Record PSF Prices Achieved
In addition to Pinetree Hill, another condominium that achieved new psf-price highs during the same period is Parc Clematis, a 99-year leasehold development located along Jalan Lempeng in Clementi. On July 26, a three-bedroom unit on the 11th floor, measuring 904 square feet, was sold for S$2.1 million.
This sale translates to a psf price of S$2,323, setting a new record for the development. The previous record for Parc Clematis was S$2,295 psf, achieved from the sub-sale of a similar-sized three-bedroom unit on the 12th floor, which was sold for the same price of $2.1 million in June. The recent sale yielded a significant profit of S$639,000 for the seller, who had originally purchased the unit from the developer at S$1.46 million in September 2019.
Popularity and Strong Market Performance of Parc Clematis
Parc Clematis has been a popular choice among buyers, with 83 sub-sales recorded as of July 26 this year. Since its completion in 2023, the development has seen a total of 169 sub-sales between 2022 and 2023, reflecting its strong market performance.
The development comprises 1,450 units across nine 24-storey tower blocks, offering a wide range of unit types, from one-bedroom apartments measuring 452 square feet to expansive five-bedroom penthouses of 2,669 square feet. In addition to the standard condominium units, Parc Clematis also features six two-storey strata bungalows and 12 two-storey, strata terraced homes, each offering a unique living experience with sizes ranging from 2,659 to 3,832 square feet.
Strategic Location and Educational Access
Parc Clematis is strategically located near several well-known educational institutions, including Clementi Primary School, Nan Hua Primary School, and Clementi Town Secondary School. Its location in Clementi, a mature and well-established neighborhood, adds to its appeal, offering residents easy access to a range of amenities, shopping malls, and transportation options.
No New PSF-Price Lows Recorded
Notably, no new psf-price lows were recorded during this review period, highlighting the continued strength of Singapore’s property market, particularly in well-located developments such as Pinetree Hill and Parc Clematis. The rising prices and strong sales figures are indicative of the robust demand for quality homes in prime locations, driven by both end-users and investors seeking long-term value.
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