2 properties launch bids again to sell en bloc

Pine Grove had earlier raised its reserve price from $1.72 billion to $1.86 billion in a bid to secure a majority nod from owners.
Pine Grove had earlier raised its reserve price from $1.72 billion to $1.86 billion in a bid to secure a majority nod from owners.PHOTO: ST FILE

Collective-sale activity is picking up a little, with two properties keen to try their luck, including the long-awaited bid by Pine Grove.

The 660-unit condominium in the Holland Road cluster is being launched today at a reserve price of $1.86 billion.

The price translates to a land rate of $1,307 per square foot per plot ratio (psf ppr), after factoring in differential and lease upgrade premiums, said real estate agency C&H Group yesterday.

Pine Grove had earlier raised its reserve price from $1.72 billion to $1.86 billion in a bid to secure a majority nod from owners.

This is not the first time the estate has tried to sell en bloc.

The 893,219 sq ft, 99-year leasehold site has a gross plot ratio of 2.1.

It can be redeveloped into a residential estate of up to 24 storeys and no more than 2,050 units at an average size of 85 sq m. This cited build-up requires planning approval. The tender closes at 3pm on April 23.

The other sale attempt comes from Peace Centre/Peace Mansion, a prime mixed-development site at 1 Sophia Road with a reserve price of $688 million.

The block sits on a 76,617 sq ft site, with a gross floor area (GFA) of slightly over 600,000 sq ft.

The property has 32 floors, with Peace Centre being a part-seven-, part-10-storey commercial podium block, and Peace Mansion, a 22-storey residential tower with 84 apartments and two penthouses.

The reserve price reflects a land rate of about $1,474 psf ppr, before factoring in bonus balcony plot ratio for the residential component.

This is the owners' fifth attempt at a collective sale.

The site is zoned for commercial use and has a verified gross plot ratio of about 7.89. It could be redeveloped up to a height of 55m above mean sea level, said sole marketing agent JLL.

An outline planning permission has been obtained recently for a developer to redevelop the site up to the existing GFA of about 604,578 sq ft for a mixed commercial and residential project, JLL said.

An application for an in-principle approval for the lease top-up to a fresh 99 years has also been made.

The tender closes at 3pm on April 11.

A version of this article appeared in the print edition of The Straits Times on February 26, 2019, with the headline '2 properties launch bids again to sell en bloc'. Print Edition | Subscribe