On Sunday, July 23rd, more than 80% of the owners of the 660-unit privatised HUDC estate, Pine Grove, approved a collective sale, marking their fourth attempt, and the third time they successfully achieved an 80% consensus.
The collective sale tender is set to launch next month, with a reserve price of $1.95 billion. Benjamin Poh, ERA senior division director and the appointed marketing agent for Pine Grove’s collective sale, stated that if successful, it would be the largest collective sale deal since Farrer Court.
In June 2007, the former Farrer Court, another privatised HUDC estate with 618 units, was en bloc sold to a CapitaLand-led consortium for $1.3388 billion, and the record absolute price for the collective sale site remains unbroken after 16 years.
Since then, Farrer Court has been redeveloped into the 1,715-unit d’Leedon, designed by the late Zaha Hadid. This 99-year leasehold prime District 10 condo was launched in 2010 and completed in 2014.
Due to the large size of the development, units at d’Leedon are actively traded, with transactions occurring almost every month. In July, four units changed hands, ranging from a 635 sq ft, one-bedroom unit sold for $1.35 million ($2,126 psf) to a 2,443 sq ft, four-bedroom unit that fetched $4.55 million ($1,862 psf).
Pine Grove surpasses the former Farrer Court in both the number of units (660 units compared to Farrer Court’s 618 units) and land size (893,219 sq ft compared to Farrer Court’s 838,488 sq ft).
Situated in District 21, Pine Grove enjoys proximity to schools such as Henry Park Primary School, Singapore Polytechnic, and Yale-NUS College. It is also conveniently located near the amenities at Holland Village and one-north.
According to estimates by Benjamin Poh, the Pine Grove site could potentially be redeveloped into a new 24-storey residential project featuring 2,050 units, with an assumed average size of 915 sq ft for the new units. The property holds a 99-year lease starting from 1984, indicating a remaining lease of 60 years.
The 660-unit Pine Grove privatised HUDC estate is located near the new Pinetree Hill condo, which was launched on July 14, as well as the Pine Grove Parcel B government land sale (GLS) site that will be tendered in August (Source: EdgeProp Landlens).
In the period from May to July, several units at Pine Grove changed hands, with prices ranging from $1.455 million ($1,099 psf) for a 1,324 sq ft two-bedroom unit to $2 million ($1,140 psf) for a 1,755 sq ft three-bedroom unit.
Along Pine Grove are some 99-year leasehold condos built in the mid-1990s, such as the 170-unit Astor Green, completed in 1995, and the 254-unit Cavendish Park, completed in 1996.