Pine Grove, a prime redevelopment site near Holland Village, is up for collective sale through tender.
With an area of 893,219 sq ft, the site is zoned for residential use with a gross plot ratio of up to 2.1. The site can be redeveloped into a residential development of up to 24 storeys, with a gross floor area (GFA) of up to 1,875,759 sq ft. This could generate up to 1,500 apartment units with sizes of approximately 1,200 sq ft.
Situated at 1A – 1P Pine Grove, the site currently comprises 660 residential units with sizes ranging between 1,163 sq ft and 1,938 sq ft each.
“The site is very attractive as the large sprawling land allows flexibility and creativity in building designs and developers can enjoy economies of scale in the redevelopment. The sizeable land would appeal to consortium as it could be redeveloped into a landmark development or be divided into several smaller parcels for different or phase development. In addition, the subject site sits on a higher ground with a green and tranquil environment,” said Ms. Stella Hoh, National Director and Head of Investments at Jones Lang LaSalle (JLL), which is the sole marketing agent for the property.
“Many developers are facing depleting land banks and would be looking at replenishing their land banks. Despite the recent cooling measure, we are confident that the demands for en bloc sites would remain strong as the surge in foreign home buyers owning to the recovery of some key economies, further fuel the take up rates,” she added.
JLL said that Pine Grove is, so far. the biggest en bloc site ever launched for sale.
The tender for the site will close on 19 April.