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New Launch Condo NEWS: Two select apartments in Pine Grove Residences for sale

New Launch Condo NEWS: Two select apartments in Pine Grove Residences for sale.

SINGAPORE - The Urban Redevelopment Authority (URA) released for sale on Tuesday (November 30) two private 99-year New Launch Condos in Pine Grove that could yield more than 1,000 units in total.

Both New Launch Properties are on the reserve list of the government's second half of 2021 land sale (GLS) program. Such sites will only be put up for bid when the developer has indicated a minimum price acceptable to the Government. With an area of 22,534.7 square meters (m2), lot A has a maximum total floor area of 47,323 square meters and can accommodate 520 apartments. Lot B, 25,039.2 m2 wide, has a maximum GFA of 52,582 m2 and can produce 565 apartments.

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Analysts say the sites could attract demand from land-hungry developers, given their size and reasonable location in a popular residential area. Key attractions include close proximity to Henry Park Primary School, Dutch Village, north block one and the National University of Singapore (NUS).

Ismail Gafoor, chief executive officer, said that with strong real estate market sentiment, growing demand for land by developers and a dwindling supply of new homes in the suburbs, it is very likely Developers can apply to take these two GLS locations off the reserve list. CEO of PropNex Realty.

"Two lots will provide additional private housing supply to the Ulu Pandan property. The most recent new project - Ki Residences in Brookvale - was launched in December 2020 and has sold over 75% of the time. number of units - shows a very good basic need for new housing. housing there," he added.

Cushman & Wakefield's head of research, Wong Xian Yang, notes that there is a housing unit limit on both sites to manage traffic in the area.

"Given their relatively large size, locations can be activated all at once, although Lot A may attract more interest due to its slightly smaller land area and more regular shape.

"But if both are enabled for sale at the same time, some developers may bid on both sites to minimize competition in the future," he said.

Two parcels of land in Pine Grove

Two parcels of land in Pine Grove

Analysts expect between six and 10 bidders per New Launch Condo, with bids ranging between $960 per square foot on lot rate (psf ppr) and $1,300 for psf ppr. If triggered, the bids could set the benchmark for the starting price of the hopeful Pine Grove of the nearby block, where the $1.86 billion collective selling effort was last, analysts said. The same ended without a buyer.

Tricia Song, head of Southeast Asia research at CBRE, noted that Lot A could be built with an average area of 980 square feet per unit, while Block B could be built with an average area of 980 square feet per unit. average volume of 1,002 square feet per unit.

“These minimum unit sizes are slightly larger than the 85 square meters or 915 square meters implied by URA guidelines for undeveloped residential areas outside the CBD in January of this year. 2019,” she said.

"However, given the large combined offering size and consideration of the unit's affordability, we expect the top bid to be more moderated, compared to recent two-packet bids at Slim Barracks, had a smaller total of 400 units and achieved the highest bid price of $1,210-$1,246 psf ppr.

“If either Pine Grove sites are up for tender, developers are likely looking at a $1,900-2,000 per year sale price and a $1,000-1,100 per year land price,” said Ms. Song. five,” said Ms. Song.

Huttons Asia senior research director Lee Sze Teck said the chances of the sites being activated were not high.

"There are better locations on the confirmed list, such as Jalan Tembusu and upcoming inter-regional locations. There may be more locations in the GLS first half 2022 show to be announced in September is coming," he added.

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