Pine Grove (Parcel A and B) New Condo

About Pine Grove (Parcel A and B) Site

Pine Grove Parcel A and B site is under Government Land Sales (GLS) and set to be release 2nd half of 2021 around November 2021. Both have a plot ratio of 2.1 and can build up to 520 and 565 residential units.

 

Pine Grove (Parcel A and B) Location

Pine Grove Parcel A and B, both located in District 21, Pine Grove district, Central West area of Singapore, may create over 1000 units when combined.

Clementi MRT (EW23) as well as Dover MRT are also nearby train stops (EW22).

Sheng Siong Hypermarket, Giant, and NTUC Fairprice are all within walking distance for day-to-day and grocery shopping.

CityVibe Mall, Grantral Mall, and The Clementi Mall are just a few of the retail complexes in the Pine Grove area.

Residents near Pine Grove may take advantage of a variety of public transit options. Clementi MRT and Dover MRT are the two nearest MRT stations. Those driving may reach the Orchard Road retail sector in 15 to 20 minutes by using Dunearn Road, Holland Road, and the Ayer Rajah Expressway.

 

Potential of the Site

Past successful property launches like Clavon, Parc Clematis, Clement Canopy proof the demand for this site at Pine Grove. It is also near to Holland Road, which is highly sought after as well with all the amenities, bistro and dining options.

With numerous reputable educational institutions and international education institutions nearby such as Nexus International School, Integrated International Schools, Henry Park Primary School, Pei Tong Primary School etc, this site will be highly sought after too by parents looking for condos near good schools.

Parcel A covers 22,534.7 square metres (sq m) and has a potential gross floor space of 47,323 sq m, allowing for the construction of 520 apartments. Parcel B, which covers 25,039.2 square meters and has a maximum GFA of 52,582 square meters, may accommodate 565 units.

Given their reasonable size and position in a desirable residential area, analysts believe Pine Grove Residences will attract interest from land-hungry developers. Henry Park Primary School, Holland Village, the one-north area, and the National University of Singapore are all close by (NUS).

There’s a good chance that developers will apply to take these two GLS sites off the reserve list, given the developers’ growing appetite for land acquisition, current strong market sentiment, and reduction of supply of new homes in the suburbs, according to Mr Ismail Gafoor, chief executive of PropNex Realty.

“The two properties will increase the availability of private dwellings in the Ulu Pandan estate. Ki Residences at Brookvale, the most recent neighboring new development, opened in December 2020 and has sold over 75% of its apartments, demonstrating strong underlying demand for new homes in the area “Added he.

To regulate traffic in the region, both sites have dwelling unit limitations, according to Cushman & Wakefield’s director of research Wong Xian Yang.

“The sites might be activated one at a time owing to their huge size, while Parcel A may draw more attention due to its somewhat lower land area and more regular form.

“However, if both properties are released for sale at the same time,” he said, “certain developers may bid for both sites to reduce future competition.”

Analysts predict six to ten bidders for each site, with prices ranging from $960 to $1,300 per square foot per plot ratio (psf ppr).

According to experts, if the bids are triggered, they might set the bar for the reserve price of neighbouring en bloc hopeful Pine Grove, whose previous $1.86 billion collective selling effort failed to find purchasers.

Parcel A may be developed up to an average of 980 sq ft per unit, while Parcel B can be built up to an average of 1,002 sq ft per unit, according to Ms Tricia Song, CBRE’s director of research for South-east Asia.

“In comparison to the previous tenders of two GLS parcels at Slim Barracks, which have a lower total quantum of about 400 units and received top bids of $1,210-$1,246 psf ppr, we estimate the highest bid to be more moderated, given the vast combined size of the offering and considering unit affordability.

“Developers might be looking at a selling price of $1,900-$2,000 psf and a land rate of $1,000-$1,100 psf ppr if one of the Pine Grove sites is put out to tender,” Ms Song said.

 

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