SINGAPORE, 19 February 2024 – ERA Realty Network Pte Ltd (“ERA”) is pleased to announce the planned relaunch of Pine Grove collective sale on 6 March 2024, with the public tender closing on 5 May 2024.
Pine Grove was originally launched for sale at SGD1.95 billion on 14 September 2023, and the tender closed on 29 November 2023 with muted response from developers. An Extraordinary General Meeting was held on 21 January 2024 and owners commenced signing a Supplemental Agreement at a lower reserve price of SGD1.78 billion, reflecting a land rate of approximately SGD1,335 psf per plot ratio after factoring in the additional 10% bonus gross floor area under the various incentive schemes and inclusive of an estimated Land Betterment Charge (LBC) of SGD975 million for intensification and lease upgrade for a fresh 99-year lease. More than 60% of owners have signed the Supplemental Agreement to date.
The above estimated LBC is based on September 2023 rates, and may be subject to revision on 1 March 2024.
“The revised reserve price of $1.78 billion reflects an 8.7% reduction from the previous reserve price of $1.95 billion, presenting a compelling opportunity for developers and investors looking to acquire a sizeable development site facing the Dover Forest and near to the Dover MRT Station,” says Mr Marcus Chu, CEO of ERA.
“The recently revised Additional Buyer’s Stamp Duty (ABSD) remission clawback for residential projects offers respite to developers who are unable to fully sell the new units within five years, a positive development for large collective sale sites like Pine Grove,” adds Chu.
