Business

Pine Grove and Peace Centre/Peace Mansion up for collective sale

Collective sale activity is picking up a little, with two properties keen to try their luck, including the long-awaited bid by Pine Grove.

The 660-unit condominium in the Holland Road cluster is being launched today at a reserve price of $1.86 billion.

The price translates to a land rate of $1,307 per square foot per plot ratio (psf ppr), after factoring in differential and lease upgrade premiums, said real estate agency C&H Group yesterday.

Pine Grove had earlier raised its reserve from $1.72 billion to $1.86 billion in a bid to secure a majority nod from owners. This is not the first time the estate has tried to sell en bloc.

The 893,219 sq ft, 99-year leasehold site has a gross plot ratio of 2.1.

It can be redeveloped into a residential estate of up to 24 storeys and no more than 2,050 units at an average size of 85 sq m. This cited build-up requires planning approval. The tender closes at 3pm on April 23.

The other sale attempt comes from Peace Centre/ Peace Mansion, a prime mixed development site at 1 Sophia Road with a reserve price of $688 million.

The block sits on a 76,617 sq ft site, with a gross floor area of slightly over 600,000 sq ft.

The property has 32 floors, with Peace Centre being a part-seven, part-10-storey commercial podium block, and Peace Mansion, a 22-storey residential tower with 84 apartments and two penthouses.

The reserve price reflects a land rate of about $1,474 psf ppr, before factoring in bonus balcony plot ratio for the residential component.

This is the owners' fifth attempt at a collective sale.

The site is zoned for commercial use and has a verified gross plot ratio of about 7.89. It could be redeveloped up to a height of 55m above mean sea level, said sole marketing agent JLL.

An outline planning permission has been obtained. An application for an in-principle approval for the lease top-up to a fresh 99 years has also been made. - THE STRAITS TIMES

Property