# Pine Grove’s S$1.78 billion en bloc attempt could get fresh start under opt-in to new rules

- **Source:** The Business Times
- **Published:** 2026-09-08T08:49:54.000Z
- **Author:** Jeanne Mah
- **Original:** https://www.businesstimes.com.sg/property/pine-groves-s1-78-billion-en-bloc-attempt-could-get-fresh-start-under-opt-new-rules
- **Topics:** Private Residential, Transactions & Deals

## Featured rationale

The lower threshold and extended ABSD timeline may revive developer interest in the 893,219 sq ft site, although its pricing remains a significant transaction hurdle.

## AI summary

Pine Grove, with 67.5% owner consent for its S$1.78 billion en bloc attempt, could restart under a proposed 70% threshold for older developments.

## Original article

[SINGAPORE] Pine Grove, a 660-unit condominium in its fifth attempt at a collective sale, could get a leg up from new rules which would lower the consent hurdle it faces from 80 per cent to 70 per cent.

While the existing collective sale framework will continue to apply where signature collection has already started, developments aged 40 years and older that are in transition have an “opt-in route” to restart the process under a new framework discussed in Parliament on Tuesday (Sep 8).

Pine Grove’s current collective sale agreement (CSA) is due to lapse on Sep 20.

As at late August, some 67.5 per cent of owners had signed the agreement, well short of the existing 80 per cent mandate but just shy of 70 per cent.

For developments aged 40 years and older that are still gathering signatures, owners “may convene a general meeting to decide whether to terminate the existing collective sale agreement and proceed afresh under the new framework”, Minister for Law and Second Minister for Home Affairs Edwin Tong said in Parliament on Tuesday.

Under the transitional arrangements, developments that opt in will have seven months from the commencement date to achieve the requisite consent threshold.

“This provides collective sales committees (CSCs) with a meaningful opportunity to opt into the new framework, while ensuring that owners who do not wish to sell are not subjected to a prolonged process,” Tong added.

Owners are weighing the rising costs of maintaining the ageing estate, which sits on a sprawling 893,219 square foot site off Ulu Pandan Road.

Marketing agent ERA has estimated that the site could yield about 2,050 homes if redeveloped, subject to approval from the authorities.

Its current reserve price is S$1.78 billion, which excludes any land betterment charge that may be payable by the developer to redevelop the site.

The Business Times understands the CSC recently told owners that if the collective sale fails, major repairs and replacements could cost an estimated S$15 million to S$21 million, equivalent to about S$22,000 to S$32,000 per unit.

The estimates include:

Monthly maintenance fees have also risen to S$479.60 from S$318.28 from August, with the CSC projecting further annual increases.

In July, the government announced that developers of “mega” en bloc sites of at least 1,400 units will have the deadline extended by two years, bringing the additional buyer’s stamp duty (ABSD) remission timeline to seven years.

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.

Industry observers previously told BT that the longer runway will put large collective sale sites back on developers’ radar, although pricing remains the biggest hurdle.

## Chinese translation

> Translation model: openai_codex_cli

### Pine Grove 17.8亿新元集体出售尝试或可通过选择适用新规则重新启动

这座位于Ulu Pandan的公寓在现行程序下已获得接近70%的同意

[新加坡] Pine Grove是一座拥有660个单位的公寓，目前正第五次尝试集体出售；新规则可能为其助一臂之力，因为这将把其面临的同意门槛从80%降至70%。

尽管在已开始征集签名的情况下，现有集体出售框架将继续适用，但对于楼龄40年及以上、处于过渡阶段的发展项目，周二（9月8日）在国会讨论的新框架下提供了一条“选择加入路径”，可重新启动程序。

Pine Grove目前的集体出售协议（CSA）将于9月20日到期。

截至8月底，约67.5%的业主已签署该协议，远低于现行80%的授权门槛，但距离70%仅一步之遥。

律政部长兼内政部第二部长唐振辉周二在国会表示，对于楼龄40年及以上且仍在征集签名的发展项目，业主“可以召开大会，决定是否终止现有集体出售协议，并根据新框架重新推进”。

根据过渡安排，选择加入的发展项目将自生效日期起有七个月时间，以达到所需同意门槛。

唐振辉补充称：“这为集体出售委员会（CSCs）提供了一个有意义的机会，可选择加入新框架，同时确保不愿出售的业主不会受到冗长程序的影响。”

业主正在权衡维护这座老化屋苑不断上升的成本；该屋苑位于Ulu Pandan Road旁，占地广阔，面积为893,219平方英尺。

营销代理ERA估计，若重建并获得当局批准，该地块可提供约2,050套住宅。

其当前保留价为17.8亿新元，不包括发展商为重建该地块可能需要支付的任何土地增值费。

《商业时报》获悉，CSC最近告知业主，如果集体出售失败，重大维修和更换工程估计可能耗资1,500万至2,100万新元，相当于每个单位约22,000至32,000新元。

估算包括：

每月维修费也已从8月起由318.28新元上调至479.60新元，CSC预计未来还会进一步逐年上调。

7月，政府宣布，至少拥有1,400个单位的“超大型”集体出售地块的发展商，其期限将延长两年，使额外买方印花税（ABSD）减免时限延至七年。

发展商必须在六年内售出至少一半单位，否则可能面临35%预付ABSD减免部分连同利息被追回的风险。

业内观察人士此前对BT表示，更长的时间窗口将使大型集体出售地块重新进入发展商视野，尽管定价仍是最大的障碍。