Pine Grove Condo, which located near Holland Road has relaunched their collective sale again on 30th July, Tuesday 2019.
This was announced by C&H Group, the sole marketing agent of the sale.
In order to attract and land a buyer, the new reserve price is attractively set at S$1.7 billion by the owners, the previous launch price on March this year was at S$1.86 billion.
Owners have approved and passed a resolution to lower the reserve price for the re- launch with signatures being collected to cross the statutory 80% by Share Value and by Strata Area before an actual sale could be concluded.
Base on the reserve price, the new land rate will down to S$1,214 psf ppr. This rate also factors the differential premium as well as in the lease upgrade premium that is payable for GFA of 1,875,760 sq ft.
Pine Grove covers a huge land area of 893,219 square feet and the condo is a 99-year leasehold property which has a 2.1 gross plot ratio.
Subject to planning Authority approval, the site can be redeveloped into an iconic modern luxury residential project which can build up to 24-storey, maximum around 2,050 residential units with 85 sq m average size.
Pine Grove is a good potential site for redevelopment and has almost everything inside the developer’s checklist.
It is situated close to some important districts of Singapore with many amenities and attractions easily found within.
The district 21 prominent residential landmark is close proximity to Holland Village as well as reputable educational institutions, National University Hospital, mega shopping malls and several MRT stations.
Connectivity wise, Pine Grove is centrally located and has easy access to the expressways (AYE, PIE, BKE), with Orchard Road and the Central Business District a few minutes’ drive away.
The Jurong East new Central Business District and Jurong Lakeside Entertainment Region is also short drive away from the en bloc site
The Public tender will close at 3 pm on 30 August, Friday 2019.