The recent times have seen a spike in the real estate market of Singapore with two major properties displaying a rise in their reserve price bids. The said properties are namely the Pine Grove condominiums at Holland Road cluster and the commercial sum residential development site at 1 Sophia Road which houses the Peace Centre and the Peace Mansion.
On February 26, 2019, Pine Grove launched its condominiums in the market at a reserved selling price of $1.86 billion. In its current attempt to sell en block, Pine Grove has significantly raised the reserve price of the condominiums The earlier price of the property was set at $1.72 billion.
The price puts the condominiums’ land rate at $1,307 per square foot per plot ratio (psf ppr), after all additional calculations like differential price rates and premiums on lease upgrades are factored in.
Pine Grove’s current development is housed on a land area of 893,219 square feet, it has a 99 year tenure and comes with 2.1 plot ratio. The property has great real estate promise as it currently has the permission to be further developed into a private condominium that can be 24 storeyed tall and have an estimated 2,050 units instead of the existing 660 units.
Meanwhile, the prime site with the Peace Centre and the Peace Mansion has come on the market at a reserved selling price of $688 million. The commercial block of Peace Centre is currently structured as a podium which is seven storeyed on one side and ten storeyed on the other. The residential building of Peace Mansion is 22-storeyed tall and has 84 apartments besides two penthouses.
This 76,617 square feet block of the property has a GFA (gross floor area) of over 600,000 square feet and the current bid reserve price puts the land rate here at about $1,474 per square feet per plot ratio. The rate does not include factors like the plot ratio of the balcony which is an additional space in the residential components of the block on sale.
This site too is not up for collective sale for the first time. In fact, it is the fifth time reserve price bids have been launched for the said property.
Already zoned as a site that can have commercial use, the property at 1 Sophia Road‘s plot ratio is approximately 7.89. and has the permission to be built 55m high above mean sea level.
Developers are already putting in permission requests for updating the existing GFA of the site and for fresh lease top-ups of 99 years.
However, the final approvals are not in and the tender for the property at 1 Sophia Road remains open until 3 pm on 11th April, 2019. The tender for the Pine Grove property will close at 3pm on 23rd April, 2019.
Freehold developments selling in the market