The tender for the government land sale (GLS) site at Pine Grove (Parcel B) closed on November 7th, 2021, with three bids. The highest bid of $692.388 million was submitted by a joint venture between Sinarmas Land, a Singapore-listed real estate developer, and MCL Land, a member of the Jardine Matheson Group.

Sinarmas Land is a subsidiary of the Widjaya family-controlled Sinar Mas Group, the largest conglomerate in Indonesia. If the joint venture succeeds in winning the site, it will mark Sinarmas Land’s first residential development in Singapore. MCL Land, on the other hand, has previously developed residential projects in Singapore and Malaysia and has a solid track record in the real estate industry.

The bid price of $692.388 million offered by the Sinarmas Land-MCL Land joint venture translates to $1,223 per square foot per plot ratio (psf ppr), which is 23.8% higher than the second-highest bid of $988 psf ppr submitted by the joint venture between UOL Group and Singapore Land (SingLand) Group.

The site at Parcel B spans an area of 269,552 square feet and has a 99-year leasehold. It has a maximum gross floor area of 566,003 square feet and can be developed into a new residential project comprising 565 units.

Considering the bidding price and market forecasts, it is expected that the future average selling price of the new condo at Parcel B will range from approximately $2,300 to $2,400 per square foot (psf).

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