Pine Grove Parcel A Tender By UOL And SingLand JV Is Highest

Pine Grove Parcel A Tender Price & Developer:

Pine Grove Parcel A tender had attracted five bidders when tender closed on 2 June 2022, with only an $800 difference between the first and second-highest bidders. In an 80/20 joint venture under the subsidiary name of United Venture Development, both UOL Group and Singapore Land Group (SingLand) submitted the top bid of S$671,500,800. This resulted in a land rate of S$1,318 per square foot per plot ratio (ppr psf). The Urban Redevelopment Authority (URA) announced on 14 June 2022 that the tender was awarded to the highest bidder. This highest bid is only $800 more than the 2nd bidder, Allgreen.

Pine Grove Parcel A Tender:

Image credit:ura

Planning Area:

Pine Grove Parcel A is a 99-year leasehold property located in District 21 Ulu Pandan under the Planning Area of Bukit Timah. Mount Sinai Rise is close by.

There has been no new condo launches in the past 10 years in the Pine Grove and Ulu Pandan areas. As such, it is anticipated that the pent-up demand will be high here.

Estimated Number Of Units

Located on 22,534.7 m2 of huge land space, Pine Grove land parcel A has a plot ratio of 2.1. This translates into a gross floor area of 14,189.73 per m2. It is expected to build approximately 520 residential apartments.

Estimated Selling Price:

The estimated selling price based on the land price won is S$2200 to S$2300 psf.

GLS Programme In The First Half Of 2022:

Land parcel A for Pine Grove was unveiled for public tender in 2022 as part of the first half of the Government Land Sale programme. The houses is part of a total of 2,785 houses to be built under that program. There are 40% more units launched in this 1st half of 2022 than in the 2nd half of the GLS programme in 2021.

The second Pine Grove site under Parcel B remains on the reserve list. For Pine Grove Parcel B to go to public tender, a developer must submit a bid that meets URA’s minimum requirements.

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