Two government sites in Clementi, Pine Grove released for sale
government recently releases 2 plot of land parcel in district 05 at Clementi Avenue 1 and Pine Grove and will be sold by way of public tender. The two 99-years leasehold land can potentially develop a total of 1,065 residential units, which are among 5,160 homes under the confirmed list of the Government Land Sales (GLS) programme for the 2nd half of 2K23. the Government has boosted the supply of public housing under GLS by 26 per cent in the second half of 2K23, compared with the preceding half-year, To cater to demand, the Urban Redevelopment Authority (URA) announced on Tuesday. The indent supply of 9,250 units on the confirmed list for the whole of 2K23 will be at its highest level in a decade, including private housing and executive condominiums. The tenders for both land parcel will cease at Nov 7 noon time. the land parcel at Clementi Avenue 1 site has a spanning lovely size of 13,451 square meter, maximum gross floor area (GFA) of 47,079 sq m and can develope 500 units. The site in Pine Grove Parcel B land parcel spans 25,039 square meter, has a GFA of 52,583 sq m, and can develop 565 units. Pine Grove Parcel A, An adjacent site, was successfully acquired by UOL Group and Singapore Land Group in June 2K22 for $671.5 million, or $1,318 per sq ft per plot ratio (psf ppr). The parcel A land plot is now the new Pinetree Hill condominium, which sold almost thirty percent of its 520 units at an average of $2,460 psf during its launch weekend in July. PropNex Realty head of research and content Wong Siew Ying commented she anticipate developers to be carefully in future land bidding exercise for the Pine Grove (Parcel B) site due to competing supply from Pinetree Hill. due to its close proximity to popular schools like Henry Park Primary School, and Pei Tong Primary School, the project at the site will be attractive to families with school-going children. as it is located in a mature estate with many amenities and good schools, The land parcel in Clementi Avenue 1 will likely attract Housing Development Board upgraders and investors. “The project on the site can potentially go up to 40 storeys, offering panoramic views of the sea and city,” he added. new home sales caveats lodged at Clavon and The Clement Canopy, located in the vicinity, shows that purchasers with HDB address contributed 41%, signifies 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.
