Laguna Park has an advantage over Pine Grove, as one of the most expensive properties currently up for en bloc sale in Singapore, analysts said.
The asking price for Laguna Park is around S$1.33 billion, while Pine Grove is up for tender for approximately S$1.7 billion. Analysts believe that Laguna Park’s sea view along Marine Parade Road and its rectangle-shaped plot will give it an edge, in terms of attracting potential bidders.
With a total area of 677,493 sq ft, Laguna Park is also much cheaper than Pine Grove. Inclusive of the development charge (DC) of S$269 million and a S$250 million lease top-up, the asking price works out to around S$975 psf ppr.
Pine Grove, on the other hand, is situated in Ulu Pandan and sits on an irregularly shaped 893,219 sq ft plot. Inclusive of the S$460 million DC, Pine Grove will cost developers S$2.17 billion or around S$1,152 psf ppr.
“At the end of the day, it boils down to price,” said Ms. Christina Sim, Director of Investment Sales at Cushman & Wakefield.
“Laguna Park’s larger plot ratio allows the winning developer to build up to 36 storeys. Although it is a smaller plot compared to Pine Grove, the intensity to build is there. The buildable areas for both sites are about the same.”
With a plot ratio of 2.8 and a land area of 677,493 sq ft, the redeveloped Laguna Park can yield around 1,600 units of 1,200 sq ft each, while Pine Grove can yield approximately 1,500 units at the same size per unit, based on a plot ratio of 2.1.
“Both properties have their own charm. Pine Grove is near the Buona Vista business parks and near Holland Village. But people will still pay for seafront views,” she added.
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