Rare development opportunity put up for collective sale by tender

The 893,219 sf site, near Holland Village and zoned for residential use, has a gross plot ratio of up to 2.1.

According to Jones Lang LaSalle, the Sole Marketing Agent for this development opportunity, the site has the potential to be redeveloped into a residential development of up to 24-storeys with a GFA of up to 1,875,759 sf, subject to relevant authorities' approval and payment of differential premium. This could yield up to some 1,500 units of apartments with sizes about 1,200 sf.

The vicinity comprises of prime residential developments and renowned educational institutions. The site also enjoys prominent frontage along Ulu Pandan Road and has triple entrance and exits points. The area is also well served by major arterial roads and has convenient linkage to other parts of the island via the Pan Island Expressway (PIE) and Ayer Rajah Expressway (AYE). It is within a short drive to Holland Village and Orchard Road shopping belt.

Pine Grove, located at 1A – 1P Pine Grove, currently comprises of 660 residential units of sizes ranging from 1,163 sq ft to 1,938 sq ft. The Trizon, Pandan Valley and Allsworth Park are some of the residential developments nearby.

Ms Stella Hoh, National Director and Head of Investments at Jones Lang LaSalle, said “The site is very attractive as the large sprawling land allows flexibility and creativity in building designs and developers can enjoy economies of scale in the redevelopment. The sizeable land would appeal to consortium as it could be redeveloped into a landmark development or be divided into several smaller parcels for different or phase development. In addition, the subject site sits on a higher ground with a green and tranquil environment. Renowned schools and institutions such as Henry Park Primary School, National University of Singapore and Singapore Institute of Management are located in the vicinity. Many developers are facing depleting land banks and would be looking at replenishing their land banks. Despite the recent cooling measure, we are confident that the demand for en bloc sites would remain strong as the surge in foreign home buyers owning to the recovery of some key economies, further fuel the take up rates.”

Ms Hoh added “Pine Grove is so far the largest en bloc site ever been put up for sale. The en bloc market last year was predominantly occupied by small to medium size sites. There are not many large sizeable lands for sale in the market. The scarcity of large prime land that could be redeveloped into a landmark development such as Pine Grove is anticipated to generate good response for the tender.”

The tender will close at 3 pm on – 19 April 2011.