UOL and SingLand JV has the highest bid for Pine Grove Parcel A at $1,318 psf ppr
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A tender to purchase two government residential sales of land (GLS) sites — Pine Grove (Parcel A) and Dunman Road -was closed on the day of closing.
The site located at Pine Grove (Parcel A) attracted five bids, with a the difference being just 800 dollars which is 0.0001% between the top and second-highest bids.
The highest bid of $671,500,800 was offered by an 80/20 joint partnership that was formed between UOL Group and Singapore Land Group (SingLand) which amounts to a land value of $1,318 per plot percentage (psf per plot ratio).
Allgreen’s bid was $671,000,000. “This could be the toughest fight in GLS tenders,” says Lee Sze Teck who is the director of senior (research), Huttons Asia.
It was the Tengah Garden Walk EC site which was closed at the close in May of 2021 had only a tiny gap of 0.03% between the top two bids.
The City Developments (CDL) and MCL Land joint venture submitted the highest bid , which was $603.16 per psf, with CSC Land Group in second spot with a bid of $602.99 per psf.
Another intense battle took place in September 2018 in which Evia Real Estate and Gamuda Land took over the EC site located at Anchorvale Crescent in a sum of $8999. The project was officially launched in the form of the 548 unit Ola in March of 2020 and completely sold by the time of this writing.
“The close bids are a reflection of developers have a need to swiftly replenish their landbanks with appealing sites and, in particular, in an area that isn’t a new launch for longer than 10 years” Lee adds Lee. The most recent GLS site in the area has been The Serenade @ Holland in 2001. in 2001.
Based on Jesline Goh the chief asset and investment officer According to Jesline Goh, chief investment and asset officer of UOL Group, the site located at Pine Grove Parcel A will be converted into a 520-unit residential property.
She expects a healthy demand due to the location within the well-established private residential neighborhood in Mount Sinai Rise. The most popular primary schools within the area are Henry Park and Pei Tong. The nearby retail and leisure facilities are Holland Village, The Clementi Mall and the Star Vista.
“Given the website’s strengths we anticipate an intense interest from both investors and homebuyers,” Goh adds.
Huttons’ Lee points to the possibility of a forthcoming MRT station located on the Cross Island Line at Sunset Way located near Pine Grove.
On the basis of the bidding price offered from UOL as well as SingLand, Steven Tan, the CEO of OrangeTee & Tie, estimates that the project on Pine Grove (Parcel A) Pine Grove (Parcel A) site could be priced between the range of $2,300-2,400 per square foot at the time of its launch.
Tan adds that interest in the site remains strong, despite the possibility of rivalry in the GLS site situated right next to it, Pine Grove (Parcel B). The 269,520 sq ft 99 year leasehold site is currently listed on the Reserve List and can yield 565 units.
“With the absence of any new big projects being developed in that Ulu Pandan and Pine Grove area over the last decade There could be a significant demand for homes in this region,” he says.