View of the 660-unit Pine Grove, a former HUDC estate near Ulu Pandan. (Photo: Google Maps)
After two failed attempts in 2008 and 2011, owners at Pine Grove near Ulu Pandan are trying their luck again at a collective sale, this time at a price of $1.65 billion, reported the Straits Times.
This would be the highest collective sale price since 2007, when the 619-unit Farrer Court was sold for $1.34 billion. If successful, each owner stands to gain between $2.08 million and $2.64 million.
Appointing Huttons Asia as its marketing agent, the collective sale committee is set to determine the method of apportionment and secure the requisite 80 percent approval at an extraordinary general meeting to be held on 29 October.
“We can expect good response from developers because of our prime location,” said collective sale committee chairman Kogi Murthi.
“It is among the few plots left available for residential development in the choice Holland Road district.”
The 660-unit former Housing and Urban Development Company (HUDC) estate failed to attract any bids in 2011, after the owners raised the reserve price from $1.33 billion to $1.7 billion to secure the 80 percent consent.
With 66 years left on its 99-year lease, the project has a site area of 893,227 sq ft. Zoned residential under the 2014 Master Plan, the site has a plot ratio of 2.1. Its existing plot ratio, however, now stands at 1.56, which means that the project could yield up to 2,000 units, said analysts.