Maisonette at Pine Grove selling for $2 mil

By Atiqah Mokhtar / EdgeProp Singapore | August 12, 2022 7:36 AM SGT
Pine Grove is a 99-year leasehold condominium complex that was completed in 1984 (Picture: SRI)
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SINGAPORE (EDGEPROP) - A three-bedroom maisonette apartment at Pine Grove is on the market with a guide price of $2 million, or $1,199 psf, as an owner’s sale. Located off Ulu Pandan Road in District 21, Pine Grove is a 99-year leasehold condominium complex that was completed in 1984. A former HUDC development, the 660-unit project comprises multiple blocks spread across a site spanning over 893,000 sq ft. The development was privatised in the mid-1990s.
The unit that will be up for auction on Aug 31 is located on the eighth floor and has a floor area totalling 1,668 sq ft, split across two levels. “The unit was renovated around five years ago by the current owners,” says SRI Auction’s managing partner Mok Sze Sze, who is handling the auction. Based on caveats lodged, the unit was previously purchased for $1.05 million ($629 psf) in June 2016.
iving area - EDGEPROP SINGAPORE
The living area of the property. The unit was renovated five years ago (Picture: SRI)
The lower floor features the kitchen and dining area, while the upper level features a spacious living area that also leads out to a balcony. All the bedrooms are located on the upper floor, including the master bedroom which comes with an en suite bathroom. This floor also has a family room, utility room and service balcony.
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Facilities available at Pine Grove include a swimming pool, barbecue area, basketball court, tennis court, function room, gym and a mini-mart. The condominium complex also has convenient access to the Ulu Pandan Park Connector, which runs along the Sungei Ulu Pandan Canal and is linked to the Ghim Moh, Clementi and Sunset residential estates.
kitchen area - EDGEPROP SINGAPORE
The kitchen area (Picture: SRI)
Other amenities nearby include Clementi Mall, Ghim Moh Market and Food Centre, and Holland Village, all of which are within a short driving distance of Pine Grove. The property will appeal to families with school-going children because it is near Henry Park Primary School, Pei Tong Primary School and Singapore Polytechnic.
Owners of units at Pine Grove have made a number of collective sale attempts in the past. The most recent try was in 2019 when the development was launched for en bloc sale at a reserve price of $1.86 billion.
Pine Grove is also located near two Government Land Sale (GLS) sites — Pine Grove Parcel A and Parcel B, both of which are 99-year leasehold sites. The tender for the former was awarded in June this year to a 80:20 joint venture between UOL Group and Singapore Land Group (SingLand), which submitted a bid of $671.5 million ($1,318 psf per plot ratio), narrowly beating second-highest bidder Allgreen Properties by just $800.
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dining area - EDGEPROP SINGAPORE
The dining area (Picture: SRI)
The UOL-SingLand joint venture plans to build a 520-unit residential project on the Parcel A site. According to the analysis on EdgeProp LandLens, the new development could be launched at prices around $2,400 psf, assuming a developer profit markup of 15%.
Pine Grove - EDGEPROP SINGAPORE
Estimated selling price for future development at Pine Grove (Parcel A) GLS site, based on a 15% developer profit markup (Source: EdgeProp LandLens)
Meanwhile, Pine Grove Parcel B is currently on the GLS Reserve List. The 269,520 sq ft site can yield 565 units.
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