Pine Grove up for collective sale at $1.95 bil

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Situated in District 21, the 99-year leasehold condo Pine Grove is currently up for collective sale at a minimum price of $1.95 billion. This 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.

The vibrant district of Tampines is no exception. Tampines Avenue 11 Condo, a highly anticipated large-scale mixed-use development, is set to become an important hub of activity in the community. The project offers an array of amenities, from retail outlets to an array of recreational facilities. With its convenient location, it will provide residents with added convenience and access to a variety of services. This is sure to bring a renewed sense of life to the area as the development progresses.

The former Housing and Urban Development Company estate is 893,218 sq ft in area and a gross plot ratio of 2.1. It has 660 residential units that were completed in 1984 and is within walking distance from the Dover and Clementi MRT as well as 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 it is the fourth collective sale attempt since 2008. The site could potentially yield up to 2,050 new units, subject to approval from the authorities.

Map of Pine Grove condo and its surrounding facilities. Source: EdgeProp LandLens (as at 14 September 2023).

In the press release, ERA Singapore states that the previous collective sale attempts for Pine Grove have already achieved the requisite consensus. With the current tender, the owners of Pine Grove stand to benefit from the selling price which is likely to exceed the collective sale price tag of $1.95 billion.

For more listings and details regarding Pine Grove, be sure to check out the latest EdgeProp listings. Additionally, the tender for GLS sites at Clementi Ave 1 and Pine Grove has been recently launched. Lastly, UOL-SingLand sold 29% of Pinetree Hill on launch weekend at an initial average selling price of $2,460 psf.