Pine Grove up for en bloc

[sleek]

Pine Grove up for en bloc
By Travis Teo | Posted: 07 March 2011 1319 hrs



SINGAPORE: Jones Lang LaSalle has put up what it calls "the largest en bloc site" for sale by tender.

Pine Grove has a site area of around 893,000 square feet and is zoned for "residential" use.

Jones Lang did not provide an indicative price for the site but Channel NewsAsia reported in November last year that the site has an estimated reserve price of US$1.7 billion.

The property consultancy firm said the site has a gross plot ratio of up to 2.1 and can be redeveloped into a residential development of up to 24-storeys with a gross floor area of near 1.88 million square feet.

That translate to some 1,500 apartment units with sizes of about 1,200 square feet.

Jones Lang said the surrounding area comprises of prime residential developments and renowned educational institutions.

It added that the land would appeal to consortiums as it could be redeveloped into a landmark development or be divided into several smaller parcels for different or phase development.

Looking ahead, the marketing agent also said that despite the recent cooling measure, it is confident that the demand for en bloc sites would remain strong as the surge in foreign home buyers due to key recovering economies, could fuel the take up rates.

The tender will close at 3pm on April 19.

- CNA/fa

[sleek]

Pine Grove owners make 3rd attempt to sell property in collective sale
By Esther Fung, Channel NewsAsia | Posted: 23 November 2009 2226 hrs

SINGAPORE: Some homeowners at the Pine Grove estate along Ulu Pandan Road are making another attempt to sell their properties in a collective sale.

This will be their third bid since 2005.

MediaCorp understands that the minimum reserve price for the 660-unit estate is S$1.33 billion.

Depending on the size of the unit and the development charge that is payable, owners stand to pocket an average of S$2 million per unit.

The former HUDC estate has a land area of more than 893,000 square feet.

Farrer Court, another former HUDC estate along Farrer Road, was sold for a record S$1.34 billion in 2007.

Pine Grove's reserve price is higher than the S$1.2 billion price tag that the Laguna Park estate in Marine Parade had expected in its first tender in September.

Even after the price was reduced later to S$967 million, the Laguna Park collective sale was called off last week.

At Pine Grove, there have already been three sessions to collect signatures for the possible enbloc sale since November 15.

A fourth session is coming up next Thursday.

At the upcoming session, representatives from property consultancy Jones Lang Lasalle and law firm Lee & Lee will be present to answer homeowners' questions. - CNA/vm

[land118]

owners have been trying & trying, neck wait long long.., hope tis time round they can realise their dream...

[avo7007]

Pandan Valley and now Pine Grove. Wow. Those are two huge plots in a great locale.

[mr funny]

http://www.straitstimes.com/Breaking...ry_642361.html

Mar 7, 2011

Pine Grove 'largest en bloc site' for tender at $1.7b


The tender price also makes it Singapore's largest residential collective sale, beating the $1.34 billion record set by Farrer Court in 2007. -- ST PHOTO: JOYCE FANG

THE Pine Grove condominium is up for tender at $1.7 billion.

At a site area of about 893,000sqft or 1,500 units each at 1,200sqft, Pine Grove is the 'largest en bloc site', according to real estate services firm Jones Lang LaSalle.

The tender price also makes it Singapore's largest residential collective sale, beating the $1.34 billion record set by Farrer Court in 2007.

The site has a gross plot ratio of up to 2.1 and can be redeveloped into a residential development of up to 24 storeys.

The land has been zoned for residential use.

Jones Lang LaSalle says the land will appeal to consortiums as it can be redeveloped into a landmark development or be divided into several smaller parcels for phase developement.

The tender will close on April 19.

[CCR]

If include DC the potential break-even price is 1600 psf... So must sell for 2000 psf for a leasehold property ah? How to be successful? Like that might as well go buy tulip garden.... About same price but freehold and at holland leedon area....

[land118]

http://www.channelnewsasia.com/stori...115657/1/.html


Pine Grove's DC may deter property developers: analysts
By Jo-ann Huang | Posted: 10 March 2011 2351 hrs

Pine Grove's DC may deter property developers: analysts


SINGAPORE : Experts have said Pine Grove's high development charge (DC) of S$460 million may be a deal breaker for property developers.

They add that the site's DC has increased by 9.5 per cent, in line with the DC rate hike earlier this month.

Including the DC, analysts said Pine Grove's total cost for a buyer works out to S$2.16 billion or S$1,152 per square foot per plot ratio.

A lush green view is what Pine Grove resident Lisa Chong is giving up if the site - worth an estimated S$1.7 billion - is sold.

Upon the sale, Ms Chong and her family will be receiving more than S$2 million.

Pine Grove home owners will receive between S$2.1 million and S$2.75 million for each of the units, which range in size from 1,163 square feet to 1,938 square feet.

Ms Chong said: "Probably part of it will go towards our new place, wherever that is going to be, and we would probably try to invest the rest."

Analysts said Pine Grove's hefty price tag will squeeze out small and single property developers.

Christina Sim, director of investment at Cushman & Wakefield, said: "For such a huge project, you will be looking at a consortium of developers because it is far too big a risk for a single developer to undertake. We will probably be looking at the big developers who might team up to buy this plot."

With the market looking robust, experts said property developers are now stocking up on their land banks.

And private property owners are cashing in on the trend.

Currently, there have been at least eight collective sale tenders and two done deals so far this year.

Meanwhile, Ms Chong is positive that Pine Grove's third enbloc attempt will be a success.

She said: "At the end of the day, it is still a prime location. We are on the major bus routes, we are relatively close to the CBD by expressway and we are also close to town, we are not in an overly noisy neighbourhood so...we hope for the best."

But analysts said DC rates have increased significantly in the last four years, which have thinned profit margins for some enbloc property residents.

Ms Sim said: "We were looking at as high of a profit margin of 50 to 100 per cent, but now if you get a margin of 15 to 30 per cent, I think you are considered quite lucky."

Analysts said the DC rate increase is the government's way of keeping the enbloc property market in check.

- CNA/ms

[land118]

Imagine development charge (DC) alone is S$460 million, this amount many small boutique developers can pay for 3-4 $100mil enbloc sites already....personally think at current market, only giants team up to form a consortium willing to take such risk, and also asking price must be realistic. Many owners still dreaming of high price.....

[Wild Falcon]

Is this S$460 million just DC alone (for land intensification only) or does it include the upgrading premium to bring this to brand new 99LH lease? If DC alone is already $460 million, and still need to top up 27 years of lease to 99LH at today's market value, can say bye bye to enbloc already.

Imagine development charge (DC) alone is S$460 million, this amount many small boutique developers can pay for 3-4 $100mil enbloc sites already....personally think at current market, only giants team up to form a consortium willing to take such risk, and also asking price must be realistic. Many owners still dreaming of high price.....

[hyenergix]

Should be just DC

http://www.channelnewsasia.com/stori...115657/1/.html

99 LH will become more difficult to enbloc in future. Most likely the lease will just continue to run down and the government takes back the land at the end of the lease. 99 LH is a depreciating asset.

[moneymatters]

Pine Grove up for en bloc
By Travis Teo | Posted: 07 March 2011 1319 hrs



SINGAPORE: Jones Lang LaSalle has put up what it calls "the largest en bloc site" for sale by tender.

Pine Grove has a site area of around 893,000 square feet and is zoned for "residential" use.

Jones Lang did not provide an indicative price for the site but Channel NewsAsia reported in November last year that the site has an estimated reserve price of US$1.7 billion.

The property consultancy firm said the site has a gross plot ratio of up to 2.1 and can be redeveloped into a residential development of up to 24-storeys with a gross floor area of near 1.88 million square feet.

That translate to some 1,500 apartment units with sizes of about 1,200 square feet.

Jones Lang said the surrounding area comprises of prime residential developments and renowned educational institutions.

It added that the land would appeal to consortiums as it could be redeveloped into a landmark development or be divided into several smaller parcels for different or phase development.

Looking ahead, the marketing agent also said that despite the recent cooling measure, it is confident that the demand for en bloc sites would remain strong as the surge in foreign home buyers due to key recovering economies, could fuel the take up rates.

The tender will close at 3pm on April 19.

- CNA/fa

Anyone knows the outcome for Pine Grove's enbloc attempt?

[land118]

Anyone knows the outcome for Pine Grove's enbloc attempt?

No news mean no good news yet lo....if sold, sure shout loud loud...,kinda quiet....owners must be praying...

[DaytonaSS]

No news mean no good news yet lo....if sold, sure shout loud loud...,kinda quiet....owners must be praying...

who can swallow? in terms of location, Tulip garden is much better in my view. quantum wise...... later lau sai ah

[land118]

who can swallow? in terms of location, Tulip garden is much better in my view. quantum wise...... later lau sai ah

Haha, am sure if anyone is CEO of one of the property giants in Singapore, won't take some much risk to put 1 BIG egg in this basket.., especially at the reserve price residents are asking...., won't Want to give oneself more stress and sleepless nights...

[sleek]

Pine Grove tender closed
By Jo-ann Huang | Posted: 19 April 2011 2238 hrs

SINGAPORE: The tender for Pine Grove - possibly the most expensive property to go enbloc - closed on Tuesday.

Its marketing agent Jones Lang LaSalle declined to comment if any bids were received for the tender, or when the results of the tender will be released.

Pine Grove is an 893,000 square feet property at Ulu Pandan. It went up for sale in early March.

The new development can yield a gross floor area of 1.88 million square feet. It can yield 1,500 units of 1,200 square feet each in 24-storey towers.

Including the development charge of S$460 million, the total cost of the property translates to S$2.2 billion or S$1,152 per square foot per plot ratio.

If sold at the asking price, Pine Grove will beat Farrer Court, which was sold at S$1.3 billion in 2007.

Farrer Court has since been redeveloped into d'Leedon by CapitaLand.

-CNA/ac/fa

[Wild Falcon]

If this thing goes through, we gonna get another 1,800 units project (1000sqft per unit), or maybe even 2,200 units (assuming 800sqft per unit). The area will be converted into the mega crowded condo district. If I live nearby, I will pray this enbloc doesn't materialise.

[chiaberry]

If this thing goes through, we gonna get another 1,800 units project (1000sqft per unit), or maybe even 2,200 units (assuming 800sqft per unit). The area will be converted into the mega crowded condo district. If I live nearby, I will pray this enbloc doesn't materialise.

Pandan Valley is another one.

[DaytonaSS]

If this thing goes through, we gonna get another 1,800 units project (1000sqft per unit), or maybe even 2,200 units (assuming 800sqft per unit). The area will be converted into the mega crowded condo district. If I live nearby, I will pray this enbloc doesn't materialise.

how do u view the waterfront collect?

[hyenergix]

Do they need to take one week to evaluate the tenders? I suppose there is no taker if not they would have already announced the results in the news...

[land118]

Do they need to take one week to evaluate the tenders? I suppose there is no taker if not they would have already announced the results in the news...

High possibility...no takers. Maybe Marketing Agent asking owners to be realistic and drop price....

[devilplate]

farrer court very bad example oredi.....who dare to be the next suxxker

[chiaberry]

Mega projects not in "fashion" with developers it appears. Prefer smaller plots of land = less risk.

[devilplate]

Mega projects not in "fashion" with developers it appears. Prefer smaller plots of land = less risk.

like Dleedon/minton....more den 1k units(in fact more den 500units).....forum guys here criticise saying not exclusive like staying in a communal HDB liao....LOL

[chiaberry]

like Dleedon/minton....more den 1k units(in fact more den 500units).....forum guys here criticise saying not exclusive like staying in a communal HDB liao....LOL

That would be a **** ex communal HDB. Another one is Interlace.

[hyenergix]

If in this market the Pine Grove still cannot be enbloc, then I think the owners can look forward the lease running down to 0 years.

[chiaberry]

The longer we don't hear any news, the less likely it is that any deal has been struck. I think developers have lost their appetite for en blocs. The big ones are difficult to swallow, cause indigestion

[land118]

If in this market the Pine Grove still cannot be enbloc, then I think the owners can look forward the lease running down to 0 years.

Ya, funny thing, so much potential, PG, PV, Laguna, but if no buyer for large development, also cannot profit....sometime to think about when buying next property...which may be enbloc potential 20-30 years later if URA change Master Plan in future...,Big not always advantageous....

[smallant]

dun think happening....

[devilplate]

Ya, funny thing, so much potential, PG, PV, Laguna, but if no buyer for large development, also cannot profit....sometime to think about when buying next property...which may be enbloc potential 20-30 years later if URA change Master Plan in future...,Big not always advantageous....

small is beauitful

[gn108]

And worse still if on 99-LH land...

Ya, funny thing, so much potential, PG, PV, Laguna, but if no buyer for large development, also cannot profit....sometime to think about when buying next property...which may be enbloc potential 20-30 years later if URA change Master Plan in future...,Big not always advantageous....