New Launch Condominium - Pine Grove makes another attempt at a collective sale at a guide price of S$1.95 billion.

The massive 893,218 sq ft Pine Grove condominium is located off Ulu Pandan Road. PHOTO: ERA

New projects - PINE Grove in Holland Road will be put up for sale again on Thursday (September 14), with a guide price of S$1.95 billion.

After taking into account the estimated land reclamation fee of S$1 billion for land use enhancement and lease upgrade for the 893,218 square meter land, the effective land price for sale is S$1,434 per square meter. /lot. Sole marketing agency ERA. This would take the buyer's actual acquisition cost to a whopping S$3 billion.

Land prices of New projects also take into account the 10% bonus gross floor area (GFA) that can be built thanks to government incentive programs.

If successful, Pine Grove will be the largest condominium sale since Chuan Park was sold for S$890 million.

The Chuan Park deal, first signed in July 2022, was stopped by the Strata Title Board in December after dissenters filed objections. The Singapore High Court then gave the green light and issued a sale order in May.

New projects - The last major collective sale before that was for Tulip Garden, which sold for S$906.9 million in January 2019.

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