Pinetree Condo up for sale en bloc at $148m

At the $148 million reserve price, each owner in the District 10 development stands to receive between $2.57 million and $4.09 million.
At the $148 million reserve price, each owner in the District 10 development stands to receive between $2.57 million and $4.09 million.PHOTO: SLP SCOTIA

Pinetree Condominium in the upmarket Balmoral Park enclave has been put on the collective sale market, with a reserve price of $148 million.

At that price, each owner in the 50-unit freehold District 10 development stands to receive between $2.57 million and $4.09 million, said SLP Scotia, the marketing agent for the deal.

The development sits on 41,276 sq ft of land and consists of predominantly three-bedroom units measuring between 1,162 sq ft and 1,851 sq ft.

The site is zoned "residential" with a plot ratio of 1.6 as per the 2014 masterplan, which translates to a gross floor area (GFA) of 66,177 sq ft.

As the current development baseline record from the Urban Redevelopment Authority is 75,115,71 sq ft, that means no development charge is payable.

SLP Scotia said the site can be redeveloped into a 12-storey project with 75 apartments with an average size of 70 sq m (753.5 sq ft) each.

The site, served by Stevens and Scotts roads, is located within 1km of Anglo Chinese School (Barker) and Singapore Chinese Girls' School, and is next to Ardmore Park.

The tender for the site closes on Aug 30.

A version of this article appeared in the print edition of The Straits Times on July 21, 2018, with the headline 'Pinetree Condo up for sale en bloc at $148m'. Print Edition | Subscribe