CBRE commentary on GLS launch for Clementi Ave 1 and Pine Grove (Parcel B) sites

By Tricia Song (宋明蔚), Head of Research, Southeast Asia, CBRE

The Urban Redevelopment Authority (URA) has released two residential sites at Clementi Avenue 1 and Pine Grove (Parcel B) for sale today under the second half 2023 (2H2023) Government Land Sales (GLS) Programme. 

The sites at Clementi Avenue 1 and Pine Grove (Parcel B) are launched for sale under the Confirmed List and can potentially yield about 500 and 565 residential units respectively. The total of 1,065 residential units from the two sites form part of the 5,160 residential units to be made available via the Confirmed List of the 2H2023 GLS programme.

CBRE commentary:

Pine Grove (Parcel B)



Pine Grove Parcel B was just next to Parcel A, which was awarded in Jun 2022 to the top bidder, UOL, for S$671.5 mil or S$1,318psf ppr, among 5 bidders. It was recently launched as 520-unit Pinetree Hill in July and has sold 150 units or 29% at a median price of S$2,360psf. We expect Parcel B may not receive the same interest as Parcel A as part of it may be out of 1km radius from Henry Park Primary School. We expect 2-4 bids with a top bid of S$1,100-1,200 psf ppr.

Clementi Avenue 1



This Clementi Ave 1 site is in between two earlier tendered sites which are now Clavon and The Clement Canopy. Clavon was awarded in Jul 2019 to the top bidder --a JV between UOL and UIC for S$491.3mil or S$788 psf ppr, among 5 bids. Clavon sold 74% of its total 640 units at a median price of S$1,637 psf in its launch month of Dec 2020. It was fully sold by Sep 2022 with prices hitting over S$1,700psf by then. Clementi has been relatively popular with its proximity to tertiary institutions and international schools, while not that near MRT stations. We expect this new site to attract 4-6 bids at a top bid of S$1,000-1,100 psf ppr.

Click here for more details of the announcement.