On the weekend of July 15-16, UOL Group and Singapore Land Group (SingLand), which worked together to build Pinetree Hill, sold 150 of its 520 units, or 29%. The company put up for sale 400 units at an average price of $2,460 psf at first. Based on how many units were put on the market, the seller sold 37.5% of them.

Anson Lim, UOL’s general manager of domestic marketing, says that about 99% of the buyers are Singaporeans or people who live there permanently.

“The units traded are pretty spread out,” Lim says. About 61% of the units sold have one bedroom plus a study or two bedrooms plus a study. The bigger units with three to five bedrooms make up 39% of the units sold.

Lim says, “We think a lot of our buyers move to The Continuum and then they check the recent the continuum price and its balance unit chart. There are also people who want to live in the homes they buy and are looking for an exclusive private residential enclave with lifestyle options and good schools nearby.”

UOL says that a five-bedroom flat sold for $2,700 psf, which was the highest price paid for a unit.

During the last two weeks of previews, more than 350 checks were given to show interest. The number of units sold shows that the sales conversion rate was 41%. “It’s one of the highest sales conversion rates at new project launches this year,” says Ken Low, the managing partner of SRI.

The last two weekends saw the start of four new projects, and Ismail Gafoor, the CEO of PropNex, says that each of them did well in terms of sales. “This shows how strong the Singapore housing market is, which is backed by local buyers.”

Gafoor thinks that most of the buyers came from the western area, the surrounding Holland and Mount Sinai areas, and the older condos in the Pandan Valley and Pine Grove neighborhoods.

Mark Yip, CEO of Huttons Asia, says that the fact that people bought bigger units shows that they want more room. “Many of them like the quiet residential enclave in the highly sought-after Mount Sinai landed area, with sweeping views of the surrounding lush greenery and the city skyline to the southeast,” he says.

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