Press Release

The Urban Redevelopment Authority (URA) has just launched the land tenders for two land parcels at Clementi Avenue 1 and Pine Grove (Parcel B) for sale under the 2H 2023 Government Land Sales (GLS) programme.

Clementi Avenue 1

               The site here has an estimated area of 1.34ha, and at a Gross Plot Ratio (GPR) of 3.5, can yield an estimated 500 housing units. The site is situated between The Clement Canopy which is a GLS site awarded in December 2015 at a land rate of S$615 psf ppr. The other is Clavon, which was another GLS site awarded in July 2019 at a land rate of S$788 psf ppr.

               We expect this future site to be popular with families as it is conveniently located close to various amenities and schools. Some of the schools include Nan Hua High School, Clementi Primary School, Pei Tong Primary School, Clementi Town Secondary School, NUS High School of Mathematics and Science, New Town Secondary School, Singapore Polytechnic, and the National University of Singapore (NUS).

It is a short walk from various recreational and sporting facilities such as Clementi Stadium, West Coast Recreation Centre, Clementi Sports Hall, and Clementi Swimming Complex, and well connected via the Ayer Rajah Expressway.

               The strong rentability of the future project may attract investor interest. Prospective tenants may be students or employees from Singapore Polytechnic, NUS or one-North business park.  

               Given that the site can yield around 500 units and the land cost is likely to be palatable, we expect healthy demand from developers. Since there have been few project launches in Clementi, with Clavon fully sold, and Ki Residences at Brookvale with a handful of unsold units, there should be pent-up demand for new private homes in this area.

               We anticipate between 4 to 7 bidders, with the highest bid price at around S$1,100 to S$1,200 psf ppr.

Pine Grove (Parcel B)

               The site has an estimated area of 2.50ha and a GPR of 2.1, which can yield about 565 units. It is situated next to Parcel A, which was awarded in June 2022 at a land rate of S$1,318 psf ppr. Parcel A is currently named Pinetree Hill, which has been launched recently. As demand was healthy with five bidders for Parcel A, URA may have decided to launch Parcel B for sale on the Confirmed List in 2H 2023 to boost supply in the area.

               Families may be interested in the future project as the site is near popular schools like Henry Park Primary School, and Pei Tong Primary School. The site is also a short distance from Clementi and Dover MRT stations, and other amenities include Jelita Shopping Centre, and Holland Village.

However, the area is still quite exclusive, which may appeal to buyers looking for a home in a quiet area. There will also be demand from investors who wish to tap on renters who work near Singapore Polytechnic, NUS, or the one-north business park.  

While Pinetree Hill may be considered a direct competitor, it has already been launched. The time gap between both project launches will ensure that there will be sufficient demand to sustain sales at both sites. Supply will also continue to be limited in the Ulu Pandan area.

Nonetheless, developers will likely remain cautious amid the global economic uncertainties and elevated interest rates.We estimate around 3 to 5 bidders for this site, with the top bid ranging from S$1,150 to S$1,250 psf ppr.