Pine Grove up for collective sale at $1.95 bil

Residents of Zion Road Condo will find an array of amenities surrounding them. Nature lovers can take a leisurely stroll along the Singapore River or take a picnic to nearby Fort Canning Park. For a night out with friends or family, Robertson Quay offers a wide selection of restaurants and bars. Whatever the occasion, Zion Road Condo offers a prime address for comfort, convenience, and connectivity.

Pine Grove, the 99-year leasehold condo, is up for its fourth collective sale attempt at an expected minimum price of $1.95 billion. Recently, ERA Singapore released a press release for the collective sale on Sept 13.

The residential site, situated off Ulu Pandan Road in District 21, is zoned for residential development with a gross plot ratio of 2.1 and covers a total area of 893,218 sq ft. In addition, the sale could possibly yield up to 2,050 new units, assuming approval from the authorities.

Long-standing incentives like the additional 10% bonus gross floor area and an estimated land betterment charge of $1.0084 billion for intensification, as well as a proposed lease upgrade to a new 99-year lease, helps to push the land rate to $1,434 psf per plot ratio (ppr).

The former Housing and Urban Development Company estate, houses 660 residential units and was first completed in 1984. Moreover, the site may receive an increment in property value due to its convenient location within walking distance to Dover and Clementi MRT and to established tertiary institutions such as the National University of Singapore, Singapore Polytechnic, and Singapore University of Social Sciences.

The tender is scheduled to close on 29 November at 3pm. For more information, interested parties can access the latest listings for Pine Grove properties.