Pine Grove Parcel A and B Location

Sinarmas Land, in collaboration with MCL Land, has clinched the Pine Grove Parcel B government land sale (GLS) site with a groundbreaking bid of $1,223 per square foot per plot ratio (psf ppr). This joint venture marks Sinarmas Land’s inaugural foray into residential development in Singapore.

Pine Grove Parcel B Tender

Sinarmas Land, a prominent Singapore-listed real estate developer and subsidiary of Indonesia’s Sinar Mas Group, demonstrated its strategic prowess by submitting the highest bid of $692.388 million for the 99-year leasehold site. MCL Land has a proven track record in developing successful residential projects in Singapore and Malaysia.

The bid, translating to $1,223 psf ppr, surpassed the competition by 23.8%, showcasing the commitment of Sinarmas Land and MCL Land to this prestigious development. Notably, this bid, although lower than the adjacent Pine Grove Parcel A site, reflects a strategic and calculated move in the dynamic real estate landscape.

Pinetree Hill Showflat

Wong Siew Ying of PropNex attributes the comparatively subdued response to the presence of the ongoing Pinetree Hill development in Pine Grove Parcel A. Despite the lower bid for Parcel B, market experts like Chia Siew Chuin of JLL, and Justin Quek of OrangeTee & Tie, anticipate a sufficient time gap between Pinetree Hill’s launch and the future project at Parcel B, ensuring demand absorption in the area.

The 269,552 sq ft Parcel B site, with a maximum gross floor area of 566,003 sq ft, holds the potential for a new residential project featuring 565 units. PropNex’s Wong estimates an average selling price of $2,300 to $2,400 psf for the upcoming condo at Parcel B.

While nearby collective sales, such as the Pine Grove HUDC estate that was privatised, present alternatives, developers continue to favor GLS sites, evident from the multiple bids received for Parcel B. Justin Quek of OrangeTee notes that the Pine Grove Parcel B site bid of $1,223 psf ppr is the lowest among the three sites that closed for tender on this day.

Sinarmas Land and MCL Land have set a new benchmark with their record-breaking bid for Pine Grove Parcel B, signaling a significant milestone in the Singaporean real estate landscape