Pine Grove up for collective sale at $1.95 bil

Pine Grove, a 99-year leasehold condo, is up for collective sale at the minimum price of $1.95 billion. Located in District 21 off Ulu Pandan Road, the site has a gross plot ratio of 2.1 and could potentially yield up to 2,050 new units upon approval from the authorities.

This is the fourth attempt to launch a collective sale for Pine Grove and the third time achieving the requisite consensus. After factoring in various incentive schemes, including an estimated land betterment charge of $1.0084 billion for intensification and a lease upgrade for a fresh 99-year lease, the price translates to a land rate of $1,434 psf per plot ratio (ppr).

The site covers 893,218 sq ft and is zoned for residential development. It has 660 residential units and is within walking distance to Dover and Clementi MRT as well as well-established tertiary institutions such as the National University of Singapore, Singapore Polytechnic, and Singapore University of Social Sciences.

The tender for Pine Grove will close on Nov 29 at 3pm, and potential buyers can get the latest listings for Pine Grove properties.

Residents of Senja Residences EC can expect convenience as the development is located near upcoming Bukit Panjang MRT Station and Bukit Panjang Plaza. There are also a number of recreational activities located nearby, such as the Dairy Farm Nature Park, the Bukit Timah Nature Reserve and the Bukit Panjang Park. These facilities will provide the perfect opportunity to escape the bustle of the city.

This collective sale will join other assignments such as the tender launch for GLS sites at Clementi Ave 1 and Pine Grove, as well as UOL-SingLand selling 29% of Pinetree Hill on launch weekend at an initial average selling price of $2,460 psf.