99-year leasehold Pine Grove condominium complex selling for $2 mil
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A three-bedroom apartment in Pine Grove is on the market for sale at a cost of $2 million or $1,199 per square foot, in the owner’s offer. The property is located just off Ulu Pandan Road in District 21, Pine Grove is a 99-year leasehold condominium which was completed in 1984. It was a former HUDC development The 660-unit complex is comprised of multiple blocks on the site covering 893,000 square feet. The development was privatised during the late 1990s.
The property that is being auctioned on August 31 is situated in the upper echelon. It covers 1,668 square feet, spread between two levels. “The property was effectively renovated approximately five years prior to the present proprietors,” says SRI Auction’s managing partner Mok Sze Sze, who is in charge of the auction. Based on caveats that were lodged in the past, the unit was bought at $1.05 million ($629 per square foot) in June of 2016.
The lower floor houses the dining and kitchen area The upper level has a large living space which also opens to the balcony. The bedrooms are all on the upper level which includes the master bedroom, which has an en-suite bathroom. The floor also houses an area for families, a utility room , and a service balcony.
The facilities in Pine Grove include a swimming pool and barbecue area, a tennis court, basketball court and function room. There is also a gym , and a mini-mart. The complex also offers an easy accessibility to Ulu Pandan Park Connector, which is located through the Sungei Ulu Pandan Canal and is connected with other estates such as the Ghim Moh, Clementi and Sunset residential estates.
Other nearby amenities are Clementi Mall, Ghim Moh Market and Food Centre, and Holland Village, all of which are within a few minutes drive from Pine Grove. The property is a great choice for families with children who attend school because it is close to Henry Park Primary School, Pei Tong Primary School and Singapore Polytechnic.
Residents of units in Pine Grove have made a number of collective sales during the last few years. The most recent attempt was in 2019 , when the development was put up for an the sale of en bloc at the reserve price in the range of $1.86 billion.
Pine Grove is also located close to the two Government Land Sale (GLS) sites -the Pine Grove Parcel A and Parcel B, both of which are 99-year leasehold sites. The bid for the latter was made in June of this year to a joint venture of 80:20 that was formed between UOL Group and Singapore Land Group (SingLand) that offered $671.5 million ($1,318 psf/plot ratio) just narrowly beating the second highest price-lister Allgreen Properties by just $800.
The joint venture between UOL and SingLand is planning to construct an apartment complex of 520 units in the Parcel A site. Based on the analysis of EdgeProp LandLens, the new development is likely to be built at a cost of $2,400 per sq ft in the event of an developer profit margin at 15%.
In the meantime, Pine Grove Parcel B is in the GLS Reserve List. The 269,520 sq feet site could yield 565 units.