Pinery Residences sells 92.5% of units at average price of S$2,546 psf at launch

[SINGAPORE] Pinery Residences, a Tampines project by Hoi Hup Realty and Sunway MCL, sold 544 units, or 92.5 per cent of its 588 units over its launch weekend, at an average selling price of S$2,546 per square foot (psf).

The mixed-use development recorded robust demand across all unit types, the developers said in a Sunday (Mar 29) media statement, adding that Singaporeans and permanent residents accounted for nearly all buyers.

“The strong sales achieved at launch reflect the project’s compelling value proposition and the continued demand for well-located integrated developments in established residential estates,” Hoi Hup and Sunway added.

The development comprises six blocks of 14-storey residential units, sitting atop a 121,600-square-foot mall, and is linked with Tampines West MRT station on the Downtown Line.

Mohan Sandrasegeran, head of research and data analytics at SRI, noted that two-bedroom units were sold out, while three-bedroom configurations were nearly completely taken up.

“This suggests strong participation from a wide buyer pool, including young couples, families and HDB (Housing & Development Board) upgraders,” he said.

Huttons Asia chief executive officer Mark Yip said buyers of the two and three-bedroom units were likely investors and smaller families. He added that four-bedder units were sold out.

“Huttons Data Analytics estimates a mix of 80 to 20 owner-occupiers and investors for Pinery Residences,” he added.

Marcus Chu, CEO of ERA Singapore, said there was spillover demand from buyers who missed out on recent executive condominium (EC) launches, such as for Rivelle Tampines, as well as those above the EC income ceiling.

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PropNex CEO Kelvin Fong and Chu said Pinery Residence’s strong performance was comparable with the healthy demand for past integrated developments, both highlighting Parktown Residence in Tampines Avenue 11 in particular. Parktown Residence achieved a take-up rate of about 87 per cent during its February 2025 launch weekend, with sales since increasing steadily to about 96 per cent.

SRI’s Sandrasegeran said the latest launch “could be among the best-selling new launches in Tampines in over a decade”.

“This reflects not just project-specific attributes, but also the strength of Tampines as a mature regional centre with a sizeable upgrader base and sustained housing demand,” he added.

Tampines appeal

Real estate players agreed that a sizable portion of buyers may have been HDB upgraders from within Tampines, which is Singapore’s largest HDB town.

The town housed more than 84,200 HDB flats under management as at end-March 2025, and a resident population of more than 246,300 living in HDB flats, highlighted PropNex’s Fong.

Sandrasegeran added that Tampines recorded the highest number of HDB resale transactions among all towns in 2025, with 1,921 flats changing hands.

Beyond its proximity to transport, retail and lifestyle offerings and schools, Pinery Residence’s appeal could also lay in its Tampines location.

Fong said buyers recognise the potential for long-term price appreciation of Tampines homes.

He highlighted the planned relocation of Paya Lebar Air Base from 2030, which will free up significant land for future housing and amenities, and increase the area’s vibrancy.

Ongoing developments in Changi, including the expansion of Changi Airport, the Changi East Industrial Zone and Changi East Urban District, are also expected to generate employment opportunities and strengthen Changi’s role as an economic gateway.

Sustained momentum

The demand comes despite ongoing market volatility and geopolitical uncertainty, real estate players noted.

Fong and Nicholas Mak, chief research officer at Mogul.sg, noted that Pinery Residences is the third project launch to surpass 90 per cent in take-up rate this year, following River Modern and Rivelle Tampines.

While the war in Iran has battered stock markets and darkened economic outlooks, demand for recent residential launches seem to have been unaffected, Mak said.

“This could be due to the longer investment horizon of many homebuyers, which is typically more than four years because of the four-year duration of the seller’s stamp duty,” he suggested. “Many property buyers would hold the view that four years from now, the negative fallout from the Iran war would have dissipated.”

Chu of ERA noted a tightening private housing supply in the region, with no upcoming government land sales (GLS) sites in Tampines and only one other new private home launch expected in the east this year. This scarcity of new options positions Pinery Residences well to capture pent-up demand, he said.

Mak said the GLS tender for a residential site at Dover Drive – which drew a top bid of S$1,556 psf per plot ratio, the highest land rate for a 99-year leasehold GLS residential site in the history of the Buona Vista and one-north area – could have boosted the confidences of homebuyers at the launch of Pinery Residences.

The bids showed developers’ confidence that property prices would continue to rise in the next few years, he added.

Observing that “the introduction of new sites in Tampines appears to be well aligned with underlying housing demand”, SRI’s Sandrasegeran said it suggested “the calibrated ramp-up in supply has been timely, supporting market stability while meeting genuine housing needs”.