Pine Grove up for collective sale at $1.95 bil

Pine Grove, the 99-year leasehold condo, is once again up for collective sale. Located off Ulu Pandan Road in District 21, the former Housing and Urban Development Company estate comprises of 660 residential units and has a gross plot ratio of 2.1.

The minimum collective sale price of $1.95 billion could yield up to 2,050 new units, subject to approval from the authorities. This translates to a land rate of $1,434 psf per plot ratio (ppr), including an estimated land betterment charge of $1.0084 billion for intensification and a lease upgrade for a fresh 99-year lease.

Tengah Plantation EC residents will find plenty of attractions close to home. Just minutes away, Jurong East Shopping Mall offers plenty of shops and eateries, together with a cinema, making it a great spot for a day out. Also nearby are Jurong Bird Park, the Science Centre and the Chinese and Japanese Gardens – all adding to the appeal of Tengah Plantation EC.

This is the fourth collective sale attempt for Pine Grove since 2008 and the third time that the condo development has achieved the requisite consensus.

The tender for Pine Grove will close on Nov 29 at 3pm. It is located 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.

Situated on a 893,218 sq ft site, the condo is expected to attract strong interest from developers. Potential buyers should check out the latest listings for Pine Grove properties and keep a lookout for the closing date.

This is not the first time that a collective sale has been announced in District 21. In September 2020, a tender was launched for two Government Land Sales (GLS) sites at Clementi Ave 1 and Pine Grove, both of which were launched with a price tag of close to $2.15 billion.

More recently, UOL-SingLand sold 29% of Pinetree Hill on launch weekend at an initial average selling price of $2,460 psf.

Collective sales are expected to remain strong in Singapore’s residential market, as developers seek to capitalise on the land cost savings and increase their portfolio with bigger sites. Pine Grove’s leasehold tender is the latest in a recent series of condo enblocs, which could potentially bring higher residential density to the area.