Even greedier en-blockers

In Property on 06/06/2011 at 9:34 am

Pine Grove, I’ve been reminded by irate Laguna Park residents is the most expensive en bloc propery up for sale, costing about S$1.7 bn. They were upset by my comments that they were greedy.

Despite the absence of a sea view, and its odd shape, Pine Grove will cost developers S$2.17bn or S$1,152 per sq ft per plot ratio in total, inclusive of the S$460mn development charge.

Funnily, Laguna Park’s larger plot ratio allows the winning developer to build up to 36 storeys. Although it is a smaller plot compared to Pine Grove, the intensity to build is there. The buildable areas for both sites are about the same.

For instance, with a land area of 677,493 sq ft and plot ratio of 2.8, the redeveloped Laguna Park is able to yield about 1,600 units at 1,200 sq ft each.

With a plot ratio of 2.8 Pine Grove is able to yield about 1,500 units at the same size per unit.

Analysts have said  that a reserve price with a discount of 20 to 25% is more “realistic” for Pine Grove.

This translates to about S$1.3 bn to S$1.4 billion, or about S$924 to S$970 per sq ft per plot ratio.

Laguna Park residents say their reserve price of S$1.33bn is reasonable.

I say that the residents of both estates are greedy, Pine Grove being worse. Pine Grove should be worth about S$1bn.

  1. Well, let’s hope the property market crashes and these two greedy groups end up with nothing. That’s life.

  2. No need to talk so much. If stock markets not going to radically turn around and put in strong upward push over next few months, both Laguna Park and Pine Grove can forget about their enbloc. My advice to residents: just enjoy your spacious and peaceful estates. If got buyer at good price, just consider as pure luck like striking toto 1st prize.

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