* Frequent updates to reflect latest information release from developer
Note this article will be updated to reflect the latest information release from developer
- 7 Feb 2026 – Updated with latest unit mix breakdown
- 13 Feb 2026 – Updated with latest Indicative starting price
- 14 Feb 2026 – Updated with latest floor plan analysis
Introduction
Let’s start our discussion by introducing two high-level concepts.
- Buying a new launch condo is enticing and easy, especially an integrated development. But selling one upon TOP is difficult if you do not select the right development and the right unit type.
- In the new launch condo investing game, there are four parties in the equation:
- Developer – goal is to make money by selling units to you (does not care if your unit sells at a profit upon TOP).
- Agent – goal is to make money via commission when you buy a unit.
- You (new launch buyer) – goal is to make money by flipping the property over to a resale buyer.
- Resale Buyer – his priority is to find a place which his wife and family enjoy living in, and ideally provides investment upside when flipping to the next resale buyer.
- Developer – goal is to make money by selling units to you (does not care if your unit sells at a profit upon TOP).
Putting it bluntly, the real estate investing game hinges greatly on the “greater fool theory.” To make money, you must always know who’s the “greater fool” in the equation. Not knowing that puts you in a disadvantageous position.
Motivation Behind Writing This Research Piece
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The goal of this research article is to reduce the amount of research you need to do, and to bring forth a complete and cohesive source of information for ROI-centric buyers.
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Context
To start off, here are the key facts unique to Pinery Residences that you will need to take note of. Each of these pointers has an impact on the upside or downside that comes with Pinery Residences.
- Integrated developments come at a premium over comparable private condos and resale ECs in Tampines.
- Pinery Residences is not the only integrated development in Tampines. Parktown, another integrated development located in Tampines East, was launched in February 2025.
- Tampines is an EC-saturated district. Competition is to be expected when these newly launched ECs achieve their minimum occupancy period and enter the resale market. Key competition will come from Rivelle EC (next to Pinery Residences), and Aurelle EC and Tenet EC (both next to Parktown Residences).
- Core demand flow for private condos in Tampines is fueled primarily by HDB upgraders from Tampines itself. Unlike RCR new launches such as Orie or Thomson Reserve (Previously Known as Thomson View Enbloc), one should not expect upgrader demand to originate from other districts.
Key Research Questions
Laying out the context brings about several questions that need to be addressed before we can be confident in placing our money on Pinery Residences. The questions are as follows:
- Can you still make money from an integrated development despite paying a premium?
- Would you make more money buying a resale condo next to the integrated development instead?
- Would you make more money buying a resale EC near the integrated development instead?
- Can Pinery Residences outcompete Parktown Residences?
While these four questions form the highlight of this research article, we will still be covering all aspects including Location Analysis, Estimated Launch Price, Price Comparison, Rental Demand Analysis, Exit Buyer Breakdown, and Unit Type Analysis.
Basic Project Information
Between 2025 and 2026, there are four new launches slated for Tampines.
2025 marks the launch of Parktown Residences, an integrated development, and Aurelle EC, both located in Tampines East and centered around Tampines East MRT.
2026 marks the launch of Pinery Residences, the focal point of this research and Rivelle EC, which is located right next to Pinery Residences. Both of these developments are centered around Tampines West MRT.
Pinery Residences is to be developed by Hoi Hup Realty, a developer with a strong track record in EC development. Their past EC projects include:
- Novo Place (Tengah)
- Otto Place (Tengah)
- Parc Canberra (Sembawang)
- Rivercove Residences (Sengkang)
- Hundred Palms Residences
As a comparison, Parktown Residences, which will be one of Pinery Residences’ closest competitors, is developed by CapitaLand Development and UOL Group Limited. CapitaLand Development is the developer behind several well-known integrated developments such as Sengkang Grand Residences, J’den, Bedok Residences, and Bedok Mall.
Given that this investment analysis is centered around an integrated development, the appeal of the commercial malls and their tenant mix will play a significant role in enhancing the overall investment attractiveness of the respective developments.
| Development Name | Pinery Residences |
| Developer | Hoi Hup Realty & Sunway Developments |
| Location | Tampines Street 94 |
| District | District 18 (Tampines / Pasir Ris) |
| Neighbourhood | Tampines West |
| No. of Units | 596 |
| No. of Blocks | TBC |
| Tenure | 99-year leasehold |
| Nearest MRT | Tampines West MRT (Downtown Line) – direct underground link |
| Nearest School(s) | St. Hilda’s Primary School (within 1km)Junyuan Primary School (within 1km)Tampines Primary School (within 1km) |
| Expected TOP | 2030 (Estimated) |
| Site (sqft) | 253,050 |
Unit Mix Breakdown
The objective behind looking at the breakdown of unit type within a development is to develop a understanding of which unit type has the most significant supply and which unit type is relatively scarce within the development, coupled with a understanding of what is the most sought after unit type in the Tampines area. We will be able to assess which unit type will have highest buyer demand and least competing supply.
We will address buyer’s demand for different unit type in the unit type analysis section below. In this section we will review the composition of different unit types within Pinery Residences itself.
Note that the 2 Bed 1 Bath – B1 (20%) has the most significant no of units within the development, followed by a 2 Bed Plus Study (12%).
For an area like Tampines, which is dominated by family purchasing units for home stay purpose, we find the 3BR C1, C2 and C3 to be the optimal unit type as it provides a balance of affordability and acceptable space for a HDB upgrading family looking to buy into a integrated development.
Depending on the final launch price and layout, assuming purchase quantum is still within reasaonable range the 990 sqft 3BR, C4, would be a interesting option if your budget allows you to buy into one.
| Unit Type | Unit Type Code | No of Units | Size (sqft) | Proportion |
| 2BR | B1 | 120 | 624 | 20% |
| 2BR | B2 | 24 | 635 | 4% |
| 2BR | B3 | 36 | 667 | 6% |
| 2BR + Study | B4 | 72 | 700 | 12% |
| 3BR | C1 | 48 | 807 | 8% |
| 3BR | C2 | 24 | 861 | 4% |
| 3BR | C3 | 24 | 872 | 4% |
| 3BR | C4 | 24 | 990 | 4% |
| 3BR | C5 | 12 | 1012 | 2% |
| 3BR | C6 | 12 | 1023 | 2% |
| 3BR + Study | C7 | 60 | 1055 | 10% |
| 4BR | D1 | 24 | 1141 | 4% |
| 4BR | D2 | 36 | 1195 | 6% |
| 4BR + Study | D3 | 24 | 1227 | 4% |
| 4BR + Study | D4 | 24 | 1238 | 4% |
| 4BR + Study | D5 | 12 | 1389 | 2% |
| 5BR | E1 | 12 | 1475 | 2% |
| Total | 588 | 100% |
Locational Analysis
This section focuses on deep diving into the locational aspect of Pinery Residences. This is important because Tampines is a unique estate, and its characteristics contribute meaningfully to the investment thesis of Pinery Residences.
Photographic Overview of Pinery Residences within Tampines West
Tampines in itself is a growth catalyst for Pinery Residences
The thing to note about Tampines is that it is one of the largest housing districts in Singapore. With its HDB and BTO dwelling population, the district serves as a major flow of buyer demand that sustains the capital appreciation of private condominiums in the area.
The upgrader dynamics within Tampines form a positive spiral. Upgraders move into larger-sized or newer resale HDBs, which fuels Tampines resale HDB prices. This allows HDB owners to profit and accumulate adequate capital to upgrade into private condos like Treasure at Tampines or potentially Pinery Residences.
This upgrader cycle forms the foundation behind the success of profitable investments in Treasure at Tampines and numerous other private condo developments in Tampines.
| Housing District | Population | Estimated HDB Dwelling Units |
| Tampines | 290,000 | 110,000 |
| Bedok | 274,360 | 92,200 |
| SengKang | 267,600 | 66,605 |
| Punggol | 174,450 | 41,747 |
| Pasir Ris | 147,110 | 29,654 |
Tampines is still a growing estate despite its current size
Another positive aspect to note is that despite its scale, Tampines is still developing. The government continues to build new BTO projects across different sub-neighbourhoods.
Tampines West (where Pinery Residences is located) and Tampines North are the two emerging sub-neighbourhoods with the largest pipeline of new BTOs – 4,876 units in Tampines West and 4,126 units in Tampines North.
As a future demand catalyst for both Tampines and Pinery Residences, Tampines South is the next sub-district earmarked for BTO development, with government plans to integrate Tampines South seamlessly with Tampines West MRT station.
Pinery Residences’ Location in Tampines West
Pinery Residences – Street Directory Map View – Latest Update 7 Feb 2026
Tampines BTOs are mainly classified as Standard and not Plus
Most BTOs in Tampines North and West are classified as Standard BTOs with a 5-year minimum occupancy period. In contrast, BTOs in the Bayshore area, which we covered in our VELA Bay Review are Plus BTOs with a 10-year MOP.
This matters because Standard BTOs allow upgrader demand to enter the market faster. Plus BTOs restrict upgraders for 10 years before they can consider moving into a condo, which slows down the demand cycle. Tampines, therefore, benefits from a more frequent and consistent flow of upgrader demand.
Proximity to Reputable School
Adding strength to Pinery Residences’ locational attributes is its position within a 1km radius of St. Hilda’s Primary School. Though St. Hilda’s is not in the same tier as highly sought-after schools like Rosyth, Maris Stella, or Henry Park Primary, it is a local favourite within Tampines, much like how Mee Toh Primary is perceived in the Punggol area.
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Competitive Landscape
While the locational attributes play into Pinery Residences’ favour, the competitive landscape in Tampines may not be a walk in the park for Pinery Residences.
To put things into perspective, integrated developments like Pasir Ris 8 have a much easier competitive landscape to navigate. It stands out as the only integrated development centred around Pasir Ris MRT, and it is also the newest development among older private condos in Pasir Ris. Coupled with the fact that there is only one EC development in Pasir Ris, the competitive environment there is relatively benign.
On the contrary, the competition in Tampines is much more multi-faceted, with key competition coming from three fronts:
- Resale ECs sold at affordable prices
- Newly TOP developments like Treasure at Tampines
- Integrated new launch developments like Parktown Residences
In some ways, the sheer scale of demand in Tampines somewhat nullifies the intensity and diversity of competition, but it does not eliminate it. Buyers will still compare across these categories, and each represents a meaningful alternative to Pinery Residences depending on the buyer’s priorities.
Pinery Residences vs Key Competition in Tampines
Land Bid Price Benchmarking
Having touched on the more macro considerations for Pinery Residences, the next few sections will focus on valuation. We will review Pinery Residences’ land bid price, estimate its launch price, and benchmark it against comparable developments.
Land bid price forms the major cost component for any new launch development, and it sets the bedrock for competitive launch pricing.
Comparing Pinery Residences Land Bid Price with Parktown Residences
In the case of Pinery Residences, we remain somewhat lukewarm about its land bid price. Benchmarking it against the Parktown Residences land plot, which possesses the same attribute of being a mixed-use site integrated with an MRT station. Pinery Residences land plot is secured at higher land cost than Parktown Residences land cost.
- Pinery Residences land bid price: $1,004 psf ppr
- Parktown Residences land bid price: $885 psf ppr
Comparing Pinery Residences Land Bid Price with Other 2026 New Launches
On the other spectrum, if were to compare Pinery Residences Land Bid Price against other 2026 New Launches there are significant merits to be noted.
Pinery Residences land plot possess multiple positive attributes such as being directly integrated to the MRT, integrated with a mall, is within 1km radius of St Hilda Primary School and taps on significant future buyer demand in a mature residential estate. But its land cost at $1,004 psf ppr is significantly lower than several OCR comparable land plots in 2026, like Hougang Central GLS at $1,179 psf ppr.
| Date of Tender Closing | Location | Land Price (PSF PPR) | Short Walking Distance to MRT | Integrated with MRT | Integrated with Mall | Within 1KM to Sought After School | Mature and Sought After Town |
| Sep 19, 2024 | Pinery Residences | $1,004 | Yes | Yes | Yes | Yes | Yes |
| Jan 22, 2026 | Dairy Farm Walk | $962 | No | No | No | No | No |
| Dec 16, 2025 | Hougang Avenue 10 / Hougang Central | $1,179* | Yes | Yes | Yes | Yes | Yes |
| Nov 27, 2025 | Bedok Rise | $1,330 | Yes | No | No | Yes | No |
| Oct 23, 2025 | Upper Thomson Road (Parcel A) | $1,062 | Yes | Yes | Yes | No | No |
| Sep 11, 2025 | Chenchuru Close | $980 | Yes | Yes | No | No | No |
| Sept 4, 2025 | Chuan Grove (1H2025) | $1,331 | Yes | Yes | No | Yes | Yes |
| Jul 3, 2025 | Chuan Grove | $1,376 | Yes | No | No | Yes | Yes |
| Apr 3, 2025 | Lakeside Drive | $1,132 | Yes | Yes | Yes | Yes | Yes |
| Mar 18, 2025 | Lentor Gardens | $990 | No | No | No | No | No |
| Mar 18, 2025 | Bayshore Road | $1,388 | Yes | No | No | Yes | Yes |
Indicative Starting From Price – Latest Update 13 Feb 2026
Latest indicative starting from price as follow
- 2 Bedroom Premium – 624 sqft – From $2,2xx psf, $1.4x mil
- 3 Bedroom Compact – 807 sqft – From $2,3xx psf, $1.9x mil
- 3 Bedroom Standard – 990 sqft – From $2,3xx psf, $2.3x mil
- 4 Bedroom Standard – 1,141 sqft – From $2,3xx psf, $2.6x mil
- 4 Bedroom plus Study – 1,227 sqft – From $2,2xx psf, $2.8x mil
Based on the preliminary price guidance, the pricing for this project seems positive. It falls within our projected range of $2,300 to $2,400 psf. At this price range, it is pricing very close and competitive to Park town Residences its closest comparable that was launched in 2025.
The point to note is that despite securing the land at a higher land cost than Parktown Residences, Pinery Residences is still priced competitive against Parktown Residences.
Interestingly, developer’s has taken a very “buyer friendly” pricing stance in 2026. The same pricing scenario is being observed for River Modern.
Estimated Launch Price
Pushing forward, we utilised the land bid price and its consequential breakeven price to forecast an estimated launch price for Pinery Residences.
Based on these calculations, the estimated launch price for Pinery Residences would be centred around $2,300 psf to $2,400 psf.
| Land Plot | Tampines St 94 |
| Land Bid Price | 1,004 |
| Breakeven Cost | 1,984 |
| Mark up – 15% | 2,282 |
| Mark up – 20% | 2,381 |
| Estimated Launch Price | $2,300 to $2,400 |
Price Benchmarking
Comparing Pinery Residences Launch Price against 2025 and 2026 New Launches
Erring on the side of prudence, we benchmarked Pinery Residences against comparable 2025 new launches.
At current valuation benchmarks, specifically when comparing it against Parktown Residences, we would conclude that pricing in the range of $2,300 to $2,400 psf is fair. However, when benchmarking it against RCR launches like Lydenwoods and Elta, both of those developments appear competitive from a pricing standpoint.
An important point to note for pricing benchmarking is that 2026 new launch benchmarks may be reset to a new high. Bayshore Residences, an OCR new launch, expected to set new OCR benchmark prices close to the $2,900 to $3,000 psf range.
Comparing Pinery Residences Launch Price against comparable Tampines Resale Development and other Integrated Development
To conduct deeper like for like price benchmarking, we compare Pinery Residence launch price against notable resale condo in Tampines, Parktown Residences and Pasir Ris 8, an integrated development in Pasir Ris.
Referencing the table below, you observed that launching within the range of $2,300 to $2,400 psf will put Pinery Residences in a competitive price point, against Parktown Residences that has already been transacted at an average psf of $2,359.
Comparing it to older resale development like Treasure at Tampines and Pasir Ris 8 which is transacting at $1,879 psf and $2,169 psf respectively, the price gap $200 psf for a 2026 new launch is within acceptable range.
| Project | Harmonized (Average PSF) |
| The Tapestry* | $1,801 |
| Treasure at Tampines* | $1,879 |
| Pasir Ris 8* | $2,169 |
| Parktown Residence | $2,359 |
| Pinery Residence | $2,300 to $2,400 |
Key Research Question #1 – Can you still make money from an integrated development despite paying a premium?
While an integrated development possesses many positive attributes that contribute to liveability, it is important to note that developers will normally factor in a premium into its launch price, and you would then have to resell your unit with that premium plus profit factored in to future resale buyers.
The question is, given that there is an option of a cheaper private condo located right next to your integrated development, will resale buyers continue to pay a premium for your unit, leading to a profitable exit?
To answer this question, we reviewed the performance of several notable integrated development references in the table below. Long story short, there are several pointers worth noting from this set of data.
The environmental setup matters significantly for the optimal performance of an integrated development.
For example, strictly looking at the metric Profit Per Year, Pasir Ris 8 and Woodleigh Residences performed significantly better than Watertown and North Park Residences.
Both sets of integrated developments have very different setups:
- Pasir Ris 8 is located in a district where competitive intensity is a lot less intense. There isn’t the presence of equally new private condos or affordable ECs to compete with it.
- Woodleigh Residences, on the other hand, is located in an RCR district where buyers are more affluent and potentially optimise less towards affordability and more towards convenience, exclusivity, and liveability.
On the flipside, both Watertown and North Park Residences are located in districts where there is competition from multiple affordable resale EC developments, coupled with the fact that buyer profiles in Punggol and Yishun are more geared towards paying lower psf pricing for larger units, instead of optimising towards convenience at the expense of size.
| Integrated Development | Annualised Capital Gain % | Average Profit | Holding Duration (Year) | Profit Per Year |
| Pasir Ris 8 | 6.2 | 353,748 | 3.9 | 91,249 |
| Watertown | 2.8 | 259,892 | 9.1 | 28,706 |
| SengKang Grand Residences | 4.3 | 235,044 | 3.9 | 59,865 |
| Woodleigh Residences | 5.1 | 340,979 | 4.2 | 81,366 |
| North Park Residences | 3.4 | 268,559 | 6.8 | 39,659 |
Key Research Question #2 – Would you make more money buying a resale condo next to the integrated development instead?
This question deals with the “piggy-back” effect that we have observed to influence the performance of several integrated developments.
We used to see this clearly in the case of Woodleigh Residences, an integrated development centered around Woodleigh MRT, with Park Colonial located right next to it, separated by just a single road.
In the earlier years, Park Colonial, the non-integrated private condo, performed significantly better than Woodleigh Residences. This was simply because initial new launch buyers of Park Colonial were able to resell their units 100-200 psf cheaper than Woodleigh Residences, as they did not need to factor in the integrated development premium priced in by the developer.
However, referencing the latest data, this dynamic has shifted. The profits and price appreciation for Woodleigh Residences have now caught up and even surpassed that of Park Colonial, as Park Colonial owners begin raising their asking prices and closing the price gap that once made Park Colonial look like a clear “value buy.”
We dived deep into this phenomenon in our separate article, Are Integrated Developments Profitable Investments?
Based on the latest data referenced below, this theory still holds water to some extent. Using Watertown as an example, if you had purchased a unit in the neighbouring private condo Parc Centros, you would be making more profits than owning a unit in Watertown.
However, in the case of Pasir Ris 8, the closest private condo competitor, D’nest is an older development, making the “piggy-back” effect less applicable in that context.
Integrated Development vs Private Condo
| Development | Annualised Capital Gain % | Average Profit | Holding Duration (Year) | Profit Per Year |
| Pasir Ris 8 (Integrated) | 6.2 | 353,748 | 3.9 | 91,249 |
| D’nest (Private Condo) | 3.2 | 276,471 | 8.3 | 33,239 |
| Development | Annualised Capital Gain % | Average Profit | Holding Duration (Year) | Profit Per Year |
| Watertown (Integrated) | 2.8 | 259,892 | 9.1 | 28,706 |
| Parc Centros (Private Condo) | 3.5 | 302,191 | 8.3 | 36,555 |
| Development | Annualised Capital Gain % | Average Profit | Holding Duration (Year) | Profit Per Year |
| SengKang Grand Residences (Integrated) | 4.3 | 235,044 | 3.9 | 59,865 |
| Quartz (Private Condo) | 4.6 | 509,756 | 10.4 | 49,148 |
| Development | Annualised Capital Gain % | Average Profit | Holding Duration (Year) | Profit Per Year |
| Woodleigh Residences (Integrated) | 5.1 | 340,979 | 4.2 | 81,366 |
| Park Colonial (Private Condo) | 4.1 | 299,991 | 4.9 | 61,023 |
Key Research Question #3 – Would you make more money buying a resale EC near the integrated development instead?
Leading on from Question 2, and also the most relevant question for Pinery Residences.
Would you make more money buying a resale EC as compared to a brand new integrated development?
For this, we study the resale performance of MOP resale EC buyers (2nd owner) reselling to the 3rd owner, excluding all first-time EC owners that enjoy the unfair advantage of subsidised new EC pricing.
Referencing the data below, in the three case studies plotted out, resale EC buyers outperformed all three integrated development buyers in terms of annualised capital gain % and average profit earned per year.
Though this may not be the most statistically accurate, directionally it aligns with our intuition that in districts where buyer demographics optimise more towards unit size and affordability, resale ECs tend to have better resale profitability than integrated developments.
So bringing this back to Pinery Residences, the newest EC in Tampines that will attain its MOP is Tenet EC, which will attain its MOP status in 2031. This is also around the time when Pinery Residences will achieve its TOP status.
Integrated Development vs Resale EC
| Development | Annualised Capital Gain % | Average Profit | Holding Duration (Year) | Profit Per Year |
| North Park Residences (Integrated) | 3.4 | 268,559 | 6.8 | 39,659 |
| Signature At Yishun (EC) | 7.2 | 204,647 | 2.7 | 75,904 |
| Development | Annualised Capital Gain % | Average Profit | Holding Duration (Year) | Profit Per Year |
| Watertown (Integrated) | 2.8 | 259,892 | 9.1 | 28,706 |
| Twin Waterfalls (EC) | 10.7 | 493,792 | 3.7 | 132,381 |
| Development | Annualised Capital Gain % | Average Profit | Holding Duration (Year) | Profit Per Year |
| SengKang Grand Residences (Integrated) | 4.3 | 235,044 | 3.9 | 59,865 |
| Esparina (EC) | 7.8 | 419,092 | 4.5 | 93,520 |
Key Research Question #4 – Can Pinery Residences Outcompete Parktown Residences?
Quick note: We have just published a latest article pertaining a point by point comparative analysis between Pinery Residences vs Parktown Residences, check it out if outperforming Parktown is one of your main concern when evaluating Pinery.
Another important consideration impacting Pinery Residences’ resale demand is the fact that resale buyers will naturally compare Parktown Residences against Pinery Residences, since both are integrated developments located within Tampines.
Hence, it is important to be mindful of the strengths and weaknesses of Pinery Residences versus Parktown Residences.
Assuming launch prices and layout are at parity for both developments, the greatest point of differentiation would be the quality of the commercial component in each integrated development.
As you reference the attributes of both integrated developments in the table below, they are mostly on par. The key differentiation really lies in who is managing the mall and the quality of the tenant mix within the commercial mall.
| Parktown Residences | Pinery Residences | |
| TOP Date | 2030 | 2031 |
| Land Bid Price ($psf ppr) | $885 | $1,004 |
| Launch Price (actual / estimates) ($psf) | $2,369 psf | $2,300 to $2,400 psf |
| No of Units | 1,193 units | 596 units |
| Site Area (sqft) | 545,511 sqft | 252,989 sqft |
| Density (sqft per unit) | 457 sqft per unit | 424 sqft per unit |
| Residential Component (sqft) | 1,217,400 sqft | 552,551 sqft |
| Commercial Component (sqft) | 150,000 sqft | 120,000 sqft |
| Commercial Services | Mall managed by Capitaland and UOLA retail mall with approximately 120 stores, a supermarket, and various F&B outletsAn integrated Community Club and a new-generation Hawker Centre.A modern, air-conditioned Bus Interchange | Commercial space, which will house a supermarket, an early childhood development facility |
| Competitive Intensity | Tenet EC – MOP 2031Aurelle EC – MOP 2033 | Rivelle EC – MOP 2034 |
| 1km Radius to Reputable School | 1km of Poi Ching School | 1km of St Hilda Primary School |
Need help shortlisting the best unit type to invest in ?
Finding the optimal unit type to invest in, requires research rigor in the following areas
- Review of supply for selected unit type in the location
- Competitive review, comparing the unit type layout with competing units in the development or the location
- Price Gap Analysis, establishing the price difference between unit type
- ROI Projection – projecting the potential return with every incremental dollar invested
Know the concepts, but outsource the work.
Key Research Question #5 – Will you have a problem renting out a unit in Pinery Residences?
Assuming you were to purchase the unit as a pure investment unit and plan to rent it out, rentability would naturally be a consideration.
Based on historical data, rental yield in Tampines is generally healthy; most units generate yields of above 4% despite not being located near an MRT station.
So rental yield will not be an issue for an integrated development like Pinery Residences.
However, the rental supply dynamics is not as healthy, with a substantial number of rental listings in the market as compared to the monthly rental transaction volume.
Rental Yield – Tampines Private Condo
| Project Name | Dist (m) to Tampines Central MRT | Rental Yield (%) |
| TREASURE AT TAMPINES | 980 | 3.7 |
| THE TAPESTRY | 1,868 | 4.1 |
| THE ALPS RESIDENCES | 1,801 | 4.2 |
| D’NEST | 1,750 | 3.8 |
| THE SANTORINI | 1,923 | 4 |
| CITYLIFE@TAMPINES (EC) | 867 | 3.1 |
Rental Demand and Supply
| Project Name | No of Rental Listing on Property Guru | Rental Transaction (Per Month) | Listing vs Transaction Ratio |
| TREASURE AT TAMPINES | 47 | 26 | 1.8 |
| THE TAPESTRY | 18 | 13 | 1.4 |
| THE ALPS RESIDENCES | 18 | 12 | 1.6 |
| D’NEST | 37 | 15 | 2.5 |
| THE SANTORINI | 18 | 8 | 2.3 |
| CITYLIFE@TAMPINES (EC) | 14 | 3 | 4.7 |
Key Exit Buyer Breakdown
As mentioned earlier, the flow of HDB upgrader demand from within Tampines itself forms one of the strongest pillars in the Pinery Residences investment case.
You should be expecting exit buyers to originate from home-stay buyers upgrading from an HDB or BTO in Tampines itself.
This is supported by the sizeable potential BTO addressable market as depicted in the table below.
No of BTOs in Tampines
| Location | No of BTO | Development |
| Tampines West | 4,876 | Tampines GreenTopaz (June 2024 launch): 561 unitsTampines GreenQuartz (August 2021 launch): 1,613 unitsTampines GreenJade (August 2021 launch): 546 unitsTampines GreenOpal (August 2020 launch): 1,070 unitsTampines GreenGem (November 2018 launch): 1,086 units |
| Tampines Central | 1,000 | Tampines Central 8 project (Upcoming February 2026 launch): Approximately 250 unitsSun Plaza Spring (August 2022 launch)Tampines GreenVines (November 2020 launch) |
| Tampines East | 660 | Tampines Street 22 project (Upcoming February 2026 launch): Approximately 280 unitsSimei Symphony (July 2025 launch): 380 units (located in Simei, part of the larger Tampines planning area) |
| Tampines North | 4,126 | Tampines GreenCrest (August 2020 launch): 346 units.Tampines GreenGlade (August 2020 launch): 354 units.Tampines GreenRidges (First launch in Tampines North): 1,496 units.Tampines GreenView (2019): 714 units.Tampines GreenWeave (2019): 1,216 units. |
| Total | 10,662 |
Unit Type Analysis
Inline with the point on HDB upgraders purchasing for family home stay being the mainstay exit buyers, you should be optimising towards a larger unit that can match the size of a typical 900 to 1,000+ sqft HDB or BTO unit.
Referencing the data from Treasure at Tampines, it clearly points to larger 3-, 4-, and 5-bedroom units performing significantly better than smaller 1- or 2-bedroom units.
Treasure at Tampines – Profitability by Unit Type
| Unit Type | Average Size (sqft) | Average Annualised Capital Gain (%) | Average Profit ($) | Average Holding Period (Year) |
| 1 | 468 | 4.0 | 124,500 | 4.4 |
| 2 | 643 | 4.5 | 180,550 | 4.2 |
| 3 | 948 | 6.2 | 346,861 | 4.0 |
| 4 | 1,281 | 7.6 | 500,747 | 3.6 |
| 5 | 1,715 | 8.6 | 730,511 | 3.8 |
Investment Thesis – Pinery Residences
We will be using this section to summarise all our findings for Pinery Residences and map out the optimal investment approach towards this development.
Strength
- Strong HDB and BTO upgrader demand from within Tampines itself
- Strong and emerging new BTO upgrader demand from Tampines North and Tampines South
- Pinery Residences, being the only integrated development in Tampines West, stands to benefit the most from neighbouring BTO upgrader demand from emerging Tampines South
(Note: potential to be realised over time from 2030 onwards) - Within 1km of St Hilda’s Primary School, a more highly sought-after primary school than Poi Ching Primary, which is 1km from Parktown Residences
Weakness
- Threat of competition from more affordable ECs like Tenet EC, which will achieve its MOP status at the same time Pinery Residences is fully constructed between 2030 and 2031
- Future threat from neighbouring EC Rivelle EC, which will achieve its MOP status further down the road in 2036
- Competition and comparison to Parktown Residences in Tampines East
Unknown
- The quality of the commercial component vs Parktown Residences, given Parktown Residences is developed by CapitaLand, which has established experience in mall management
Investment Approach
Based on the current indicative pricing release, we remain positive about the investment prospect for this development.
Given that Pinery Residences pricing is reasonable, especially in 2026 context in which new launch pricing will be pushing towards a new high, we take a positive view towards procuring Pinery Residences as a investment property.
We believe significant advantage could unlock for investors that are able to secure larger 900 plus sqft 3 bedroom units that are suited for family home stay. This will position the investment unit towards capturing future resale buyer demand in the tampines area.
For investors looking at smaller 2 bedroom unit, this development with its current competitive pricing and it being a integrated development presents opportunity as well. But upside can be further improved by stretching your budget for the 700 sqft 2 bedroom premium unit that comes with a enclosed kitchen and a study.
For more insights on how to select optimal 2 bedroom or 3 bed compact units for investment check out the article link inline.
Floor Plan Analysis
From a layout perspective, there are issues spotted in terms of layout inefficiency. The layouts are mostly efficient with no significant flaws.
We highlighted here specific layout that provide a interesting balance between liveability and size.
Floor Plan Analysis – Pinery Residences – 2 Bed 2 Bath – B2 – 635 sqft
Floor Plan Analysis – Pinery Residences – 2 Bed 2 Bath – B4 – 700 sqft
Floor Plan Analysis – Pinery Residences – 3 Bed 1 Bath – C1 – 807 sqft
Floor Plan Analysis – Pinery Residences – 3 Bed 2 Bath – C4 – 990 sqft
What YouTube Is Saying
11 Reviews AggregatedWe reviewed 11 YouTube channels covering Pinary Residences so you don’t have to.
Key Strengths Summarised
- MRT Underground Link — Only Tampines condo with sheltered direct underground link to Tampines West MRT. Nearest competitor is 500m+ away.
- Quantified Upgrader Pool — 4,000+ HDB units within 500m MOPing 2029–2033, converging almost precisely with Pinary’s 2030 TOP.
- School Premium — 1km to St. Hilda’s Primary, one of only 9 remaining GEP schools nationally and a top-5 school by ballot popularity.
- Supply Scarcity — Tampines West has only Rivelle EC as future competition; Parktown’s subzone has six additional residential plots planned.
- Developer Track Record — Hoi Hup / Sunway MCL: livable layouts, store provisions in smaller units, point-block configurations across 10+ years.
- Pricing Validated by Comparables — Pro-rated PSF for Pasir Ris 8, Watertown, Bedok Residences, North Park, Lentor Modern, and Woodleigh all land within $2,300–$2,800 psf after harmonisation.
- Clean Exit Window — 4–5 year post-TOP window before Rivelle even enters the resale market. Parktown transactions above $2,500 psf confirm market acceptance.
Key Risks Summarised
- Rivelle EC MOP 2035 — All 11 reviewers flag this. At ~$600 psf cheaper with arguably better room sizes, Rivelle becomes a structural resale competitor from 2035. Optimal exit is 2029–2034.
- Integrated Premium vs Classification — Same budget in pure residential buys a higher unit type. Sengkang Grand 3BR: ~$400K profit; Riverfront Residences 4BR (same quantum): ~$930K. Buyers pay for convenience, not peak returns.
- 2BR Demand/Supply Weakness — 2BR Demand Ratio at 77%, dragged by Pasir Ris 8’s 50+ active resale listings. Investors in 2BR must select stacks carefully and price entry conservatively.
- Noise, Footfall, and Congestion — Commercial podium, Avenue 1 (8-lane), Bedok Reservoir Road, and Street 94 all converge. Inherent integrated living trade-off, more pronounced at this specific location.
- FnB Exhaust Positioning — Lower-floor stacks above or adjacent to commercial kitchen exhausts require vetting. A permanent livability and resale perception factor.
- Pricing Offers No Discount — At ~$2,300–$2,500 psf, the $49 psf/year premium vs comparables is at the limit of the accepted $50 psf benchmark. Entry error on weaker stacks materially compresses upside.
All Reviewers Agree
- Underground MRT link to Tampines West is Pinary’s defining differentiator — no existing Tampines condo offers this
- Tampines has Singapore’s largest HDB upgrader pool — demand is structural, not cyclical
- 1km to St. Hilda’s Primary is a meaningful and durable price and demand driver
- Parktown Residences (87% sold Day 1, avg $2,360 psf) is the validated demand template
- Rivelle EC MOP 2035 is the primary long-term resale risk — optimal exit before this date
- Expected PSF of $2,300–$2,500 is broadly fair-to-reasonable relative to land cost and comparables
- Hoi Hup / Sunway MCL has a strong developer track record across multiple projects
- Stack and facing selection matters more than usual given FnB exhaust positioning
Where They Diverge
- Matthew Lam vs Happy Homes on integrated returns: Matthew argues price sustainability is proven; Shawn cites three case studies where non-integrated outperformed in all scenarios
- OwnThisProperty vs Ron Lim on Rivelle threat: William says Rivelle owners benchmark off Pinary — co-beneficiary not competitor; Ron Lim sees EC buyers at MOP offering more space at lower quantum
- Leona Chansingh vs Happy Homes on pricing: Leona projects $2,500–$2,700 psf; Shawn benchmarks at ~$2,450 psf average and calls it “borderline reasonable”
- Ian Teo vs all others on mall size: Ian Teo argues a smaller mall (~12,366 sqm) generates less footfall counterintuitively; all others treat the mall as a straightforward positive
- Matthew Lam vs Asaphomes on transformation upside: Matthew is bullish on Paya Lebar Airbase and Changi T5; Asaphomes scores future transformation 1/5
For
- +Direct underground MRT link — no other Tampines condo has this
- +Large HDB upgrader pool with MOP timelines aligned to 2030 TOP
- +1km to St. Hilda’s, Chongzheng, Tampines Primary
- +Direct lift access to podium without transfer lifts
- +57% of units are 3BR+ — own-stay oriented mix
- +Store provisions in 2BR units — rare and practical
- +Point block site plan — all units get reasonably good views
Against
- −Rivelle EC at meaningfully lower PSF — structural resale competition from 2035
- −Rivelle bedrooms larger — buyers will feel the difference at resale
- −4BR quantum gap vs Rivelle: ~$500K — difficult to justify at exit
- −FnB exhaust positioning — stacks near commercial kitchens need vetting
- −B2 layout (635 sqft) has overlapping kitchen/dining — red flag for exit
- −Surrounded by three arterial roads — noise and congestion concern
For
- +Only commercial mall serving all nearby residents in the vicinity
- +Directly beside Tampines West MRT — closest condo to MRT in Tampines
- +1km to St. Hilda’s (top-5 nationally); 4 primary schools within 1km total
- +Surrounding HDB below 60yr lease still $800K+ — confirms upgrader purchasing power
- +Six developers bid for the GLS site — strong market conviction signal
- +Potential height restriction relaxation — could become tallest condo in Tampines
Against
- −Pricing offers no definitive advantage over certain under-the-radar new launches
- −Far from CBD — meaningful commute deterrent
- −Mall at ~12,366 sqm is counterintuitively small — less footfall, fewer tenants
For
- +Pasir Ris 8 3BR (1,023 sqft) already at $2.25M resale — Pinary 3BR from $1.9M is a clear value gap
- +St. Hilda’s is a GEP school — only 9 nationally; comparable to how Rosyth drove Affinity’s prices
- +D2 (1,195 sqft 4BR+study) at near-3BR quantum — better classification for similar price
- +Resident and commercial entrances separated — avoids Woodleigh Residences traffic problem
- +Confirmed tenants: Mulberry childcare, U-Fair, Press Fitness, Kopitiam
Against
- −Parktown has more public amenities — bus interchange, hawker centre, community club
- −Pinary mall (60 shops) smaller than Parktown’s commercial offering
- −5BR living/dining space narrower relative to 4BR — layout concern at largest unit type
For
- +Tampines is one of Singapore’s best-connected hubs — EW MRT, upcoming Cross Island Line, expressways
- +Regional centre status creates multi-layered, sustained demand
- +Parktown 87% Day 1; OPAL EC ~90% Day 1 — validated demand signals
- +Launch pricing is typically the lowest entry point in a project’s lifecycle
Against
- −GLS site pricing higher than typical fringe/OCR areas
- −3–4 year construction wait — not for buyers needing immediate occupancy
- −Cooling measures and global macro uncertainty always a background risk
For
- +Only Tampines condo with sheltered underground MRT link — nearest competitor 500m+ away
- +4,193 HDB units MOPing from 2029 in immediate vicinity — quantified, time-specific upgrader pool
- +Tampines West: only Rivelle as future competition vs Parktown area’s six additional GLS plots
- +Rivelle owners will benchmark resale prices off Pinary — co-beneficiary, not competitor
- +4–5 year clean exit window before Rivelle even hits the resale market
- +Lentor Central GLS bought at $270+ psf more than Pinary — yet Lentor Modern resale already $2,400+ psf
Against
- −Open concept kitchen in most 2BR layouts (except 2+study) — own-stay concern
- −Tampines 2BR supply ratio elevated at 8.31% — Treasure at Tampines inventory drag
- −Holding past 2035 exposes owners to direct Rivelle resale competition
For
- +Tampines has a massive loyal buyer base — Treasure at Tampines enabled $1M+ seller profits
- +Underground pedestrian link to Tampines West MRT — no other Tampines condo offers this
- +1km to St. Hilda’s and Chongzheng; Temasek Poly and SUTD nearby
- +No 1BR or 2B1B units — all units are genuine family/own-stay grade
Against
- −Sengkang Grand avg profit $245K vs Riverfront Residences $306K — integrated underperforms pure residential
- −Rivelle EC MOP 2035: bigger units at same or lower quantum is structural competition
- −Tampines launch fatigue — multiple consecutive launches may dampen buyer momentum
- −FnB exhaust facing — critical integrated development trade-off
For
- +Tampines has Singapore’s highest township population (290K) — largest absolute upgrader pool nationally
- +Pinary fills genuine amenity void — no full-fledged mall in Tampines West / Bedok Reservoir corridor
- +Waterfront series pro-rated gap vs Pinary is 4–17% — well below the 20% standard integrated premium
- +All comparable integrated developments validated: Watertown, Bedok Residences, North Park, Pasir Ris 8, Lentor Modern
- +Changi T5 and Paya Lebar Airbase redevelopment are future demand and job creation catalysts
- +Hoi Hup track record: livable since Covenant Regency (2012) — 10+ year consistency
Against
- −Same budget in pure residential buys bigger classification: Riverfront 4BR (same quantum) made $930K vs Sengkang Grand 3BR ~$400K
- −Surrounded by 8-lane Avenue 1, Bedok Reservoir Road, Street 94 — noise, traffic, congestion
- −Rivelle EC indicative may be less than 10% below Pinary — smaller competitive moat than assumed
- −B2 (635 sqft) and C7 (1,055 sqft) layouts have overlapping classification — avoid
For
- +7 BTO projects within 500m (4,000+ units) MOPing 2029–2033 — coincides precisely with Pinary TOP 2030
- +Tampines is Singapore’s most populous planning area (284,000 people)
- +Woodleigh Residences 4yr subsale: $2,839 psf → $660K profit at 8% pa annualised
- +Pasir Ris 8: $785K profit in 4 years at 11% annualised — all comparable integrated developments profitable
- +Integrated developments tend to maintain liquidity better in softer markets
Against
- −Weekend noise, crowd, delivery riders — shoppers entering the development
- −Likely higher monthly maintenance fees — escalators, common areas, AC systems
- −4-year wait to TOP (est. April 2030) — not for buyers needing immediate occupancy
For
- +3BR Demand Ratio: 173%; 4BR Demand Ratio: 240% — extremely strong
- +3BR and 4BR supply ratios very tight: 2.54% and 1.25% respectively
- +Exit windows well-defined: 2030 TOP aligns with HDB MOP wave; T5 and Paya Lebar boost 2032–2034
- +2+study (700 sqft) layout well-designed: enclosable kitchen, luggage storage, flexible study
- +Direct underground MRT link confirmed as key differentiator
Against
- −3 case studies: Park Colonial vs Woodleigh, Florence vs Sengkang Grand, AMO vs Lentor — non-integrated won all three
- −~$2,450 psf average: $49 psf/year premium at the limit of the $50 psf benchmark
- −Rivelle EC at ~$1,850 psf is “more concerning” — $600 psf cheaper with arguably better layouts
- −2BR Demand Ratio weak at 77% — Pasir Ris 8 has 50+ active resale listings
- −635 sqft 2BR: bathroom next to main door, wasteful walkway, direct east/west sun — avoid
For
- +The Vales EC (hospital-facing) outperformed Waterway Point on PSF gain — debunks hospital proximity concern
- +Road/junction-facing projects (Whistler Grand, Clévio) generated 25–30% PSF gains over 4–5 years
- +Tanamera MRT GLS expected at ~$2,800–$3,000 psf — Pinary at $2,300–$2,400 looks undervalued
- +Tampines + Punggol combined MOP: 5,000+ units — spill-over demand likely
- +4–5 year clean exit before Rivelle MOP allows profits to be locked in before competition
Against
- −Near hospital and industrial area — traffic congestion, ambulance noise at major cross-junction
- −Launching simultaneously with Rivelle EC — $300–$400 psf cheaper product right next door
For
- +Tampines West HDB-to-private ratio is 90:10 — significant structural undersupply of private property
- +6 BTO MOP clusters coincide with Pinary TOP 2030 — organic demand timing alignment
- +Even with Rivelle, ratio moves to ~80:20 — still below the national 77:23 ratio
- +3 clear exit windows: TOP 2030, 2030–2034 rental pivot, 2035+ own-stay integration advantage
- +SAFRA Tampines next door — effective extension of condo facilities at no additional cost
- +Treasure at Tampines 4BR already $2.5M resale; Parktown 5BR crossed $4M — price benchmarks validated
Against
- −West-facing units may be the only genuinely unblocked option — surrounded by HDB on other sides
- −B1 units (2B2B, 120 units) = 20% of development — higher resale supply concentration for this type
- −Future transformation upside is limited — only one more plot nearby; scores 1/5
Need Clarity Before Committing to a New Launch Condo?
- A tailored shortlist of new launch condos that match your search criteria
- Side-by-side pros and cons analysis of 2–3 projects you’re currently considering
- A second opinion on which project offers the best balance of profit potential and downside protection
Looking to purchase a unit in the new launch as a second property ?
Check out the following article for more insights on how to avoid ABSD
- Decoupling Property Singapore – The Complete Guide
- How to buy a second property in Singapore without ABSD ?
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- (Hougang Central GLS) Hougang Central Condo Review – Be the first to know
- Thomson Reserve Review – Is this upcoming new launch worth investing in ?
- Full List – 2026 New Launch Condos to Look Out For in Singapore
- Narra Residences Review – Questioning all Marketing Narrative
- Hudson Place Residences Review – Is is Worth Investing?
- Tengah Garden Residences Review – Can you make money ?
- Lentor Gardens Residences Review – Oversupply still investable ?
FAQ – Pinery Residences Review
Is Pinery Residences a good investment for HDB upgraders?
Yes, Pinery Residences aligns well with the profile of HDB upgraders within Tampines. The estate’s strong upgrader cycle, large BTO base, and consistent resale demand provide a stable foundation for future exit demand. Its position within 1km of St Hilda’s Primary also adds to its homestay appeal, which is crucial for attracting future family buyers.
Will the integrated development premium affect my resale profits?
Integrated developments generally command a launch premium, and this premium must be justified again at the point of resale. Your ability to profit depends heavily on district competition, nearby alternatives, and buyer preferences at the time of exit. In Tampines, where many buyers prioritise space and affordability, the premium may face more scrutiny compared to RCR locations.
How does Pinery Residences compare to Parktown Residences?
Both are integrated developments, and most attributes are on par. The main differentiation lies in the commercial component and mall management. Parktown Residences is backed by CapitaLand, which has a proven track record in mall curation and tenant mix. Pinery’s commercial execution will play a significant role in determining whether it can match or outperform Parktown in terms of desirability and long-term value.
Will competition from ECs affect the investment outcome?
Yes, EC competition is a meaningful factor. Tenet EC will reach MOP around the same time Pinery Residences TOPs, and Rivelle EC will add further competition down the line. In districts where buyers optimise for unit size and affordability, ECs can become strong substitutes, especially at the lower psf range.
Is rental demand strong for Pinery Residences?
Rental yields in Tampines are generally healthy, often exceeding 4%. The challenge lies more in rental supply than demand, as there are typically more rental listings than transactions. Rentability should not be a major issue for an integrated development, but rental competition may influence vacancy periods and achievable rents.
Which unit types offer the best investment potential?
Larger units tend to perform better in Tampines due to the strong HDB upgrader demographic. Data from Treasure at Tampines shows significantly higher profitability for 3-, 4-, and 5-bedroom units versus smaller 1- and 2-bedroom units. Investors should align unit choice with the district’s family-based buyer profile.
Who should consider buying Pinery Residences?
Buyers prioritising both homestay and long-term investment potential may find Pinery Residences suitable, particularly if they prefer an integrated lifestyle and value proximity to St Hilda’s Primary. Pure investors seeking a shorter holding period or stronger ROI may want to compare it against resale ECs or other upcoming OCR opportunities.
Is Pinery Residences a safe option for a second property investor?
It depends on your objectives. If you are purchasing for pure investment, alternatives such as MOP resale ECs may offer better risk-reward dynamics. If you intend to hold longer, ride out pricing cycles, and potentially occupy the unit, Pinery Residences may fit into a balanced strategy.
