[Update] Pine Grove relaunched for collective sale

/ EdgeProp Singapore
July 31, 2019 6:59 PM SGT
The owners of Pine Grove have relaunched the collective sale tender for the 99-year leasehold development. At an EOGM on Sunday July 28, "majority owners have agreed to revise the reserve price to $1.7 billion", says Freddy Choo, associate senior business director (investment & collective sale) of C&H Properties, the appointed marketing agent. C&H is working to collect signatures from 80% of property owners to approve the new reserve price.
The 660-unit former HUDC development, off Ulu Pandan Road and near Clementi Road, had launched a collective sale bid in February this year with a reserve price of $1.86 billion. A reserve price of $1.7 billion would translate to a land rate of about $1,214 psf per plot ratio, after factoring in payable differential and lease upgrade premiums.
For price trends, recent transactions, other project info, check out the Pine Grove project details page
(Picture: C&H Properties)
Pine Grove sits on an 893,219 sq ft plot, and the site can be redeveloped into a 24-storey residential project with 2,050 units having an average size of 914.9 sq ft. Located in District 21, the property is close to educational institutions such as Henry Park Primary School, Singapore Polytechnic, Eunoia Junior College, and Yale-NUS College.
The tender closes on Aug 30.