{"id":3224,"date":"2024-03-08T11:25:37","date_gmt":"2024-03-08T03:25:37","guid":{"rendered":"https:\/\/pinegroveresidence.sg\/navagrove\/?p=3224"},"modified":"2024-03-08T11:25:37","modified_gmt":"2024-03-08T03:25:37","slug":"pine-grove-relaunched-for-collective-sale-at-1-95b-but-efforts-still-on-to-get-mandate-for-1-78b","status":"publish","type":"post","link":"https:\/\/pinegroveresidence.sg\/navagrove\/pine-grove-relaunched-for-collective-sale-at-1-95b-but-efforts-still-on-to-get-mandate-for-1-78b\/","title":{"rendered":"Pine Grove relaunched for collective sale at $1.95b, but efforts still on to get mandate for $1.78b"},"content":{"rendered":"

Pine Grove condominium is set to be relaunched for collective sale<\/a> at $1.95 billion on March 6, as the collective sale<\/a>\u00a0committee (CSC) was unable to secure the 80% mandate required to reduce the reserve price to $1.78 billion.<\/p>\n

The tender deadline is May 6, 2024, at 3 pm, with ongoing efforts to attain the mandate for the lower reserve<\/a> price by the closing date, as disclosed by ERA<\/a> Realty Network\u2019s managing director of investment sales, Mr. Tay Liam Hiap, to The Straits Times.<\/p>\n

As of March 3, more than 62% of Pine Grove homeowners, who hold a remaining lease term of 59 years, have agreed to the lower reserve price. Notably, inquiries from several developers were received in February after over 60% of the 660-unit condominium’s owners endorsed a supplemental agreement to decrease the reserve price to $1.78 billion.<\/p>\n

At the revised $1.78 billion price, the land rate calculates to $1,341 per sq ft per plot ratio (psf ppr), factoring in a 10% bonus gross floor area, an estimated land betterment charge (LBC) of $987 million for intensification, and a lease upgrade to a fresh 99-year term.<\/p>\n

Pine Grove<\/a> homeowners initiated the supplemental agreement process during an extraordinary general meeting on Jan 21. ERA<\/a> Realty’s Jan 18 letter to owners justified the $1.78 billion valuation as “fair” based on Premas, a unit of Cushman & Wakefield, assessing the full potential of redeveloping the 893,218 sq ft site into a 2,050-unit development.<\/p>\n

At the higher $1.95 billion price, the land rate is $1,440 psf ppr, considering an additional 10% bonus gross floor area under various incentive schemes, and an estimated LBC of $1.02 billion for intensification along with a lease upgrade to a new 99-year term.<\/p>\n

ERA<\/a> CEO Marcus Chu highlighted the strong willingness of owners to sell through this collective sale<\/a>\u00a0attempt, as indicated by their support for the supplemental agreement. Additionally, he mentioned the positive impact of the recently revised additional buyer\u2019s stamp duty (ABSD<\/a>) remission clawback for large collective sale<\/a>\u00a0sites like Pine Grove<\/a>.<\/p>\n

In light of policy adjustments, more residential projects are attempting collective sale<\/a>\u00a0at reduced prices. Thomson View condominium, for instance, was listed for collective sale<\/a>\u00a0at a lower reserve price of $918 million in late February. Similarly, Island View<\/a> in Pasir Panjang<\/a> was relaunched for sale on March 5 at $575 million, with a potential reduction to $532 million based on the consent of 60% of owners and ongoing efforts to secure the 80% mandate for the lower price by the condo\u2019s CSC.<\/p>\n

The Straits Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Pine Grove condominium is set to be relaunched for collective sale at $1.95 billion on March 6, as the collective sale\u00a0committee (CSC) was unable to secure the 80% mandate required to reduce the reserve price to $1.78 billion. The tender deadline is May 6, 2024, at 3 pm, with ongoing efforts to attain the mandate […]<\/p>\n","protected":false},"author":1,"featured_media":3225,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-3224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-property-news"],"_links":{"self":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts\/3224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/comments?post=3224"}],"version-history":[{"count":1,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts\/3224\/revisions"}],"predecessor-version":[{"id":3226,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts\/3224\/revisions\/3226"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/media\/3225"}],"wp:attachment":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/media?parent=3224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/categories?post=3224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/tags?post=3224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}