{"id":104413,"date":"2019-02-26T12:58:15","date_gmt":"2019-02-26T05:58:15","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/pine-grove-tender-a-litmus-test-for-en-bloc-appetite\/"},"modified":"2019-02-26T13:02:44","modified_gmt":"2019-02-26T06:02:44","slug":"pine-grove-tender-a-litmus-test-for-en-bloc-appetite","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pine-grove-tender-a-litmus-test-for-en-bloc-appetite\/","title":{"rendered":"Pine Grove tender a litmus test for en bloc appetite"},"content":{"rendered":"


\n2018 was a successful year for en bloc sale transactions until the government rolled out new property curbs in July.
\nPine Grove, a former HUDC project at Ulu Pandan Road, is up for collective sale carrying an asking price of $1.86 billion, reported the Business Times.
\nDespite the cautious mood in the collective sale market following the government\u2019s introduction of additional property cooling measures last July, the asking price for the 660-unit privatised condo was increased from $1.72 billion to $1.86 billion to entice at least 80 percent of the owners to agree to sign up.
\nMore:\u00a0Understanding The En Bloc Process (August 2018)
\nAs this year\u2019s first billion-dollar fresh tender within the en bloc market, the project will serve as a litmus test for developers\u2019 appetite for such deals.
\n2018 was a successful year for en bloc sale transactions until the government rolled out new property curbs in July to prevent property prices from overheating. The Urban Redevelopment Authority\u2019s rule on the maximum number of units within non-landed residential projects outside the central area was also tightened.
\nLocated within the Holland Road area, Pine Grove sits on an 893,219 sq ft site. It has 64 years left on its 99-year lease and a gross plot ratio of 2.1.
\nSubject to planning approval, the site could be redeveloped into a 24-storey residential landmark with 2,050 maximum allowable housing units averaging 85 sq m.
\nThe project\u2019s $1.86 billion asking price works out to $1,307 per sq ft per plot ratio, after considering the differential and lease upgrade premiums payable based on a maximum permissible gross floor area of around 1,875,760 sq ft.
\nPine Grove\u2019s tender, along with Grange Heights \u2013 which was launched in January with an $820 million reserve price \u2013 will be closely monitored by the market to determine if collective sale demand still has legs.
\nIn recent times, over 30 en bloc sales sites failed to find buyers at the close of their tenders.
\nThese include the Spanish Village condominium, which failed to secure a buyer during its second en bloc attempt with a price tag of $882 million.
\nIn fact, CBRE expects collective sales volume to drop 10 to 20 percent of last year\u2019s value.
\nThe tender for Pine Grove closes on 23 April, said project marketing agent C&H Group. The latest tender exercise for Grange Heights, on the other hand, closes on 11 March.
\nGet more details on the property market outlook for 2019 here
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Pine Grove tender a litmus test for en bloc appetite<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

2018 was a successful year for en bloc sale transactions until the government rolled out...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-104413","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-ra5","jetpack-related-posts":[{"id":102319,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/over-30-en-bloc-sites-fail-to-secure-buyers\/","url_meta":{"origin":104413,"position":0},"title":"Over 30 en bloc sites fail to secure buyers","date":"December 17, 2018","format":false,"excerpt":"\r The owners of Windy Heights in Kembangan are undergoing a re-signing process to cut the reserve price to $750 million. Singapore\u2019s en bloc residential market has slowed down, with over 30 sites failing to secure buyers after the government introduced fresh property curbs in July, reported Channel NewsAsia. \u201cAfter\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104953,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mandarin-gardens-raises-asking-price-to-whooping-2-9bil\/","url_meta":{"origin":104413,"position":1},"title":"Mandarin Gardens raises asking price to whooping $2.9bil","date":"March 13, 2019","format":false,"excerpt":"\r If the sale goes through, the owners would receive between $1.86 million and $5.98 million depending on their unit size. The Collective Sale Committee (CSC) of Mandarin Gardens has again raised the development\u2019s reserve price from $2.79 billion to a new record asking price of $2.927 billion, despite the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104955,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mandarin-gardens-raises-asking-price-to-whopping-2-9bil\/","url_meta":{"origin":104413,"position":2},"title":"Mandarin Gardens raises asking price to whopping $2.9bil","date":"March 13, 2019","format":false,"excerpt":"\r If the sale goes through, the owners would receive between $1.86 million and $5.98 million depending on their unit size. The Collective Sale Committee (CSC) of Mandarin Gardens has again raised the development\u2019s reserve price from $2.79 billion to a new record asking price of $2.927 billion, despite the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":66468,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pine-grove-to-go-en-bloc-again\/","url_meta":{"origin":104413,"position":3},"title":"Pine Grove to go en bloc again","date":"September 15, 2017","format":false,"excerpt":"\r View of the 660-unit Pine Grove, a former HUDC estate near Ulu Pandan. (Photo: Google Maps) After two failed attempts in 2008 and 2011, owners at Pine Grove near Ulu Pandan are trying their luck again at a collective sale, this time at a price of $1.65 billion, reported\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":66798,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/braddell-view-owners-eyeing-2-billion-en-bloc-sale\/","url_meta":{"origin":104413,"position":4},"title":"Braddell View owners eyeing $2 billion en bloc sale","date":"September 19, 2017","format":false,"excerpt":"\r The 918-unit project is the last HUDC estate to be privatised. (Photo: HDB) The residents of the biggest HUDC estate here plan to hold an extraordinary general meeting on 10 October to form a collective sale committee in a bid to sell the entire property for a minimum price\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":105399,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mandarin-gardens-en-bloc-attempt-fails-to-take-off\/","url_meta":{"origin":104413,"position":5},"title":"Mandarin Gardens en bloc attempt fails to take off","date":"March 26, 2019","format":false,"excerpt":"\r The asking price for the development was raised after the owners discovered that the land parcel was undervalued. The en bloc sale attempt of Mandarin Gardens failed to take off even as the asking price was raised to a record high of $2.927 billion, reported the New Paper. This\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/104413"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=104413"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/104413\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=104413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=104413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=104413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}