Two Pine Grove sites can potentially yield up to 1,085 units altogether
December 4, 2021
Two property sites like Belgravia Ace at Pine Grove (Parcels An and B) that can jointly generate as much as 1,085 devices have been released offering for sale under the book list of the 2nd half 2021 Government Land Sales (GLS) program, introduced by the Urban Redevelopment Authority (URA) on Tuesday (30 November).
Under the booklist system, a site will only be released to buy once it receives an offer of a minimum price that serves the federal government. Confirmed checklist sites, on the other hand, are introduced according to setup regardless of need.
With an area of 22,534.7 sq m, Parcel A has a maximum gross flooring area (GFA) of 47,323 sq m as well as can generate 520 units. Parcel B, on the other hand, covers 25,039.2 sq m and has a maximum GFA of 52,582 sq m. It can produce 565 devices. Both websites come with a 99-year leasehold tenure.
Tricia Song, Head of Research Study for Southeast Asia at CBRE expects the sites to draw needs from designers, given their area within a fairly popular residential enclave and palatable dimension per parcel.
Key attractions consist of distance to Holland Village and the one-north precinct. The websites are also near various institutions including Henry Park Primary School, National University of Singapore (NUS), Ngee Ann Polytechnic as well as Institution of Science and also Technology Singapore.
” We keep in mind that there are home system caps on both websites to take care of website traffic need in the area. Parcel A can be built up to 520 dwelling units or a typical 980 sq ft each, while Parcel B’s cap is 565 units or an average of 1,002 sq ft each,” claimed Track.
The minimum unit size is somewhat bigger “than the implied 85 sq m or 915 sq ft per URA guidelines for non-Landed Residential Developments outside the Central Location in January 2019″, she stated.
” Nonetheless, given the huge combined dimension of the offering as well as the factor to consider of cost due to the minimum typical unit size, we expect the top bid to be more toughened up, compared to the most current tenders of two parcels at Slim Barracks, which have a smaller total quantum of 400 units and also had achieved leading quotes of $1,210 to $1,246 per sq ft per story proportion (psf ppr).”.
If either of the sites is launched for tender, programmers may be looking at a selling price of 1,900 to $2,000 psf, with a land rate of $1,000 to $1,100 psf ppr, including Song.
On The Other Hand, Huttons Asia believes that the opportunities of the sites being activated offer for sale are not high.
This comes as there are “better sites on the Confirmed Listing such as Jalan Tembusu as well as upcoming en bloc websites which will satiate designer’s cravings for land”, it said.