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Pine Grove tender closed

Posted on 19 Apr 2011 | Comments Off

The tender for Pine Grove – possibly the most expensive property to go enbloc – closed on Tuesday.

Its marketing agent Jones Lang LaSalle declined to comment if any bids were received for the tender, or when the results of the tender will be released.

Pine Grove is an 893,000 square feet property at Ulu Pandan. It went up for sale in early March.

The new development can yield a gross floor area of 1.88 million square feet. It can yield 1,500 units of 1,200 square feet each in 24-storey towers.

Including the development charge of S$460 million, the total cost of the property translates to S$2.2 billion or S$1,152 per square foot per plot ratio.

Each owner of Pine Grove’s current 28 units should pocket a tidy S$3.28 million from the sale.

If sold at the asking price, Pine Grove will beat Farrer Court, which was sold at S$1.3 billion in 2007.

Farrer Court has since been redeveloped into d’Leedon by CapitaLand.

Source : CNA – 19 Apr 2011

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Posted in En-bloc / Collective Sales

Tagged Capitaland, Collective Sales, En-bloc, Enbloc, Jones Lang LaSalle, Pine Grove, Ulu Pandan

Offer price: $967m

Posted on 27 Oct 2009 | Comments Off

Owners have until Dec 19 to agree to 19-per-cent lower price

Home owners at the Laguna Park condominium in Marine Parade (picture) are now faced with the choice of selling their homes at about 19 per cent lower than their initial asking price.

The collective sales committee of Laguna Park has circulated a letter informing owners of a new selling price of $967 million.

This comes after the failed tender earlier this month, at a price tag of $1.2 billion. The sea-facing site had received a bid of $1.73 billion from an Indonesian-owned, locally-incorporated company, but a downpayment could not be made in time.

Laguna Park homeowners now have until this Saturday to indicate if they accept the deal. Under en bloc sale regulations, 80 per cent of owners need to vote in favour of this price tag. They have until Dec 19 before the collective sale agreement expires.

The new price tag would mean that the home owners stand to gain about $1.8 million for a typical unit instead of the previous $2.1 million to $2.3 million range based on the original reserve price of $1.2 billion. Continue reading →