Pinetree back with lower en bloc asking price

Published April 1, 2008

Pinetree back with lower en bloc asking price


PINETREE Condominium, which was put up for collective sale in September 2007, has been relaunched at a lower indicative price of about $1,700 per square feet per plot ratio (psf ppr). This is about 20 per cent lower than the previous indicative price of $2,100 psf ppr seven months ago. The indicative asking price now is $128 million.

The property is being marketed by Jones Lang LaSalle (JLL). JLL associate director (investments) David Batchelor said: 'Market conditions have changed.' But on the residential collective sales market, he added: 'I believe there is still interest but the market is more cautious.'

The 41,361 sq ft site at Balmoral Park has a 1.6 plot ratio. JLL said the site has the potential to be redeveloped into a residential development with a gross floor area (GFA) of up to 66,178 sq ft, subject to approval. Mr Batchelor said that currently, Pinetree Condominium is built up to a plot ratio of about 1.816 and added that there is no development charge payable.

The potential developer of the Pinetree site also has the opportunity to combine seven adjoining landed properties to form a total potential land area of 81,303 sq ft, yielding a combined GFA of 130,084 sq ft. This combined total will allow a developer to have a project with 60 to 80 apartment units ranging from 1,500 sq ft to 2,000 sq ft.

Mr Batchelor said the seven landed properties have a total indicative price of about $62 million, bringing the total land price to about $190 million. There is also a development charge of $46 million to $47 million for the landed housing properties.

In March 2006, Pinetree was on the market with an indicative price of around $59 million, or $888 psf ppr.

Pinetree Condominium site relaunched for sale by tender

Posted: 31 March 2008 2225 hrs


SINGAPORE: The freehold Pinetree Condominium site in prime district 10 has been re-launched for sale by tender.

The property in the Balmoral area currently comprises a five-storey block with 50 apartment units.

Consultants Jones Lang LaSalle, which is marketing the site, said it has an indicative asking price of S$128 million.

But if a neighbouring plot, which is presently housing some landed homes, is included, the total price increases to S$190 million.

Overall, the successful developer may be paying S$1,700 per sq ft per plot ratio.

Under the masterplan, the 41,361 sq ft property is zoned for residential use and has a gross plot ratio of up to 1.6. This means the new development can be up to 12 storeys high.

The site could be redeveloped into an exclusive residential development with a gross floor area of 66,178 sq ft, subject to approval. No development charge is payable.

Jones Lang LaSalle also said the land could be combined with an adjoining plot of landed properties to form a total potential land area of 81,303 sq ft. This will yield a combined gross floor area of 130,084 sq ft.

With this combined area, a developer could build 60 to 80 high-end apartment units of between 1,500 and 2,000 sq ft each.

The tender will close on 23 April.


- CNA/so