Pine Grove to be relaunched for collective sale at S$1.95 billion with possibility of lower reserve price

SINGAPORE: Pine Grove will seemingly be relaunched for collective sale at S$1.95 billion (US$1.Forty five billion) on Wednesday (Mar 6) within the fifth en bloc try for the Ulu Pandan condominium.

The worth reflects a land price of about S$1,440 psf per scheme ratio “after factoring in (an) extra 10 per cent bonus nasty flooring scheme below the many incentive schemes and inclusive of an estimated land betterment ticket of S$1.02 billion for intensification and (a) rent enhance for a fresh ninety nine-year rent”, Mr Marcus Chu, CEO of its advertising and marketing agent ERA Singapore, talked about in a media open on Tuesday.

The light Housing and Urban Building Company (HUDC) property could maybe, nonetheless, accept as true with a decrease reserve ticket of S$1.78 billion.

Mr Chu talked about Pine Grove householders began signing a supplemental agreement for a decrease reserve ticket on Jan 21 this year – a ticket which mirrored a land price of about S$1,341 psf per scheme ratio after factoring within the bonus nasty flooring scheme an estimated land betterment ticket of S$987 million.

“As of Mar 3, 2024, over 60 per cent of householders accept as true with signed the supplemental agreement, pending verification by the attorneys,” he talked about.

Structures 10 years outmoded and above require no longer no longer as much as 80 per cent consent from householders for a collective sale to occur.

The reserve ticket for Pine Grove’s fourth en bloc try in slack 2023 used to be also S$1.95 billion. The reserve prices in two preceding en bloc makes an try in 2019 and 2011 were S$1.86 billion and S$1.7 billion respectively. An earlier try in 2008 did no longer rating the consensus required.

The property, located off Ulu Pandan Facet street, comprises 660 items on a home of 82,982.8 sq m with a final rent term of about 59 years. It used to be achieved in 1984 and used to be privatised in 1996.

Out of the 18 light HUDC estates built between 1974 and 1987, Pine Grove ranks 2d in phrases of land dimension after Braddell Request.