Pine Grove owners aim for $1.65 billion collective sale

This article is more than 12 months old

Ex-HUDC estate's third try will be S'pore largest in dollar terms if successful

Owners at the sprawling 660-unit Pine Grove near Ulu Pandan Road are hoping to pull off Singapore's largest collective sale in dollar terms.

They aim to launch a collective sale with an asking price of at least $1.65 billion, which would easily eclipse the 618-unit Farrer Court's $1.34 billion collective sale back in 2007.

It would be third-time lucky for the Pine Grove owners if they achieve the collective sale. They tried in 2011 and 2008.

With the asking price, each owner is looking to receive $2.08 million to $2.64 million a unit.

On Tuesday, the collective sale committee appointed Huttons Asia real estate group as its marketing agent and is now hiring lawyers to work on the collective sale agreement.

The next step is to determine the method of apportionment and get the requisite level of at least 80 per cent of owners to back the collective sale at an extraordinary general meeting on Oct 29.

Mrs Kogi Murthi, chairman of the collective sale committee, said yesterday: "We can expect good response from developers because of our prime location.

"It is among the few plots left available for residential development in the choice Holland Road district."

When the owners of the former Housing and Urban Development Company (HUDC) estate tried for a collective sale in 2011, they did not attract any bids after raising the reserve price to $1.7 billion from $1.33 billion to get the 80 per cent buy-in.

The 99-year leasehold project has 66 years left on its tenure.

Under the Urban Redevelopment Authority's Master Plan 2014, the 893,227 sq ft site is zoned for residential use with a 2.1 plot ratio. Its existing plot ratio is 1.56. This means a project of up to 2,000 units could be built there, analysts said.