Pine Grove owners make 3rd attempt to sell property in collective sale
By Esther Fung, Channel NewsAsia 23 November 2009
SINGAPORE: Some homeowners at the Pine Grove estate along Ulu Pandan Road are making another attempt to sell their properties in a collective sale.
This will be their third bid since 2005.
MediaCorp understands that the minimum reserve price for the 660-unit estate is S$1.33 billion.
Depending on the size of the unit and the development charge that is payable, owners stand to pocket an average of S$2 million per unit.
The former HUDC estate has a land area of more than 893,000 square feet.
Farrer Court, another former HUDC estate along Farrer Road, was sold for a record S$1.34 billion in 2007.
Pine Grove's reserve price is higher than the S$1.2 billion price tag that the Laguna Park estate in Marine Parade had expected in its first tender in September.
Even after the price was reduced later to S$967 million, the Laguna Park collective sale was called off last week.
At Pine Grove, there have already been three sessions to collect signatures for the possible enbloc sale since November 15.
A fourth session is coming up next Thursday.
At the upcoming session, representatives from property consultancy Jones Lang Lasalle and law firm Lee & Lee will be present to answer homeowners' questions.
Martin Koh/ Sherry Tang