Families to be interested in Clementi Avenue 1 and Pine Grove sites

But developers continue to be cautious about high costs.

Possible future developments at Clementi Avenue 1 and Pine Grove sites will catch the attention of families due to their proximity to schools, according to property experts.

But Huttons Asia said developers continue to be cautious in their land bids due to high prices.

“The two sites are very close to each other, increasing the chances of overlap in catchment areas. Developers with a need to replenish their land bank may tender for these sites,” said Huttons Asia.

There may be up to three bidders and the top bid could be between $900 and $1,000 psf ppr for Clementi site, said Huttons Asia.

The strong rentability of the future project may also attract investor interest at Clementi Avenue, said OrangeTee.

“Given that the site can yield around 500 units and the land cost is likely to be palatable, we expect healthy demand from developers,” it added.

There are also a few projects in the area, boosting pent-up demand for new private homes in this area, said OrangeTee.

OrangeTee also sees there could be between four to seven bidders, with the highest bid price at around $1,100 to $1,200 psf ppr.

Pine Grove

The Prine Grove (Parcel B) 2.50 ha-site can yield about 565 units. It is situated on Parcel A or Pinetree Hill which was launched recently. OrangeTee said Pinetree Hill can be considered a rival but it has already been launched, said the property expert.

“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,” said OrangeTee, adding that it sees three to five bidders for the site, with the top bid ranging from $1,150 to $1,250 psf ppr.

Huttons said the site is also near Clementi Forest, a nature area for avid hikers. It sees around three bidders for the site, with the top bid hitting $1,200 psf ppr.

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