Nava Grove New Launch Review – Opportunity and Risk 

Project Launch Date

Showroom viewing starting from 16 Nov 2024

Booking day on 30 Nov 2024

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Showroom Location

Address: 38 Pine Grove, Singapore 597774

Latest Projected Launched Price – Updated 26 Oct 2024

• 2🛏️, 624sf: ᴘʀɪᴄᴇ ꜰʀ $1.388 M (ꜰʀ $2,224ᴘꜱꜰ)
• 2🛏️ Prem, 700sf: ᴘʀɪᴄᴇ ꜰʀ $1.568 M (ꜰʀ $2,240ᴘꜱꜰ)
• 2🛏️ + Study, 786sf: ᴘʀɪᴄᴇ ꜰʀ $1.888 M (ꜰʀ $2,402ᴘꜱꜰ)
• 3🛏️, 947sf: ᴘʀɪᴄᴇ ꜰʀ $2.188 M (ꜰʀ $2,310ᴘꜱꜰ)
• 3🛏️ Prem, 1098sf: ᴘʀɪᴄᴇ ꜰʀ $2.468 M (ꜰʀ $2,247ᴘꜱꜰ)
• 4🛏️, 1,335sf: ᴘʀɪᴄᴇ ꜰʀ $2.988 M (ꜰʀ $2,238ᴘꜱꜰ)
• 4🛏️ Dual Key, 1,464sf: ᴘʀɪᴄᴇ ꜰʀ $3.468 M (ꜰʀ $2,369ᴘꜱꜰ)
• 4🛏️ Prem, 1,550sf: ᴘʀɪᴄᴇ ꜰʀ $3.588 M (ꜰʀ $2,314ᴘꜱꜰ)
• 5🛏️ Prem Pte Lift, 1,722sf: ᴘʀɪᴄᴇ ꜰʀ $3.988 M (ꜰʀ $2,316ᴘꜱꜰ)

Please note that latest pricing information listed here supersede pricing estimates establish below. At this particular launch price, Nava Grove prove to be a very interesting project to look into.

Revised for Latest Information

Primer – this article will be constantly updated to reflect the latest information for the new launch as new information is being released by developers.

Key takeaways from research 

This article was specifically written to deliver the following outcome for investment minded buyers looking to make a discerning decision on whether they should place their capital on an investment unit in Nava Grove.

• Key strength of Nava Grove as a investment 
• Key weakness for Nava Grove
• Key threat for Nava Grove
• Launch Price estimation 
• Pricing comparison for Nava Grove vs Pinetree Hill and resale development
• Quantum comparison for Nava Grove 
• Bedroom type take up eage analysis 
• Floor plan analysis

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We are a team of specialist realtors that specialises in helping our readers research, shortlist and purchase investment properties. 

We believe in delivering informational value upfront without obligations through practical, detailed and data backed long form articles.

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General Information 

Nava Grove new launch condo is located within proximity of Pinetree Hill new launch development that was launched in 2023.

Developer	Sinarmas Land and MCL Land
Location	Pine Grove
District	D21
Neighbourhood	Bukit Timah
No of Units	552
No of Block	3 blocks of 24 storeys
Tenure	99 years
MRT	13 mins walk to Dover MRT
Schools	Selected blocks within 1km radius to Henry Park Primary School
Expected TOP	Q4 2028
Site	270,000 sqft

Locational Analysis 

Nava Grove’s location is an important factor to be discussed. Its location forms the core of its investment thesis but at the same time brings about its weaknesses as well.

Nava Grove Strategic Location

Strength of Nava Grove’s Location

This section highlights the unique factors that form Nava Grove new launch and its neighbouring new launch Pinetree Hill’s locational strength. 

#1 – Landed Enclave Vibe

There are two general types of condo buyers in Singapore, one that prioritises pragmatic attributes like proximity to primary school, proximity to amenities and proximity to family ecosystem. This type of buyers optimise for condos that are situated in the centre of heartland districts.

The other type of buyers, prioritise privacy, prestigious address and value living in a neighbourhood with community that fits into their desired standard of living. 

These are the buyers that prioritise properties in Katong, Meyer Road, Amber Road, Lorong Chuan, Bukit Timah and potentially Ulu Pandan where Nava Grove is located. 

Nava Grove – Pine Grove location within Landed Enclave

#2 – Association with prestigious address

Nava Grove is located within the fringe of Bukit Timah, Sixth Avenue and Holland Village. 

Its location will potentially attract buyers with the following intent. 

• Spillover demand from buyers that are unable to get a newly developed condo at a price point that is within their range in Bukit Timah, and Holland Village.
• Affluent parents living in Bukit Timah, Sixth Avenue and Holland Village, that are looking to purchase a unit for their child to live within close proximity to them.
• Current property owners living in older developments within Bukit Timah and Holland village are looking to relocate to a brand new development within the same location. 

#3 – Tap on HDB Upgrader demand from Clementi and Dover

There are 3 sources of HDB upgrader demand that Nava Grove new launch will be tapping out. 

Clementi’s High value HDB flat’s upgraders demand

Clementi is a centralised district with a sizeable 26,730 HDB units and a significant proportion of these flats comprises high value 4 and 5 bedroom units. Sellers of these units will potentially be looking for an upgrade to a brand new condo development located nearby. 

Ulu Pandan Vista new BTO development

Announced in Dec 2023, HDB announced the development of 890 units 3 and 4 bedroom HDB units. Upon completion and eventual MOP, owners of these BTO developments will form part of the emerging buyer demand for Nava Grove situated nearby. 

Dover Forest BTO development

As part of the government’s Dover rejuvenation plan, it announced the development of 4400 BTO units to be developed in Oct 2023. Similarly, these potentially add to the HDB upgrader buyer pool for Nava Grove. 

#4 – Price Catalyst – Potential future enbloc and GLS land sales 

Moving forward these are some of the price catalysts that will establish new benchmark prices for Nava Grove to price against. 

• Potential Pine Grove HUDC Enbloc
• Potential new GLS land sales site in Pine Grove area (where Nava Grove is located)
• Potential new GLS sites coming up in Dover area due to Dover neighbourhood rejuvenation

#5 – 1km Proximity to Henry Park Primary School

This is both a strength and weakness, as only selected blocks and units are within 1km radius Henry Park Primary School. For the uninitiated, Henry Park Primary School is ranked 6th in Singapore and is highly sought after by parents. 

As compared to Pinetree Hill where all units are within 1km radius of Henry Park Primary, the units in Nava Grove that are not within 1km radius of Henry Park Primary will be placed at a disadvantage. 

#6 – Located in an area saturated with older condo developments

One of the key strength of Nava Grove is it being one of the two youngest development in the location. The Ulu Pandan location is currently saturated with a mix of 99 year and Freehold condo developments that are at least 20 to 25 years of age. This posses a concern for lease decay and ageing facade for prospective buyers.

Project Name	Tenure	Completion	No of units
BEAVERTON COURT	Freehold	1984	54
FONTANA HEIGHTS	Freehold	1985	52
MONTVIEW	Freehold	2008	115
PANDAN VALLEY	Freehold	1978	605
THE MARBELLA	Freehold	2005	239
THE TRIZON	Freehold	2012	247
ALLSWORTH PARK	999 yrs FROM 1885	1985	156
GLENTREES	999 yrs FROM 1885	2005	176
RIDGEWOOD	999 yrs FROM 1885	1981	425
QUINTERRA	99 yrs FROM 2006	2009	55
ASTOR GREEN	99 yrs FROM 1991	1995	170
CAVENDISH PARK	99 yrs FROM 1991	1996	254
Pinetree Hill	99 yrs FROM 2022	2027	520
Nava Grove	99 yrs FROM 2023	2028	552

Weakness of Nava Grove’s Location

Along with the strengths highlighted with Nava Grove and Pinetree Hill’s location it comes with several notable weaknesses that you will need to take note off. 

Note this could be factors that account for Pinetree Hill’s 29% take up rate during launch day which is not the most optimal. 

#1 – Not walking distance to MRT station

It is arguable that buyer’s buying into this location would be driving and may not be optimising for proximity to MRT station. 

But on an attribute to attribute comparison basis, buyers would still be comparing Nava Grove and Pinetree Hill with other developments at similar price points but with greater proximity to MRT. 

The nearest MRT for Nava Grove would be Dover MRT within a 10 mins to 13 mins walk away. 

#2 – Location and development may not be top of mind for buyers

Take this with a pinch of salt, we are putting out this point to ensure we present a prudent and balanced view. 

It is worth noting that Pinetree Hill, a neighbouring new launch development to Nava Grove has not shown the best performance during launch day. It launched in Jul 2023 and saw a 29% take up rate during launch. 

Its sales only picked up recently amounting to 72% of the unit sold, with 28% remaining unsold. 

This could potentially be due to the launch of The Reserve Residences in Bukit Timah within the same time frame. We will dwell deeper into this in the section that follows. 

Pinetree Hill Performance Analysis

No of Units	520
Launch Date	16 Jul 2023
Unit Sold During Launch	29%
Unit Sold Till Date	72%
Average launch price psf	2,358
Average price psf current	2,527

Pinetree Hill – Takeup during launch

#3 – The Reserve Residences as a potential threat after it TOP

Again this is not a peer to peer comparison with Nava Grove, but it is worth noting, assuming Nava Grove were to be launched at a $25xx psf price point. It would be priced very close to The Reserve Residences which is launched in May 2023. 

The Reserve Residences is currently selling at an average of $2,584 psf and is an integrated development located right next to Beauty World MRT station in Bukit Timah. Similarly it is within the 1km radius of a reputable primary school, Pei Hwa Primary School. 

Upon both Nava Grove, Pinetree Hill and The Reserve Residence TOP, buyers could potentially be considering all 3 developments side by side. 

Reserve Residences Performance Analysis 

No of Units	732
Launch Date	10 May 2023
Unit Sold During Launch	70%
Unit Sold Till Date	95%
Average launch price psf	2,460
Average price psf current	2,584

Reserve Residences – Take up during launch

Principal Garden – Success Story that Nava Grove could potentially model after

Having pointed out the risks or weaknesses of Nava Grove, there is a chance that Nava Grove can turn out to be like Principal Garden. 

Principal Garden similar to Nava Grove is located further away from MRT station as compared to its competing resale counterparts, Echelon and Alex Residences. In fact, both these developments were within 3 – 5 mins walking distance from Redhill MRT, while Principal garden was 13 mins walk away. 

Due to Principal Garden attractive launch price, launching at least $100 psf lower than both older Echelon and Alex Residences. It out performed both development significantly and owners made a healthy profit of at least $290k capital gain. 

Project Name	Tenure	Completion	No of units	Dist (m) From Redhill MRT	Date of Launch	Avg Launch Price (S$ psf)	Annualised Capital Gain (%)	Average Proft
ECHELON	99 yrs FROM 2012	2016	508	166	Jan 2013	1,772	1.1	189,495
ALEX RESIDENCES	99 yrs FROM 2013	2017	429	272	Nov 2013	1,751	2.1	171,044
PRINCIPAL GARDEN	99 yrs FROM 2014	2018	663	638	Oct 2015	1,630	2.9	294,808

Estimated Launch Price

In this section, we estimate the projected launch price of Nava Grove. 

Note that its developer purchased the land at 7% lower in cost than its neighbouring new launch development Pinetree Hill. But noting that Pinetree Hill is a pre GFA harmonisation project, while Nava Grove is a post GFA harmonisation project, additional cost will have to be added into Nava Grove’s breakeven price. 

Quick primer on what is GFA Harmonisation, GFA harmonisation essentially prevents developers from selling air con ledges and void spaces to buyers. To account for this loss of revenue and profit from saleable square footage, developers will tend to factor an additional 7% cost to existing land breakeven price. 

Projecting for a 15% margin, we are looking at an estimated $2560 psf launch price. 

Land bid and breakeven price

Nava Grove Land Breakeven Price Psf	2,120
Add: Premium 5% for Post GFA harmonisation effect	2,226
Margin – 10%	2,449
Margin – 15%	2,560
Margin – 20%	2,671

Price Comparison – Nava Grove vs Resale Comparables 

From a psf comparison perspective, aside from fellow 2023 new launch Pinetree Hill there are no peer comparisons for Nava Grove.

At first glance both Nava Grove and Pinetree Hill well supersedes the psf of surrounding 99 year leasehold condos and even freehold condos in the vicinity.

But it’s strength lies in it being the newest development within the 99 year resale comparison. It’s youngest comparable 99 year lease condo TOP in 2009.

And from a quantum comparison perspective, the resale development in the vicinity including the Freehold developments are from the older era of condo developments.

These older developments feature much larger floor plates with less priority being placed on layout efficiency.

The eventual outcome of lower psf being factored on a much larger floor plate as compared to Nava Grove results in much higher purchase quantum which is less affordable.

Project Name	Tenure	Completion	No of units	Avg Price (S$ psf)
BEAVERTON COURT	Freehold	1984	54	1,821
FONTANA HEIGHTS	Freehold	1985	52	2,337
MONTVIEW	Freehold	2008	115	2,037
PANDAN VALLEY	Freehold	1978	605	1,517
THE MARBELLA	Freehold	2005	239	2,300
THE TRIZON	Freehold	2012	247	2,197
ALLSWORTH PARK	999 yrs FROM 1885	1985	156	1,867
GLENTREES	999 yrs FROM 1885	2005	176	1,692
RIDGEWOOD	999 yrs FROM 1885	1981	425	1,667
QUINTERRA	99 yrs FROM 2006	2009	55	1,648
ASTOR GREEN	99 yrs FROM 1991	1995	170	1,389
CAVENDISH PARK	99 yrs FROM 1991	1996	254	1,548
Pinetree Hill	99 yrs FROM 2022	2027	520	2,507
Nava Grove	99 yrs FROM 2023	2028	552	2,560

3 Bedroom Quantum Comparison

Inline with what was mentioned earlier, Nava Grove being a newer condo development in an area dominated with older condos. 

Both the 3 bedder and 2 bedder units in Nava Grove feature smaller square footage and a smaller purchase quantum.

At best case buyers would be comparing a 2.5 mil 3 bedroom unit in a much older 2008 TOP Montview versus a completely new 2028 new TOP Nava Grove ar similar 2.5 mil quantum.

Project Name	Tenure	Completion	No of units	Avg Price (S$ psf)	Minimum 3 Bedroom Size	Quantum
BEAVERTON COURT	Freehold	1984	54	1,821	2,056	3,743,976
FONTANA HEIGHTS	Freehold	1985	52	2,337	3,455	8,074,335
MONTVIEW	Freehold	2008	115	2,037	1,227	2,499,399
PANDAN VALLEY	Freehold	1978	605	1,517	1,335	2,025,195
THE MARBELLA	Freehold	2005	239	2,300	1,367	3,144,100
THE TRIZON	Freehold	2012	247	2,197	1,550	3,405,350
ALLSWORTH PARK	999 yrs FROM 1885	1985	156	1,867	1,959	3,657,453
GLENTREES	999 yrs FROM 1885	2005	176	1,692	1,442	2,439,864
RIDGEWOOD	999 yrs FROM 1885	1981	425	1,667	1,346	2,243,782
QUINTERRA	99 yrs FROM 2006	2009	55	1,648	1,787	2,944,976
ASTOR GREEN	99 yrs FROM 1991	1995	170	1,389	926	1,286,214
CAVENDISH PARK	99 yrs FROM 1991	1996	254	1,548	1,227	1,899,396
Pinetree Hill	99 yrs FROM 2022	2027	520	2,507	969	2,429,283
Nava Grove	99 yrs FROM 2023	2028	552	2,560	969	2,480,640

2 Bedroom Quantum Comparison

Project Name	Tenure	Completion	No of units	Avg Price (S$ psf)	Minimum 2 Bedroom Size	Quantum
BEAVERTON COURT	Freehold	1984	54	1,821	NA	NA
FONTANA HEIGHTS	Freehold	1985	52	2,337	NA	NA
MONTVIEW	Freehold	2008	115	2,037	1227	2,499,399
PANDAN VALLEY	Freehold	1978	605	1,517	1356	2,057,052
THE MARBELLA	Freehold	2005	239	2,300	1076	2,474,800
THE TRIZON	Freehold	2012	247	2,197	1012	2,223,364
ALLSWORTH PARK	999 yrs FROM 1885	1985	156	1,867	1033	1,928,611
GLENTREES	999 yrs FROM 1885	2005	176	1,692	1346	2,277,432
RIDGEWOOD	999 yrs FROM 1885	1981	425	1,667	1206	2,010,402
Pinetree Hill	99 yrs FROM 2022	2027	520	2,507	700	1,754,900
QUINTERRA	99 yrs FROM 2006	2009	55	1,648	1389	2,289,072
ASTOR GREEN	99 yrs FROM 1991	1995	170	1,389	958	1,330,662
CAVENDISH PARK	99 yrs FROM 1991	1996	254	1,548	926	1,433,448
Pinetree Hill	99 yrs FROM 2022	2027	520	2,507	700	1,754,900
Nava Grove	99 yrs FROM 2023	2028	552	2,560	700	1,792,000

Quantum Comparison vs The Reserve Residences

Again for a balanced view, distant competitor The Reserve Residences will be marketing at a similar psf price point and quantum.

Project Name	Tenure	Completion	No of units	Avg Price (S$ psf)	Minimum 3 Bedroom Size	Quantum
Pinetree Hill	99 yrs FROM 2022	2027	520	2,507	969	2,429,283
Nava Grove	99 yrs FROM 2023	2028	552	2,560	969	2,480,640
The Reserve Residences	99 yrs FROM 2021	2028	900	2517	958	2,411,286

Project Name	Tenure	Completion	No of units	Avg Price (S$ psf)	Minimum 2 Bedroom Size	Quantum
Pinetree Hill	99 yrs FROM 2022	2027	520	2,507	700	1,754,900
Nava Grove	99 yrs FROM 2023	2028	552	2,560	700	1,792,000
The Reserve Residences	99 yrs FROM 2021	2028	900	2517	721	1,814,757

Execution Strategy 

Having evaluated the pros and cons of the development, we will dwell into the execution strategy to be considered in the section that follows.

#1 – PSF purchase price band

Setting the price bands for consideration.

• Undervalue – below 2500 psf – value buy if launch price is below Pinetree Hill
• Fair value – 2500 ++ psf – fair value if launch price is similar to Pinetree Hill
• Over value – above 2600 psf 

#2 – Strive to optimise for units within 1km radius of Henry Park Primary

Unless the price of units are significantly cheaper than units that are within 1km radius of those within 1km radius of Henry Park Primary.

Always seek to get a unit within 1km radius of Henry Park Primary School.

Future buyer’s will definitely be prioritising 1km radius to Henry Park Primary as primary priority.

#3 – Selecting the right unit type

Another factor to consider is to purchase the right unit type to cater for the demand in the location.

Assuming future buyers are purchasing to get their child into Henry Park Primary School. It is important to select the right unit type catering to their needs.

To get a sense of popular unit types for the location, we look at Pinetree Hill for insights.

Pinetree Hill Unit Take Up Rate Analysis 

From the Pinetree Hill take up rate analysis, buyers seem to be optimising for quantum affordability.

764 sqft, 2 bed 2 bath see the healthiest take up rate, followed by 797 sqft 2 bed premium with study.

For 3 bedders, 969 3 bedroom compact sees the healthiest take up rate.

Bedrooms	No of Units Available	Unit Sold During Launch Day	% Unit Sold During Launch Day	Unit Sold Till Date	Balance Unit (%)
1	22	5	23%	22	100%
2	226	83	37%	193	85%
3	159	28	18%	96	60%
4	90	10	11%	52	58%
5	23	3	13%	6	26%

Bedrooms	Area(sqft)	Unit Sold During Launch Day	Unit Sold Till Date	Unit Type
2	700	15	35	2 Bed 1 Bath
	764	41	85	2 Bed 2 Bath
	775	3	13
	797	24	59	2 Bed 2 Bath Plus Study
	850	0	1
3	969	22	63	3 Bed Compact
	1,163	0	1
	1,173	0	1
	1,216	6	30	3 Bed Premium Plus Study
	1,421	0	1

Resale Comparable – The Trizon – Unit Type Take Up Rate Analysis

Reviewing the performance of bedroom type for resale development The Trizon, it seems that larger 3 and 4 bedroom units enjoy higher demand and produce a better profit outcome for owners.

Bedrooms	No of Profitable Transaction	Average Profit	Average Holding Duration
2	59	295,068	7
3	46	533,230	8
4	21	556,739	7
5	6	1,313,808	4
6	2	2,199,200	7

Gaining a competitive edge when buying a new launch condo 

Think about it, what does buying a new launch condo entails ? You are essentially sealing a multi million dollar purchase by relying on a developer’s floor plan, a showroom and some assurance from your property agent.

The only way to ensure you place your money in the best development is do your prep work, lots of prep work, lots of research. 

Objectively parsing through facts and numbers to decide if the new launch condo development …

Is it priced fairly ?

Are there any upcoming price catalysts ?

Does it possess fundamental attributes that buyers desire? I.e school, affordability ?

If research is not your cup of tea, the smarter way is to outsource it to someone who enjoys doing it.

Nava Grove vs Pinetree Hill – Pros and Cons

PSF Pricing Comparison – Nava Grove vs Pinetree Hill

Pricing wise, based off the indicated pricing that Nava Grove’s developer have released. It is clear that they are looking to make the best use of their lower land bid price and price their units more competitively than Pinetree hill.

We are looking at larger 4 to 5 bedroom units being priced $250 psf to $300 psf lower than Pinetree Hill and 3 bedroom units being priced $140 psf lower.

Take this with a pinch of salt as developer indicative price are always based on the unit at the lowest floor but it is a good indication of the pricing strategy that Nava Grove’s developer is looking to adopt.

	Nava Grove	Pinetree Hill
Bedroom	Est. Starting $PSF	Average psf transacted	Difference
2 Bedroom	2,224	2,417	193
3 Bedroom	2,310	2,456	146
4 Bedroom	2,238	2,497	259
5 Bedroom	2,316	2,648	332

Purchase Quantum Comparison – Nava Grove vs Pinetree Hill

Manifesting the competitive pricing of Nava Grove onto potentially smaller square footage for each unit type. Assuming floorplan is equally efficient to Pinetree Hill, we are looking at a significant gap in purchase quantum, with Nava Grove being significantly cheaper.

	Nava Grove		Pinetree Hill
Bedroom	Size (sq ft)	Indicative Starting Purchase Quantum	Size (sq ft)	Average Purchase Quantum
2 Bedroom	624	$1,388,000	764	1,845,771
3 Bedroom	947	$2,188,000	1,055	2,588,094
4 Bedroom	1,335	$2,988,000	1,412	3,521,171
5 Bedroom	1,722	$3,988,000	1,733	4,588,000

Proximity to Reputable Primary School Comparison – Nava Grove vs Pinetree Hill

In terms of 1km radius to Henry Park Primary school, not all units in Nava Grove is within 1km radius. While all units within Pinetree Hill is within 1km radius.

Blocks which are not within 1km radius of Henry Park Primary for Nava Grove

Nava Grove New Launch – Floor Plan