# Pine Grove sticks to S$1.78 billion reserve price with mega en bloc attempt yet to move ahead

- **Source:** The Business Times
- **Published:** 2026-07-30T10:11:58.000Z
- **Author:** Jeanne Mah
- **Original:** https://www.businesstimes.com.sg/property/pine-grove-sticks-s1-78-billion-reserve-price-mega-en-bloc-attempt-yet-move-ahead
- **Topics:** Private Residential, Government & Policy, Transactions & Deals

## Featured rationale

Extended ABSD timelines may improve developer appetite for the potential 2,050-home redevelopment, but owner disagreement and competition from GLS sites could still prevent a sale.

## AI summary

Only 62 per cent of Pine Grove owners had backed its S$1.78 billion collective sale by Jul 27, short of the 80 per cent required before Sep 20.

## Original article

[SINGAPORE] Pine Grove’s collective sale committee (CSC) believes the estate’s S$1.78 billion reserve price is competitive despite some owners’ calls for an increase, as new additional buyer’s stamp duty (ABSD) concessions for large-scale en bloc redevelopments could improve the sale’s prospects and encourage more owners to back the exercise.

As at Monday (Jul 27), 62 per cent of owners at the 660-unit condominium signed the collective sale agreement (CSA), below the 80 per cent mandate needed before the agreement lapses on Sep 20.

The figure was disclosed in a CSC letter to owners on Monday, ahead of a townhall on Wednesday at the estate’s clubhouse that drew more than 30 residents, The Business Times understands.

In the letter, the CSC cited five reasons for owners’ reluctance to sign:

The S$1.78 billion reserve price for Pine Grove’s latest attempt at a collective sale excludes any land betterment charge (LBC) that may be payable by the developer to redevelop the site.

Marketing agent ERA indicated that including the estimated LBC for intensification, a lease top-up to a fresh 99-year tenure, and bonus gross floor area, the current asking price values the plot at about S$1,355 per square foot per plot ratio (psf ppr).

The CSC argued that the S$1.78 billion figure remained competitive against government land sale (GLS) benchmarks set by nearby Pinetree Hill and Nava Grove.

The Pinetree Hill site was awarded in 2022 to UOL and SingLand for S$671.5 million, or S$1,318 psf ppr. The Nava Grove site was awarded in 2023 to MCL Land and Sinarmas Land for S$692.4 million, or S$1,223 psf ppr.

Pine Grove is a 660-unit condominium off Ulu Pandan Road that was privatised from a former Housing and Urban Development Company estate in 1996. It attempted a collective sale five times since 2008, but failed to secure sufficient owners’ support or attract a buyer.

The condo sits on a sprawling 893,219 sq ft parcel of land that ERA said can yield 2,050 new homes if redeveloped, subject to the relevant authorities’ approval.

The CSC’s appeal came a day before National Development Minister Chee Hong Tat unveiled fresh concessions for en bloc redevelopments, to encourage the reuse of land.

The ABSD regime has been revised for developers taking on large-scale en bloc redevelopments, applying to qualifying sites purchased on or after Wednesday.

Mega en bloc sites yielding at least 1,400 residential units will now have seven years to complete construction and sell all units, up from 5.5 years previously. Developers must sell at least half the units within six years, or risk a clawback, with interest, of the 35 per cent upfront ABSD remission component.

Large sites that yield at least 700 but fewer than 1,400 residential units will get six years. Developers of large and mega projects that meet additional criteria will also be eligible for a further six-month extension. Both categories must achieve a redevelopment yield of at least 1.5 times the existing number of residential units.

ERA told BT that the announcement was “creating a more supportive environment for large-scale collective-sale projects”, and could boost owners’ confidence to obtain the mandate.

This offers “the site a renewed chance to be brought to market within the updated policy framework”.

ERA declined to comment on whether any developers had approached it about Pine Grove at its lower reserve price, adding that developer interest would depend on a site’s sale readiness, market conditions and investment goals at the time.

Nicholas Mak, chief research officer at Mogul.sg, said the steady supply of GLS residential land is posing competition to en bloc sale projects, as developers may choose to acquire land through the GLS process instead.

“Developers may favour GLS sites as the process is shorter and carries lower risks of owners’ objections and litigation. One of the main reasons property owners resist en bloc sales is that they may only be able to buy replacement units that are smaller than their existing homes,” he added.

The CSC has pointed to rising maintenance costs at the ageing estate as a reason for owners to support the collective sale.

It said monthly Management Corporation Strata Title (MCST) fees will increase to S$479.60 per unit from August, from S$318.28 previously, with the 42-year-old condominium expected to require more repairs over time. More frequent spalling concrete and water seepage, among other maintenance issues, will further strain the estate’s sinking fund.

The CSC also noted that there were no competing GLS sites in the vicinity during the current collective sale attempt, though it warned that development of the nearby Maju area could bring stronger competition in future bids.

If the sale fails, it estimated that values of larger units could fall to between S$1.6 million and S$1.8 million.

A former resident, known as Tan, who sold his unit a few years ago said repeated collective sale attempts had led to uncertainty among residents.

“The sale price is one thing, but the living condition is another,” he said, citing the estate’s unsheltered drop-off point, ageing lift lobbies and dated lighting. He added that after each unsuccessful en bloc attempt, some owners would decide to sell their units.

The CSC’s latest effort to reach the 80 per cent mandate follows earlier friction over the appointment of ERA and law firm BR Law, which a group of owners said should have been put out to tender, according to media reports.

## Chinese translation

> Translation model: grok_cli

### Pine Grove坚持17.8亿新元底价，大型集体出售尝试仍未推进

该屋苑集体出售征集在9月20日截止期限前仍未达授权门槛

［新加坡］Pine Grove集体出售委员会（CSC）认为，尽管部分业主呼吁提高底价，该屋苑17.8亿新元的底价仍具竞争力；而针对大型集体出售重新发展项目的额外买方印花税（ABSD）新优惠，有望改善出售前景，并鼓励更多业主支持此项行动。

截至周一（7月27日），这栋共660个单位的共管公寓已有62%的业主签署集体出售协议（CSA），低于协议于9月20日失效前所需的80%授权门槛。

该数据于周一在CSC致业主的信函中披露；《商业时报》获悉，周三在屋苑会所举行的居民大会吸引了逾30名居民出席。

信中，CSC列出业主不愿签署的五个原因：

Pine Grove最新一轮集体出售的17.8亿新元底价，未包含发展商重新发展该地块时可能须缴付的土地增值费（LBC）。

营销代理ERA表示，若计入用于提高发展强度的预估LBC、补地价至全新99年地契，以及额外总楼面面积，当前要价约为每平方英尺地积比（psf ppr）1,355新元。

CSC主张，17.8亿新元的数字与政府售地（GLS）中邻近的Pinetree Hill和Nava Grove所设定的基准相比，仍具竞争力。

Pinetree Hill地段于2022年由UOL与SingLand以6.715亿新元投得，合每平方英尺地积比1,318新元。Nava Grove地段于2023年由MCL Land与Sinarmas Land以6.924亿新元投得，合每平方英尺地积比1,223新元。

Pine Grove是位于乌鲁班丹路外、共660个单位的共管公寓，1996年由前建屋与市区发展公司（Housing and Urban Development Company）屋苑私有化而来。自2008年以来，它曾五次尝试集体出售，但均未能获得足够业主支持或吸引买家。

该公寓坐落于面积达893,219平方英尺的广阔地块上，ERA表示，若获相关当局批准，重新发展可建约2,050个新住宅单位。

CSC的呼吁发出一天后，国家发展部部长徐芳达公布了鼓励土地再利用的集体出售重新发展新优惠措施。

针对承接大型集体出售重新发展项目的发展商，ABSD制度已作调整，适用于自周三起购入的合资格地段。

可建成至少1,400个住宅单位的大型（mega）集体出售地段，完成建造并售出全部单位的期限现由原先的5.5年延长至7年。发展商须在6年内售出至少一半单位，否则可能被追回35%的预付ABSD减免部分，并须支付利息。

可建成至少700但少于1,400个住宅单位的大地段，可获6年期限。符合额外条件的大型与mega项目发展商，还可再获6个月延期。两类项目的重新发展单位数均须至少达现有住宅单位数的1.5倍。

ERA向《商业时报》表示，该宣布“为大型集体出售项目营造了更有利的环境”，并可能提振业主信心以取得授权。

这为“该地段在更新后的政策框架下重返市场提供了新机会”。

ERA拒绝对是否有发展商就其较低底价接触Pine Grove置评，并补充称，发展商兴趣将取决于地段的出售准备程度、当时市况及投资目标。

Mogul.sg首席研究官Nicholas Mak表示，GLS住宅用地供应稳定，对集体出售项目构成竞争，因发展商可能选择通过GLS流程购地。

“发展商可能更青睐GLS地段，因为流程更短，业主反对与诉讼风险更低。业主抵制集体出售的主要原因之一，是他们或许只能买到比现有住所更小的替代单位，”他补充道。

CSC指出，老化屋苑维修费用上升，是业主应支持集体出售的理由。

该委员会表示，分层地契管理理事会（MCST）月费将从8月起由原先每单位318.28新元上调至479.60新元；这座有42年楼龄的共管公寓预计日后需要更多维修。更频繁的混凝土剥落与渗水等问题，将进一步加重屋苑储备金压力。

CSC还指出，在本轮集体出售尝试期间，附近并无竞争的GLS地段，但警告邻近Maju地区的发展，未来竞标时可能带来更强竞争。

若出售失败，委员会估计较大单位的价值可能跌至160万至180万新元之间。

一位数年前售出单位、被称为Tan的前居民表示，反复的集体出售尝试令居民感到不确定。

“售价是一回事，居住条件是另一回事，”他指出屋苑无遮挡的下客点、老化的电梯大堂以及陈旧的照明。他还表示，每次集体出售失败后，部分业主会决定出售单位。

CSC最新一轮争取80%授权的努力，此前因委任ERA与律师事务所BR Law而出现摩擦；据媒体报道，一群业主认为相关委任本应公开招标。