The en bloc sale for Pine Grove near Holland Village has been closed but marketing agent Jones Lang LaSalle (JLL) declined to disclose whether the property received any bids.
Pine Grove, a prime redevelopment site at Ulu Pandan, has a total area of 893,000 sq ft. It is zoned for residential housing with a gross plot ratio of 2.1. With a gross floor area (GFA) of up to 1,875,759 sq ft, the site can be redeveloped into a residential development of up to 24 storeys, with approximately 1,500 units of 1,200 sq ft each.
If sold at the indicative price of S$2.2 billion (S$1,152 psf ppr), including a development charge of S$460 million, JLL said Pine Grove will beat Farrer Court, which was sold at S$1.3 billion in 2007.