CDL, Frasers Property and Sekisui House tie-up is highest bidder for Toa Payoh plot, at S$1,360 psf ppr
For Pine Grove (Parcel B), MCL Land teamed up with Sinar Mas Land to place the top bid of nearly S$692.4 million. This reflects S$1,223.30 psf ppr. The second-highest bid, from a JV between UOL Group and Singapore Land, came in at S$988.50 psf ppr. The third and lowest bid, from a Wing Tai unit, was nearly S$834 psf ppr.
A housing unit cap of 565 units has been set for the Pine Grove plot to manage traffic in the area.
The Urban Redevelopment Authority (URA) closed the tender for 3 sites at Clementi Avenue 1, Pine Grove (Parcel B) and Lorong 1 Toa Payoh today.
The public tender for the two sites at Clementi Avenue 1 and Pine Grove (Parcel B) was launched on 15 August 2023 while the tender for the site at Lorong 1 Toa Payoh was launched on 5 September 2023.
This is not an announcement of tender award. A decision on the award of the tender will be made after the bids have been evaluated. This will be publicised at a later date.
LAND PARCEL AT PINE GROVE (PARCEL B)
ALLOWABLE DEVELOPMENT : RESIDENTIAL
SITE AREA : 25,039.2 m²
MAXIMUM PERMISSIBLE GFA : 52,583 m²
DATE OF LAUNCH : 15 AUGUST 2023
DATE TENDER CLOSED : 7 NOVEMBER 2023
LEASE PERIOD : 99 YEARS
|RANK||NAME OF TENDERER||TENDERED SALE PRICE ($)||TENDERED SALE PRICE IN $PSM OF GFA||TENDERED SALE PRICE IN $PSF OF GFA|
|1||Golden Ray Edge 3 Pte. Ltd.||692,388,000||13,167.53||1223.3|
|2||United Venture Development (No. 7) Pte. Ltd.||559,489,100||10,640.11||988.5|
|3||Winchamp Investment Pte. Ltd.||472,000,000||8,976.29||833.9|
TWO state land parcels at Clementi Avenue 1 and Pine Grove (Parcel B) have been released for sale, and are expected to draw bids of up to S$1,200 per square foot, and in the region of S$550 million to S$650 million for each site.
Of the two sites, the Clementi plot is likely to draw stronger interest, as it sits where there have been few new projects recently, market watchers said. The Pine Grove site, meanwhile, is located next to UOL’s upcoming Pinetree Hill, which was marketed last month.
The Government today announced the Government Land Sales (GLS) Programme for the second half of 2022 (2H2022), which comprises six Confirmed List sites and eight Reserve List sites. These sites can yield about 7,310 private residential units, 94,750 sqm gross floor area (GFA) of commercial space and 530 hotel rooms.
The list includes the land plot at Pine Grove (Parcel B), under the Reserve List.
The Urban Redevelopment Authority (URA) has released two residential sites at Pine Grove (Parcels A & B) for sale today under the Reserve List of the second half 2021 (2H2021) Government Land Sales (GLS) Programme. Together, these two sites can yield up to 1,085 residential units.
The Pine Grove Parcel B land plot is located just off Pandan Valley Road and Ulu Pandan Road.
With a site area of 2.48ha (266,945 sqft) the land plot is expected to yield 565 housing units.
Site Area : 25,039.2 m2
Maximum Gross Floor Area : 52,582 m2
Located within an established private residential enclave, the land parcel is linked to major roads and expressways such as Ayer Rajah Expressway (AYE), Clementi Road and Ulu Pandan Road for easy access to various parts of Singapore. Clementi and Dover MRT stations on the East West Line are about 1km away.
Proximity to Schools, Amenities and Park Spaces
Several schools such as Pei Tong Primary School, Henry Park Primary School and School of Science and Technology, Singapore are located nearby.
Amenities such as The Clementi Mall, Grantral Mall @ Clementi and Clementi Avenue 2 Market & Food Centre are a short drive away.
Residents will enjoy proximity to recreational choices such as the nearby upcoming Clementi Nature Trail, which will run along Ulu Pandan Park Connector and connect back to the Rail Corridor.
Location: Pine Grove (Parcel B)
Site Area: 25,039.2 m2
Lease Period: 99 years
Allowable Development: Residential
Maximum Gross Floor Area: 52,582 m2
Maximum Building Height: 153 m SHD
Project Completion Period: 60 months
The Land Parcel, bounded by Ulu Pandan Road to the north and Pine Grove condominium to the south, and is designated for residential development within the Bukit Timah Planning Area. It is located within an established private residential that comprises medium-density (GPR 2.1) condominiums.
The Land Parcel is well-served by bus services that ply Ulu Pandan Road and within easy reach of the Ulu Pandan Park Connector and upcoming Clementi Nature Trail, and nearby educational institutions such as Henry Park Primary School, Pei Tong Primary School, and School of Science and Technology, Singapore. It is located in proximity to amenities such as The Clementi Mall and Grantral Mall @ Clementi. Clementi and Dover MRT stations on the East West Line are about 1km away.
The Land Parcel is also well connected to major roads and expressways such as Ayer Rajah Expressway (AYE), Clementi Road, Ulu Pandan Road and Holland Road.
The Land Parcel is to be developed for Residential development. The maximum permissible Gross Floor Area (GFA) for the proposed development is 52,582 m2 and the total GFA to be built is not to be less than 47,324 m2. The total number of dwelling units (DUs) for residential use shall not exceed 565 units to manage traffic demand in the area.
The proposed development is subject to specific building height controls which are established to guide the proposed development to relate sensitively to the surrounding developments and site context.
The development is subject to a building height control of 153.0 m SHD, or a maximum of 24 storeys, whichever is lower.
To future-proof new development sites in Singapore, the Successful Tenderer is required to have active and passive provision of EV charging points for the proposed development as set out in Section 7.0 of the Conditions and Requirements of Relevant Competent Authorities and Public Utility Licensees.