PUBLISHED 15th Sept 2017
Proprietors at the sprawling 660-unit Pine Grove close Ulu Pandan Road are planning to pull off Singapore’s biggest collective deal in dollar terms.
They mean to dispatch a collective deal with a soliciting cost from minimum $1.65 billion – a price tag that would effectively overshadow the record holder, the 618-unit Farrer Court’s $1.34 billion collective deal in 2007.
In the event that they accomplish the collective deal, it would be third-time fortunate for the Pine Grove proprietors who attempted and fail in 2011 and 2008.
In light of the asking value, every proprietor is hoping to get $2.08 million to $2.64 million for each unit.
On Tuesday, the sales committee appointed Huttons Real Estate Group as its marketing specialist and is presently enlisting legal counselors to take a shot at the collective deals agreement.
The following stage is to decide the method of apportionment and get the requisite level of at least 80 per cent of ownership of proprietors to back the collective deal at an unprecedented general meeting on Oct 29, with the goal that the delicate procedure for the site can begin.
Pine Grove occupants feel the time is all in all correct to set out on an collective sales, while the property market is en route up. They hope to get good response from the developer given their prime location at Holland district.
Pine Grove, a 99-year leasehold venture in the prime Holland Road belt, has 66 years left on its residency.
Under the Urban Redevelopment Authority’s Master Plan 2014, the 893,227 sq ft site is zoned for private use with a 2.1 plot proportion. Its current plot proportion is 1.56. This implies a venture of up to 2,000 units could be built there, analysis reported.
The latest hike in development charges, which took effect on Sept 1, will make it more challenging to sell large sites at a price that is attractive to sellers.
Industry eyewitnesses trust the market will get a major lift if this deal experiences, as it would indicate engineers may pay more for Government Land Sales (GLS) destinations and other aggregate deal locales.
“While the save cost is high, designers may take a gander at this site from an alternate perspective,” Dr Lee Nai Jia, head of research at Edmund Tie and Company, said. “In 2011, it didn’t bode well, yet now the setting has changed. The market is enhancing, credit is as yet accessible, and developers are ravenous for land. So we may see a consortium of developers and private assets getting together to offer,” he included.
So far this year, eight collective deal bargains worth $3.5 billion have been granted, and another seven have been propelled.
There are currently more choices for developers, for example, GLS sites, commercial and close by Normanton Park, which just propelled its second collective deal offer. “In any case, Pine Grove has a solid rental catchment because of its vicinity to the National University of Singapore, and Jurong East… the up and coming second CBD portal,” Dr Lee included.
The nearest and latest residential project that near Jurong second CBD include Lake Grande along lakeside MRT and The Clement Canopy near Clementi MRT.
Source: The Straits Times
WhatsApp us