Two government sites in Clementi, Pine Grove released for sale
government launched 2 plot of land parcel in district 05 at Clementi Avenue 1 and Pine Grove and will be sold 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 yielded from the 2 plot of lands. To cater to demand, the Urban Redevelopment Authority (URA) announced on Tuesday. 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. The tenders for both land parcel will cut off at Nov 7 noon time. the land parcel at Clementi Avenue 1 next to Clavon 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 site in Pine Grove Parcel B land parcel can develop 565 units and with a land size of 25,039 square meter, has a GFA of 52,583 square meter, Pine Grove Parcel A, An adjacent site, was tendered by UOL Group and Singapore Land Group successfully in June 2K22 for $671.5 million, or $1,318 per sq ft per plot ratio (psf ppr). Pinetree Hill condominium, is sitting 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 national branded schools like Henry Park Primary School, and Pei Tong Primary School, the project at the site will gain good traction from families with school-going children. The land parcel in Clementi Avenue 1 will likely attract Housing Development Board upgraders and investors as it is located in a mature estate with many amenities and sought-after schools. “The project on the site can potentially build up to 40 storeys, offering panoramic unblocked view of the sky,” he added. new home sales caveats lodged at Clavon and The Clement Canopy, located in the vicinity, shows that 41% of the purchasers are dwelling in HDB , 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.