Pine Grove up for collective sale at $1.95 bil
By Nur Hikmah Md Ali
/ EdgeProp Singapore |
Pine Grove condo in Bukit Timah (Photo: ERA Singapore).
SINGAPORE (EDGEPROP) - Pine Grove, the 99-year leasehold condo, is up for collective sale at a minimum price of $1.95 billion, according to a press release by ERA Singapore on Sept 13.
Sitting on a 893,218 sq ft site, the price translates to a land rate of $1,434 psf per plot ratio (ppr), after factoring in the additional 10% bonus gross floor area under various incentive schemes and including an estimated land betterment charge of $1.0084 billion for intensification and a lease upgrade for a fresh 99-year lease.
Details of the Pine Grove condo (Source: EdgeProp Research).
This is the fourth collective sale attempt for Pine Grove since 2008 and the third time that the condo development has achieved the requisite consensus.
The former Housing and Urban Development Company estate, located off Ulu Pandan Road in District 21, is zoned for residential development with a gross plot ratio of 2.1. It houses 660 residential units and was completed in 1984.
The site could potentially yield up to 2,050 new units, subject to approval from the authorities, according to the press release. The condo is within walking distance to Dover and Clementi MRT and well-established tertiary institutions, such as the National University of Singapore, Singapore Polytechnic, and Singapore University of Social Sciences.
Map of Pine Grove condo and its surrounding facilities. Source: EdgeProp LandLens (as at 14 September 2023).
The tender for Pine Grove will close on Nov 29 at 3pm.
Check out the latest listings for Pine Grove properties
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