As many as S$1,300 per square foot (psf ppr) might be bidding for the residential complex in Pine Grove, market observers said Thursday (Feb 24).
Pine Grove (Parcel A) is a residential plot for sale by public tender by the Urban Redevelopment Authority (URA), which was notified on Thursday.
Clementi’s 22,534.7-square-meter land parcel is one of the verified GLS Program land parcels scheduled for release in the first half of 2022, according to a press release from URA.
PropNex Realty’s Wong Siew Ying predicted that Pine Grove (Parcel A) will attract up to 7-8 bids, with the highest price expected to be between S$586 million and S$637 million.
S$1,150 to $1,250 per square foot will be reflected in this, she said.
Strategic Location Site at Pine Grove
“As a result, we anticipate that Pine Grove Residence (Parcel A) will be attractive to developers looking to expand their land holdings. Due to its vicinity to various schools, including as Pei Tong Primary School, Henry Park Primary School and Singapore’s School of Science and Technology (SST), the placement of future residences on the property should appeal to a wide range of consumers “said she,
Lee Sze Teck, the senior director of research at Huttons, expects 5-8 bidders to participate in the process, with land offers ranging from S$1,200 to S$1,300 psf ppr..
“Potential pent-up demand building up for new houses,” he said of the 10-year gap since the previous launch in the area, which was The Trizon in 2009.
Nicholas Mak, the director of the research and consultation department at ERA Realty Networks, has estimated a range of S$950-1,050 per square foot per person per year (psf ppr) among 6-10 potential bidders, putting the highest price at S$484 million to S$535 million.
For example, he said that the “unique” restriction on the maximum number of units erected to 520 may help developers build more family-size apartments with at least three bedrooms each, so that Housing Development Board owners can improve their properties.
The maximum gross floor area of the property is 47,323 square meters, based on the Singapore Height Datum.
In addition, the URA said that the lease term would be 99 years.
Clementi Road, Ayer Rajah Expressway, and Ulu Pandan Road are all within a one-kilometer radius of Pine Grove (Parcel A), according to the Urban Redevelopment Authority (URA).
On June 2, 2022, at 12 p.m., the tender sales for Pine Grove (Parcel A) will come to an end. As part of the confirmed list of H1 2022 sites under the GLS Program, it will be grouped with the residential plot at Dunman Road, which will be unveiled in March of this year.
Pine Grove Parcel B on the Pipeline
On Pine Grove (Parcel B), Huttons’ Lee said that if demand and land bids for Parcel A are “deemed high,” then Pine Grove will be moved to a “confirmed” list in the second half of 2022.
Parcels A and B are next door to each other, and developers may apply for the acquisition of Parcels B and C.
It was announced by the Urban Redevelopment Authority (URA) that a reserve list site would be placed up for sale after a reasonable amount of time provided a developer’s stated minimum price in the application was accepted by the government.