Jones Lang LaSalle has put up what it calls “the largest en bloc site” for sale by tender.
Pine Grove has a site area of around 893,000 square feet and is zoned for “residential” use.
Jones Lang did not provide an indicative price for the site but Channel NewsAsia reported in November last year that the site has an estimated reserve price of S$1.7 billion.
The property consultancy firm said the site has a gross plot ratio of up to 2.1 and can be redeveloped into a residential development of up to 24-storeys with a gross floor area of near 1.88 million square feet.
That translate to some 1,500 apartment units with sizes of about 1,200 square feet.
Jones Lang said the surrounding area comprises of prime residential developments and renowned educational institutions.
It added that the land would appeal to consortiums as it could be redeveloped into a landmark development or be divided into several smaller parcels for different or phase development.
Looking ahead, the marketing agent also said that despite the recent cooling measure, it is confident that the demand for en bloc sites would remain strong as the surge in foreign home buyers due to key recovering economies, could fuel the take up rates.
The tender will close at 3pm on April 19.
Source : Channel NewsAsia – 7 Mar 2011