Dunman Road mega site draws $1.28 billion bid, Pine Grove GLS site draws $671.5 million bid
The Government Land Sales site of Pine Grove (Parcel A) has been sold at $671.5 million or $1,318 psf ppr to the joint venture between UOL Group and Singapore Land Group.
There was a total of 5 bids for Pine Grove (Parcel A). The tender for the land site was one of the tightest in recent years, with the winning bid was just $800 more than the bid from a unit of Allgreen Properties.
Pine Grove (Parcel A) has a land area of 22,534.7 square metres. The maximum gross floor area of the 99-year leasehold land is 47,323 square metres, allowing the successful bidder to build up to 520 residential units on it.
The land adjacent to the Pine Grove (Parcel A), which remains on the reserve list and is designated as Pine Grove (Parcel B), has a bigger land area of 25,039.2 square metres. It has a maximum gross floor area of 52,582 square metres and can yield 565 homes.
Source: https://www.straitstimes.com/business/property/dunman-road-mega-site-draws-128-billion-bid-pine-grove-gls-site-draws-6715-million-bid
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