The Pine Grove owners want to make a collective sale that is going to be around $1.65 billion in value. If this will be successful, it will surely have the ability to become the most successful sale, eclipsing the Farrer Court sale that had around $1.38 billion 10 years ago.
This really goes to show that such a collective sale can be successful. In order for that sum to actually be received, it seems that each owner will need to get at least $2 million on his property. The location of Pine Grove is very good, near the Ulu Pandan Road, and it really is among some of the best features out there.
But there are some steps to be performed in order for this sale to actually become a reality. The first step here is to hire the right lawyers. Then the sale has to go through a way to find the best method of apportionment.
There’s a reason why they want to sell the property now, and that reason is that the property market sits very well at this time. It’s way up and a lot better than a lot of people may actually imagine at this point.
The developers are expected to bring in a very good response, and they should indeed do such a thing. This is a very large plot and it’s one of the few that are available for building at this particular time. The price wasn’t expected to be so high, at least in the beginning. But it does seem that everything was surpassed, since around 2000 units could be built here. The owners know that, which is why they want to keep the property price as high as possible.
As you can imagine, we can expect the industry to get a very good boost if this sale goes through. Basically, this will show that there is a market for the GLS sites and the collective ones. Whether the sale will go through or not, that remains to be seen. The overall price is still way too high for a lot of developers, so it may draw a bit of bad press in the end. Yet it can bring in front some outstanding results, since developers can make a fortune with so many units available. Only time will tell, but hopefully the Pine Grove will sell at a very good price!
Visit the link below to find out more about this collective sales