Pine Grove (Parcel A) residential GLS site launched for sale
/ EdgeProp Singapore |
Pine Grove (Parcel A) government land sale site (Source: URA)
SINGAPORE (EDGEPROP) - A residential site at Pine Grove has been launched for sale by public tender under the Government Land Sales (GLS) programme. The 22,534.7 sq m (242,561 sq ft), 99-year leasehold site has a maximum gross floor area (GFA) of 47,323 sq m (509,381 sq ft).
The site is located in the Ulu Pandan area, under the Bukit Timah planning area in District 21. It has a plot ratio of 2.1, with a maximum building height of 153m SHD (Singapore Height Datum).
The maximum number of housing units that can be built on the site has been capped at 520 units, translating to an average GFA of 980 sq ft per unit.
Pine Grove (Parcel A) is located next to another GLS site, Pine Grove (Parcel B), which is currently on the GLS Reserve List. Pine Grove (Parcel B) is a 25,039.2 sq m (269,520 sq ft) site a maximum GFA of 565,987 sq ft. Potential units for the site are capped at 565, translating to a GFA of 1,002 sq ft per unit.
Source: URA
The limitations on units for both sites are to manage the potential traffic volume from the increase in the population when the new residential developments on these two sites are eventually completed in the future, says Nicholas Mak, head of research & consultancy at ERA Realty.
Nevertheless, he points out that the sites are considered large, given that units for each site exceed 500 units. “It is not often that the government would offer large residential land parcels in the Rest of Central Region (RCR) for sale,” he remarks. In 2021, the government launched eight GLS residential sites for sale, out of which three of the sites are in the RCR and only one site, at Jalan Tembusu, big enough to yield more than 500 housing units.
Lee Sze Teck, senior director (research) at Huttons Asia, notes that the last launch in the vicinity was The Trizon in 2009. “More than ten years have passed with potential pent-up demand building up for new homes,” he says. Units at The Trizon, which is a freehold property, have transacted at a median price of $1,767 psf this past year to date.
Other condominium projects in the vicinity include the 99-year leasehold Quinterra, completed in 2009, which has been trading at $1,462 psf this past year to date. Another leasehold project, The Serenade @ Holland, which was completed in 2004, has been trading at $1,321 psf this past year to date.
Lee anticipates five to eight bidders may participate in the tender for Parcel A, with land bids potentially ranging from $1,200 - $1,300 psf per plot ratio (ppr).
ERA’s Mak believes that given the cap on units, the new development on the site could potentially cater to larger, more family-friendly units with at least three bedrooms each. “After all, Pine Grove is an established residential area near the Clementi HDB housing estate,” he adds. (Find HDB flats for rent or sale with our Singapore HDB directory)
The area is also close to popular primary schools such as Henry Park and Pei Tong, located within a 1km radius.
The tender for Pine Grove (Parcel A) will close on June 2. The tender closing for this site will be batched with the residential site at Dunman Road which will be launched for sale in March 2022 under the Confirmed List of 1H2022 GLS Programme.
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