Two government sites in Clementi, Pine Grove released for sale
Discover your dream home in Singapore’s most sought-after locations! Introducing two premium leasehold government land sites in Clementi Avenue 1 and Pine Grove, Ulu Pandan, now open for public tender.
These exceptional sites have the potential to accommodate a total of 1,065 luxurious residential units, forming part of the exclusive Government Land Sales (GLS) program’s confirmed list for the second half of 2023.
Responding to the growing demand, the Government has amplified the supply of public housing under GLS by an impressive 26%, setting a new benchmark for urban living. The Urban Redevelopment Authority (URA) revealed this exciting news on Tuesday.
This extraordinary offer marks a historic milestone, with a confirmed list supply of 9,250 units for the entire year of 2023 – the highest level in the past decade, spanning across private housing and executive condominiums.
Seize this opportunity as the tender submission deadline for both sites is set for noon on Nov 7. The Clementi Avenue 1 site spans 13,451 sq m and boasts a generous maximum gross floor area (GFA) of 47,079 sq m, making it the perfect canvas for 500 units. Meanwhile, the Pine Grove Parcel B site sprawls over 25,039 sq m, boasting a GFA of 52,583 sq m, ideal for crafting 565 exquisite units.
Pine Grove’s Parcel B, initially on the reserve list for GLS in the second half of 2021, is now ready to be transformed into an exceptional living space.
Adjacent to Pine Grove’s Parcel B, Parcel A was awarded to the esteemed UOL Group and Singapore Land Group in June 2022. Their successful bid of $671.5 million, equivalent to $1,318 per sq ft per plot ratio (psf ppr), speaks volumes about the potential of this location.
The nearby Pinetree Hill condominium project, launched by the same developers, enjoyed remarkable success, with nearly 29% of its 520 units sold during its launch weekend in July at an average of $2,460 psf.
Experts predict a cautious yet competitive bidding scenario for Pine Grove’s Parcel B, considering the impressive demand generated by Pinetree Hill. This project is anticipated to be a family favorite due to its proximity to esteemed schools like Henry Park Primary School and Pei Tong Primary School.
Similarly, the project in Clementi Avenue 1 holds great promise for Housing Board upgraders and astute investors. Set in a mature estate with abundant amenities and renowned schools, this location is destined to be a gem in the real estate landscape.
Unlock breathtaking panoramic views of the sea and city from a potential 40-story development on the Clementi Avenue 1 site, as suggested by Huttons Asia’s senior director of data analytics, Lee Sze Teck.
With healthy demand from upgraders evident in recent new home sales, Ms. Wong, PropNex Realty’s head of research and content, projects a top bid of approximately $557 million to $608 million for the Clementi plot. This translates to an enticing land rate of $1,100 psf ppr to $1,200 psf ppr, with expectations of drawing four or five competitive bids.
Stay ahead of the curve! Keep an eye out for more exciting updates from the Urban Redevelopment Authority as they unveil a new residential site in Lorong 1 Toa Payoh this coming September.
Don’t miss out on this golden opportunity to secure your place in these exclusive developments. Sign up now to stay informed about the latest news and announcements. Your dream home awaits!
Source & Excerpt: Straits Times
