On 30th Nov 2021, URA released two 99-year leasehold residential plots in Pine Grove for sale, which are expected to provide more than 1,000 homes.
During the second half of 2021 of the Government Land Sales program, both plots were released under the reserve list in 2021. Government will only release these sites for tender once a developer submits a minimum price that is acceptable.
Pine Grove Parcel A And Parcel B:
Pine Grove En Bloc Parcels Location Map:
The land area of parcel A is 22,534.7 square metres, with a maximum gross floor area of 47,323 square metres, and can produce 520 units. Parcel B has a gross floor area of 52,582 square metres and the potential to generate 565 units. It measures 25,039.2 square metres.
Due to their sizeable size and location in a popular residential enclave, analysts say the properties may generate interest from land-hungry developers.
Nearby attractions include mixed development Holland Village, Henry Park Primary School, the National University of Singapore and the One-North hub.
As the property market remains strong with developers showing a willingness to acquire new land, and new homes are in short supply in the suburbs, there is a good chance developers will trigger the tender.
These two Pine Grove sites will add more private residential units to the Ulu Pandan area. New homes in this area are high in demand. This is seen from the new condo launch, Ki Residences, which previewed in Dec 2020 and is already 75% sold todate.
These two sites are quite large so developers may trigger the sites one at a time. However, as the size of Parcel A is slightly smaller and a little more regular, it could get more interest.
Then again, both parcels may get triggered concurrently as this is prevent competition in future.
For each site, analysts anticipate six to ten competing bidders, at prices between $960 and $1,300 per square foot per plot ratio (psf ppr).
The bids may set the benchmark for the reserve price of Pine Grove’s $1,86 billion collective sale, which was unsuccessful last time around.
In January 2019, the URA requires the average unit sizes to be at least 85 m2 or 915 sqft for non-landed residential buildings built outside the central area.
According to head of research for Southeast Asia at CBRE, Tricia Song, Parcel A can build up to 980 square feet on average, whereas parcel B can have a built up of 1,002 square feet on average.
The two Pine Grove land parcels combined will yield a lot more units and the higher average unit sizes will mean they needed to be sold at higher prices. This is in comparison to the recent tender of two Slim Barracks land parcels which will yield a combined total of 400 units and were bidded at $1210 and $1216 per square foot per plot ratio (psf ppr). It is therefore envisaged by a property analyst that the tenders will be more moderated at $1000 to $1100 psf ppr.
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