Pine Grove Parcel A site tender could attract bids as high as $637m

This amount translates to a land rate of $1,250 psf per plot ratio.

The Urban Redevelopment Authority (URA) has launched the tender for a residential site (Parcel A) in Pine Grove which according to PropNex could attract a bid as high as $586m to $637m.

This translates to a land rate of $1,150 to $1,250 per square foot per plot ratio (psf ppr).

PropNex said the site located off Pandan Valley will likely attract seven to eight bidders who are most probably developers “eager to shore up their land inventory.”

A total of 520 housing units can be built on Pine Grove Parcel A which PropNex is “relatively sizeable” and could still “draw interest given the fairly limited supply of new private homes in the vicinity.”

The last launch in the area was the 660-unit Ki Residences at Brookvale in December 2020. It has an  average transacted price of
$1,815 psf in 2021.

Meanwhile, nearby resale properties Astor Green and Pine Grove were transacted for an average unit price of $1,223 psf and $978 psf respectively last year.