Pine Grove's S$1.86 billion mega collective sale tender ended on Tuesday with no bidders. It has gone into the 10-week private treaty period, key executive officer of the marketing agent C&H Group Nelson Lim told The Business Times. The private treaty period allows en bloc sites to negotiate with interested developers. Pine Grove's inability to find a buyer, particularly in the post-cooling measures...
Pine Grove Enbloc
After an arduous en bloc journey lasting years, Pine Grove is finally up for collective sale - with an asking price of S$1.86 billion. Given the size of the price tag and scale of the redevelopment - possibly yielding more than 2,000 units - the former HUDC project along Ulu Pandan Road will be a litmus test for developers' appetite for billion-dollar deals. Despite the more cautious mood in the en...
Pine Grove will launch on Tuesday the long-awaited collective sale for the 660-unit condominium located in the Holland Road cluster at a reserve price of S$1.86 billion. The collective sale's reserve price translates to a land rate of S$1,307 per sq ft per plot ratio (psf ppr), after factoring in differential and lease upgrade premiums payable on a maximum permissible gross floor area of about...
Pine Grove and Laguna Park (picture) are currently the two most expensive en bloc properties up for sale, costing about S$1.7 billion and S$1.33 billion respectively. But analysts said Laguna Park's sea view frontage along Marine Parade Road and its rectangle-shaped land plot put it in a more advantageous position over Pine Grove in terms of attracting potential developers to bid for the sites. They...
Nearly three weeks after the close of what was marketed as Singapore's largest en bloc tender, Pine Grove's marketing agent Jones Lang LaSalle has kept quiet about the outcome. But MediaCorp understands the development off Ulu Pandan, which has an independent valuation of S$1.25 billion, has received at least one private offer. Ms Christina Sim, director of Investment at Cushman & Wakefield, said: "A...
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...
Experts have said Pine Grove's high development charge (DC) of S$460 million may be a deal breaker for property developers. They add that the site's DC has increased by 9.5 per cent, in line with the DC rate hike earlier this month. Including the DC, analysts said Pine Grove's total cost for a buyer works out to S$2.16 billion or S$1,152 per square foot per plot ratio. A lush green view is what Pine...
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...
Pine Grove residents may be sitting on an enbloc gold mine, but analysts have said realising the dream of a collective sale may be fraught with hurdles. With a hefty asking price of S$1.7 billion and with more land sites launching soon, developers may pass on the 660-unit property. Situated along Ulu Pandan Road, Pine Grove has an 80 per cent approval for its third enbloc tender. And with its location...
It could be third time lucky for Pine Grove estate along Ulu Pandan Road. MediaCorp understands that the condominium's third attempt at an en bloc sale received the necessary 80 per cent majority approval last Saturday. According to residents, the reserve price is set at S$1.7 billion, setting the stage for Pine Grove to become Singapore's largest residential collective sale, beating the 2007 record for...