Pine Grove Sets Sights on S$1.95 Billion Collective Sale in Fifth Attempt
A Fresh Bid for Transformation
Pine Grove is poised for a transformative leap with its relaunch for a collective sale at a staggering S$1.95 billion this Wednesday, marking the fifth endeavor to sell the Ulu Pandan condominium enclave.
This bold figure mirrors a calculated land rate of approximately S$1,440 per square foot per plot ratio, considering an additional 7% bonus gross floor area from various incentive schemes and an estimated land betterment charge of S$1.02 billion for site intensification and a lease renewal to a fresh 99-year term, detailed ERA Singapore’s CEO, Mr. Marcus Chu, ahead of the launch.
Despite the ambitious relaunch price, there’s potential flexibility with considerations for a reduced reserve price of S$1.78 billion — a strategic adjustment reflecting a more appealing land rate of about S$1,341 psf per plot ratio.
This adjustment has already seen significant owner buy-in, with over 60% of Pine Grove residents signing a supplemental agreement as of March 3, 2024, indicating a strong inclination towards ensuring the sale’s success.
The journey to Pine Grove’s collective sale has been long, with previous bids in 2019 and 2011 and an initial attempt in 2008, showcasing the owners’ perseverance.
Situated off Ulu Pandan Road, the estate spans a generous 82,982.8 square meters and houses 660 units, holding about 59 years left on its lease.
As one of the largest former Housing and Urban Development Company (HUDC) estates, Pine Grove stands second only to Braddell View in terms of land size, encapsulating a rich heritage since its completion in 1984 and subsequent privatization in 1996.
Pine Grove Massive Redevelopment Site Could Build Up To 2,050 New Housing Units
Pine Grove: A Coveted Location with Unmatched Amenities
Nestled in the heart of Ulu Pandan, Pine Grove stands as a beacon of potential for both developers and homebuyers seeking the perfect blend of serene residential living and unparalleled access to Singapore’s vibrant urban amenities.
As Pine Grove prepares for its fifth en bloc attempt with a promising outlook, its strategic location and the plethora of surrounding amenities have become a significant draw.
Here’s an exploration of what makes Pine Grove’s site location so desirable.
Strategic Urban Location
Pine Grove’s advantageous positioning off Ulu Pandan Road, in close proximity to the bustling hubs of Clementi and Dover, places it within an arm’s reach of the city’s dynamic rhythm yet far enough to retain a sense of tranquility and privacy.
This balance is a rare find in Singapore’s rapidly developing landscape, offering potential residents the best of both worlds.
Unrivaled Connectivity
One of Pine Grove’s standout features is its connectivity. Close to the Dover MRT station, residents have swift access to public transportation, linking them to the island-wide MRT network.
This ensures that whether it’s for work or leisure, moving around Singapore is a breeze for Pine Grove’s future residents.
The development’s proximity to major expressways further enhances its appeal, offering easy access to various parts of the city.
Educational Institutions Galore
For families, the educational opportunities near Pine Grove are a considerable attraction.
The area is home to several prestigious primary schools, tertiary institutions, and international schools, making it an ideal location for families prioritizing top-notch education for their children.
The presence of renowned institutions within a short distance is a testament to the area’s family-friendly ethos.
Shopping and Dining Experiences
Future residents of Pine Grove need not travel far to indulge in shopping and dining. The nearby Clementi Mall and The Star Vista offer a wide range of retail outlets, supermarkets, eateries, and entertainment options, catering to all lifestyles and preferences.
Holland Village, known for its vibrant nightlife, eclectic dining options, and charming boutiques, is also just a short drive away, providing a perfect spot for weekend gatherings and leisure activities.
Green Spaces and Recreation
Adjacent to Pine Grove is the lush greenery of Ulu Pandan Park Connector, offering residents an escape into nature and a plethora of outdoor activities.
The site’s proximity to the Central Catchment Nature Reserve and Singapore Botanic Gardens opens up endless possibilities for nature lovers and fitness enthusiasts to explore scenic trails, enjoy picnics, and immerse themselves in the tranquility of nature.
A Timely Opportunity Amid Policy Tailwinds
With a gross plot ratio of 2.1 as designated in the Master Plan 2019, Pine Grove is primed for a transformative redevelopment into a modern residential enclave that could encompass up to 2,050 units.
This potential for a significant overhaul, paired with its strategic locale and a bounty of nearby conveniences, earmarks Pine Grove as a standout investment opportunity within Singapore’s residential sphere.
The current collective sale bid further underscores Pine Grove’s allure, spotlighting its promising future as a hub of convenience, connectivity, and communal living.
ERA’s managing director of investment sales, Mr. Tay Liam Hiap, highlights the exceptional opportunity for developers to create a defining project that leverages the area’s lush landscapes and proximity to essential transport amenities.
The community’s strong support for the sale, invigorated by recent policy enhancements to the Additional Buyer’s Stamp Duty remission clawback, signals a ripe moment for change.
With the tender concluding on May 6, Pine Grove presents more than just real estate; it offers a blueprint for a revitalized living space that aspires to elevate the standard of luxury in Ulu Pandan, marking a crucial step in the estate’s journey towards an era of residential distinction.
Pine Grove En Bloc All Details
