Pine Grove Residences Tender For Parcel A:
The 99-year leasehold Pine Grove Parcel A is located in District 21 Ulu Pandan under the Bukit Timah planning area. This is very near to Mount Sinai Rise.
Who Is The Developer For Pine Grove Residences?
Pine Grove Residences land tender was awarded to United Venture Development, a joint venture between UOL Group and Singapore Land Group, for $671.5 million. This was announced by the Urban Redevelopment Authority (URA) on Tue 14 June 2022. There were a total of five bids.
How Many Units Can Prine Grove Residence Build?
153m (Singapore Height Datum) is the maximum building height and the plot ratio is 2.1.
The Pine Grove land parcel A sits on 22,534.7 m2 of land space with a plot ratio of 2.1. This works out to a gross floor area of $14,189.73 per m2 and is expected to build about 520 residential apartments.
The Tender Price:
The tender price of $671.5 million is only S$800 more than the 2nd bid by Allgreen Properties. Hence this indicates that the winning bid was priced appropriately.
First Half 2022 GLS Programme:
Pine Grove Residences land parcel A was launched as part of the first half of the Government Land Sale programme in 2022. It represents part of the 2,785 houses within that programme. This number is 40% higher than the number of units launched in the second half of the GLS programme in 2021.
A second site in Pine Grove under Parcel B remains on the reserve list. This means that a bid submitted by a developer must meet URA’s minimum requirements before the Pine Grove Parcel B site can go to public tender.
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