The upcoming Government Land Sales (GLS) sites are expected to draw many bidders, as developers’ land banks are dwindling. We think the ones to watch these days are the Pine Grove (Parcel A) and Dunman Road GLS sites.
Both sites were previously under the Reserve List for the H2 2021 Government Land Sales (GLS), before they were moved to the Confirmed List for the H1 2022 GLS.
The tender for both sites will close on 2 June – which would, in effect, keep developers, contractors, agents, prospective buyers and media (like us) really curious.
Pine Grove (Parcel A)
Site area: 22,534.7 sqm
Maximum gross floor area (GFA): 47,323 sqm
Estimated number of units: 520
This Pine Grove (Parcel A) site was launched earlier in February under the H1 2022 GLS Confirmed List. Next to it is the adjacent Pine Grove (Parcel B) that’s currently under the Reserve List.
Located at Ulu Pandan, both parcels are the former site of Nexus International School, which has since moved to Aljunied in January 2020.
The site is nestled in a quiet residential area, with Ayer Rajah Expressway (AYE) just a few minutes drive away. So it’s suitable for those who prioritise some peace and quiet.
On the other hand, it’s not for those who don’t drive. For instance, Clementi MRT and Dover MRT are both around 1km away, so residents will need to take the bus to get to the MRT.
(According to this thread on HardwareZone, rumour has it that there will be an MRT in the area. We don’t think it’s going to happen though. For starters, the area doesn’t seem to have enough human traffic to warrant an MRT station. Plus, URA’s press release stated that the number of units for the Parcel A plot is capped at 520 “to manage traffic demand in the area”.)
For daily necessities and retail needs, Clementi Mall, Grantral Mall @ Clementi and Clementi Avenue 2 Market and Food Centre can be reached in less than 10 minutes by car.
We also think it’s suitable for families. After all, this site is very close to Clementi, which offers a wide range of schools. This includes Pei Tong Primary School, Henry Park Primary School, Nan Hua High School, School of Science and Technology, NUS High School of Mathematics and Science, Singapore Polytechnic and NUS. Those with kids entering primary school will be pleased to know that both Pei Tong Primary and Henry Park Primary are within 1km of the site.
What’s more, Pine Grove (Parcel A) is close to nature. The upcoming Clementi Nature Trail will be within walking distance for residents. Opening in 2023, the trail will run along Ulu Pandan Park Connector and will be connected to the Rail Corridor.
Failed en bloc sale attempts in the vicinity of Pine Grove (Parcel A)
Another thing that stands out to us is that condos in the vicinity have been put up for collective sales before, although they weren’t successful.
For instance, Pine Grove was put up for en bloc sale in early 2019 for S$1.86 billion, but ended with no bids. This came after the July 2018 cooling measures.
Another en bloc sale attempt was by Pandan Valley, which was put on collective sale with a record reserve price of S$2.6 billion in September 2018, shortly after the cooling measures were announced.
At the same time, both of these sites are huge, which developers tend to avoid given that this would mean it would take longer to sell the units. The site area of Pine Grove is 893,219 sq ft, while Pandan Valley spans 865,000 sq ft. In comparison, Pine Grove (Parcel A) has a site area of around one-third of either condo.
Average price psf in the area
Price-wise, Ulu Pandan has seen a price appreciation of 37.87% over the past five years. The area currently has an average price psf of S$1,578.
If you’re looking for a new launch condo in the area, the only one these days is Parksuites, which is slated to TOP in 2023. As of writing, the last transaction was just sealed this month for a one-bedroom unit with a price psf of S$2,285.
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Dunman Road
Site area: 25,234.3 sqm
Maximum gross floor area (GFA): 88,321 sqm
Estimated number of units: 1,040
Launched for tender in March, the Dunman Road GLS site is slightly bigger than the Pine Grove (Parcel A) plot, but it comes with an even higher gross plot ratio. That’s why it has twice the estimated number of units.
What stands out to us is that this plot is less than 100m away from Dakota MRT. In fact, it’s just around a three-minute walk to the MRT. So unlike the Pine Grove (Parcel A) site, this plot is suitable for those who don’t drive. Nevertheless, it’s pretty convenient for drivers, with the East Coast Parkway (ECP) just around a six-minute drive away.
This Dunman Road plot has several schools nearby as well. This includes Kong Hwa School, Chung Cheng High School (Main), Broadrick Secondary School, Tanjong Katong Girls’ School and Tanjong Katong Secondary School. Kong Hwa School and Tanjong Katong Primary are both within a 1km radius of the site, while Broadrick Secondary and Chung Cheng High (Main) are around a 10-minute walk away.
What makes this site even more convenient for residents is that the Old Airport Road Food Centre is just a seven-minute walk away. On top of that, there are a few malls within a train stop away, such as PLQ Mall, Kinex, Paya Lebar Square and SingPost Centre.
Like the Pine Grove (Parcel A) site, residents here will get to enjoy easy access to nature, with Geylang Park Connector just a four-minute walk away. The park connector runs along Geylang River, connecting to Marina Reservoir and Gardens by the Bay. And of course, there’s East Coast Park around a seven-minute drive from the plot.
Land sales nearby Dunman Road site
This site is around 1km away from the 210,545 sq ft Jalan Tembusu GLS site, which drew eight bids and was sold for S$768 million back in January.
Even closer to the site is the 263,794 sq ft freehold plot at Thiam Siew Avenue, which was the biggest land sale last year when it was sold for S$815 million.
Given the comparable site area, we expect this site to garner a similar level of interest.
Average price psf in the area
Price-wise, condos in the Mountbatten area have seen a price increase of 37.41%, with the current average price psf at S$2,354.
New launches here include One Meyer (TOP: 2023), Meyer Mansion (TOP: 2024) and MeyerHouse (TOP: 2022).
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Which site appeals to you more? Let us know in the comments section below or on our Facebook post.
If you found this article helpful, 99.co recommends Rare 151,205 sq ft site at Oxley Rise in District 9 for sale and Is Singtel’s Comcentre redevelopment similar to what McDonald’s did in the US?
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The post Pine Grove and Dunman Road GLS sites: Analysing both condo sites appeared first on 99.co.
