Two government sites in Clementi, Pine Grove released for sale
Singapore government is releasing 2 plot of land parcel in district 05 at Clementi Avenue 1 and Pine Grove and the sale shall be conducted by way of public tender in november. among 5,160 homes under the confirmed list of the Government Land Sales (GLS) programme for the 2nd half of 2K23, a total of 1,065 residential units can be constructed from the 2 plot of site in District 05. To satisfy the fueled demand, a media release was made by the Urban Redevelopment Authority (URA) on Tuesday that the confirmed list of The indent supply of 9,250 units on for the whole of 2K23 will be at its highest level in a decade, including private housing and executive condominiums. both land parcel tender exercise will cut off on Nov 7 noon time. the land parcel next to Clavon at Clementi Avenue 1 which can develop 500 unit has a sprawling regular size of 13,451 square meter, maximum gross floor area (GFA) of 47,079 sq m . The plot of land in Pine Grove Parcel B can hypothetically construct 565 units on a land size of 25,039 square meter, with a GROSS FLOOR AREA of 52,583 square meter. Pine Grove Parcel A, An adjacent site, was acquired successfully by UOL Group and Singapore Land Group in June 2K22 at a winning bid for $671.5 million, or $1,318 per sq ft per plot ratio (psf ppr). Pinetree Hill condominium along Ulu Pandan, perched on the then Pine Grove parcel A, which sold almost thirty percent of its 520 units at an average of $2,460 psf during its launch weekend in July. head of research and content of Propnex Realty, Wong Siew Ying, predicted developers to exercise cautious in future land bidding exercise for the Pine Grove (Parcel B) site due to stiff competition from Pinetree Hill. due to its close proximity to reputable national schools like Henry Park Primary School, and Pei Tong Primary School, the project at the site will gain healthy demand from families with school-going children. Clementi Avenue 1 government land sale will likely attract Housing Development Board upgraders and investors as it is strategically located in a matured housing estate with wide spectrum and diverse amenities catering to diverse profile of buyers and popular national schools. “The future land plot can potentially be constructed up to 40 storeys, offering scenic and unblocked view of the concourse skyline,” he added. new home caveats lodged at Clavon and resale transaction at The Clement Canopy, located in the vicinity, reveals that 41% of the purchasers are HDB dwellers, showing a healthy demand from HDB upgraders. the Clementi plot bid could potentially may attract four or five bids, command for $557 million to $608 million, or a land rate of $1,100 psf ppr to $1,200 psf ppr. Lorong 1 Toa Payoh residential site will be launched in September.