Pine Grove, a 660-unit HUDC estate, is set for its fifth collective sale attempt, with a tender launching on Mar 6. The estate, currently priced at $1.95 billion, will be relaunched at a valuation of $1.78 billion, marking an 8.7% reduction from the previous reserve price. The revised land rate is estimated at $1,335 psf per plot ratio (psf ppr), including 10% bonus GFA for balconies. The estate, completed 40 years ago, has a remaining lease of 59 years and is located within 1km of Henry Park Primary School in District 21.
- Pine Grove to launch fifth collective sale attempt at $1.78 billion valuation.
- Revised land rate estimated at $1,335 psf ppr, including 10% bonus GFA for balconies.
- Estate completed 40 years ago, with a remaining lease of 59 years.
- Located within 1km of Henry Park Primary School in District 21.
The decision to relaunch Pine Grove at a lower valuation reflects the cautious outlook towards large sites requiring substantial land and development costs. The estate's proximity to a popular primary school and its location in a prime residential neighborhood could attract developers looking to capitalize on the site's potential for a mega-development.
Stay updated on Pine Grove's collective sale progress and other real estate news by reaching out to us.
Source: EdgeProp