Pine Grove Parcel A land parcel sits on a hilltop that houses the former Singapore American School’s campus (1973 to 1996) before being taken over by Nexus International School. Effectively, the land parcel had been dedicated to educational purposes for decades.
UOL Group & Singapore Land Group will jointly develop the new project. Both developers had built numerous iconic projects under their portfolio. The most recent collaboration is Amo Residence which is almost sold out on the first day of the preview launch. Other notable projects include the 100% sold Avenue South Residence, The Watergardens & Clavon.
With more than a handful of projects located around Ulu Pandan Road, Pandan Valley & Mount Sinai vicinity, will the new Pine Grove Parcel A project be a winner in the long run?
Pine Grove Parcel A: Land Price Analysis
Pine Grove Parcel A is classified under District 21, a street across from Mount Sinai, all the developments within are classified under District 10. Due to this classification, the new project is out of the Core Central Region (CCR), which may have fetched a higher value.
UOL Group & Singapore Land Group edged the bid with a mere $800 over Allgreen Properties. The tendered sale price translate to $1,318 psf ppr. With the increase in construction cost, Pine Grove Parcel A project could be launched between $2,200 to $2,400 psf.
In some way, Pine Grove Parcel A is almost comparable to Lentor Modern. Unfortunately, there weren’t many new developments in the area for the last decade, and the previous GLS site was The Serenade @ Holland in 2001.
While comparing the 99-year leasehold in the area, it is safe to say owners holding on since the last decade will still make a profit. If the pandemic didn’t prop up property prices in the past two years, it would probably be breakeven or a minor loss for some. Pine Grove was up for collective sales during 2019 for $1,306 psf ppr, but there were no takers then. Of course, the size of the land is one of the decisive factors when potential Developers place their bid.
Noticeably, there are also significantly more transactions at Pine Grove in 2022. Is it because investors hope to reap the rewards of a possible collective sale?
Moving to the freehold condominiums, the average transactions for Pandan Valley, The Trizon, Ridgewood Condominium & Montview is about $1,839psf. Pine Grove Parcel A will undoubtedly make it a steal for people looking to buy a freehold unit.
Pandan Valley was up for collective sale in 2018 for a record-breaking $2.6 billion (Estimated $1,430 psf)! The large freehold site and convenient location are appealing; however, that price is very high for a single developer to undertake.
Pine Grove Parcel A will likely set the stage for changes in the vicinity. It will determine the public tender for Pine Grove Parcel B, another bid for collective sale from Pine Grove or Pandan Valley, and perhaps push a new record price for resale condos.
Pine Grove Parcel A Development Plan
Pine Grove Parcel A has a site area of 242,561 ft² which can yield an estimated 520 residential units.
There are a total of 3 blocks of 24-storey apartments. The blocks are staggered and positioned apart in a north-south direction to maximise privacy and views from each unit. This means that units facing north can enjoy the greenery and pristine Clementi Forest.
Although units facing south will not enjoy the greenery view of Clementi Forest, those units will have less traffic noise than units facing Ulu Pandan Road. In addition, the nearest block in Pine Grove Parcel A to Block 7 (Tower Block) of Astor Green is staggered, so residents do²n’t need to worry about people overlooking their units.
There is also an adjacent Pine Grove Parcel B which is about 26,962 ft² larger. The new land parcel can yield an estimated 565 residential units. Although the land parcel is available for application, Developers are very cautious when bidding for land due to the rising interest rates and risk of recession. Of course, if the land bid price is higher, it may evitably aid in the future resale value of Pine Grove Parcel A.
Pine Grove Parcel A & B seems like the last GLS site available until further plans for Clementi Forest are mapped out. Part of the Dover Forest had been designated to develop public housing, and eventually may happen to Clementi Forest too.
According to the Masterplan 2019, there is still a lot of land available for development in the vicinity of GLS sites Parcel A and B. Whether it’s planned for public housing or private residential, this indicates that the two plots may not be the final GLS sites. Such an indication also leaves room for future capital appreciation in the long run.
Amenities Around Pine Grove Parcel A
Access to MRT Stations may not be as convenient as Sceneca Residence. For example, Clementi MRT Station, Dover MRT Station, and the upcoming Maju MRT Station are between 1.5km to 2.3km away. Although there is a path leading to Dover MRT Station via Ulu Pandan Park Connector, it will still take 15 minutes to walk there. Fortunately, a bus stop is located right at the project’s doorstep, which connects to Clementi Interchange and nearby MRT Stations.
Residents who drive can quickly get on to Ayer Rajah Expressway (AYE) or Pan Island Expressway (PIE) within a short 5-8 minute drive, even though Clementi Road is known for being congested during peak hours.
There is a vast selection of schools in the vicinity, from Henry Park Primary School and Pei Tong Primary School, which are within a 1km radius, to Clementi Primary School, Nan Hua Primary School & Methodist Girls’ School, which are within a 2km radius. Other educational institutions nearby include the Singapore School of Science and Technology, Methodist Girls’ Secondary School (Secondary), Nan Hua High School, Anglo-Chinese Junior College & NUS High School.
Discover the beauty of nature at several green recreation spaces close to each other. The Clementi Nature Trail and Dover Forest are great for nature lovers, while the Bukit Timah nature reserve is easily accessed via trails and the Ulu Pandan park connector.
Sunset Way neighbourhood centre is an excellent option for some local amenities. There are several food and beverage options there, as well as a supermarket for your needs. Alternatively, if you’re looking for something more centrally located, the Clementi town centre is only 11 minutes away by bus. There you’ll find a variety of shops and services, including a Hawker Centre and Wet Market, as well as Clementi Polyclinic and Clementi Mall.