Pine Grove tender closed

The tender for Pine Grove – possibly the most expensive property to go enbloc – closed on Tuesday.

Its marketing agent Jones Lang LaSalle declined to comment if any bids were received for the tender, or when the results of the tender will be released.

Pine Grove is an 893,000 square feet property at Ulu Pandan. It went up for sale in early March.

The new development can yield a gross floor area of 1.88 million square feet. It can yield 1,500 units of 1,200 square feet each in 24-storey towers.

Including the development charge of S$460 million, the total cost of the property translates to S$2.2 billion or S$1,152 per square foot per plot ratio.

Each owner of Pine Grove’s current 28 units should pocket a tidy S$3.28 million from the sale.

If sold at the asking price, Pine Grove will beat Farrer Court, which was sold at S$1.3 billion in 2007.

Farrer Court has since been redeveloped into d’Leedon by CapitaLand.

Source : Channel NewsAsia – 19 Apr 2011

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