According to the TODAY paper, the marketing agent Jones Lang LaSalle declined to comment if any bids were received for the tender, or when the results of the tender will be released. This is after the tender for Pine Grove – possibly the most expensive property to go en bloc – closed yesterday.
Are we being too presumptuous to think that if a bid was received at the $1.7 billion asking price, someone would have made an announcement by now….?
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SG PropTalk 
took me a while to read the long long thread on PG as i'm considering a unit there. like the preceeding writer, i am also attracted by the large units and also the opportunity to do a major overhaul renovation. however what are the chances of enbloc? is it still worth to get a unit there?
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Pine Grove estate is huge. The blocks were built far apart from each other. However, the estate needs substantial maintenance. It looks tired. I have checked the transacted price. The popular unit size of 1700+ soft is around 1.4m or 1.5m. The highest price stands at 1.78m since 2010. The owner of that unit cash out at the right time. Till today the record is unbroken and most probably stays due to the fact pine grove getting old.
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I happen to go over to Pine Grove to pick up some stuff and noticed that the place is really really large and I started to check the website for sale units. Prices range from 1.4mil onwards. Would this still be a property worth buying to settle down to stay? The new projects are amazingly small and expensive therefore I am attracted to to 1,600 sq ft plus size. JS
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So the record sale of 1.78m stands till today. Congratulations to the guy who sold the unit and get out. I visited Pine Grove some weeks ago. The estate needs big maintenance.
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Area Transacted PSF
1755 1.62m 923
1701 1.438m 846
1668 1.390m 833
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Did u see what the recent transacted prices are @ Oct 2012. boo hoo cry. The prices dipped. Should hv en bloc – everybody win then
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I happen to stumble upon this blog too. My wife and I view several units in PG for the last couple of weeks. I must say the estate is in a quite run down state. I was told by a agent that the lifts will be upgrade soon.
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I happen to stumble upon this blog. The price for PG 1700+ sqf has fallen down substantially. I saw there are several units for sale and has been advertising for quite awhile. The record stands at $1.78m since Dec 2011. That guy who sold the unit knows the property market very well. He or she is laughing all the way to the bank. For this who were enbloc supporters must be very disappointed.
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PG is leasehold property and is 25 years old or more. I understand development charge goes up exponentially with age. So even if PG secures 1.7b asking price, the amount for each owner will get less as the property gets older. I doubt they can keep raising prices to cover this development charge.
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Yes definitely… I'm very certain the estate value will plumment in view of the vast supply of newer development coming fast and furious in the next few years. It's going to be very costly to maintain and upgrade as well. Anyway, the PGians have their chances (3 x) to go enbloc in the last 3 yrs but were too “greedy” or “sentimental” to let go… hence will have to “pay the price” henceforth. Hence, the saying.. strike while the iron is hot!!
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It is going to take a long time for PG to take the enbloc route again. The estate needs big maintenance budget. Therefore it is in a dilemma.
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All SPs should have by now received a letter from Jones Lang informing that the deadline has expired -so the enbloc is dead!!
Can forget about another enbloc as with all the uncertainities plus an impending glut in 2013, so developers are no fools to take position next year.
See all the big multi-billion $ projects such as Laguna, etc has no takers.
Stay put or sell, if you really need to exit (lease getting older). Rental will also come under pressure in one to two years' time.
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So, what is the final outcome of PG. Any kind soul can offer an answer?
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I think the grace period is ending in Nov. I seriously doubt there is any chance of success even at reduced price cos the systemic risks are too high for developers to take position next year. Too bad wrong timing and missed opportunities last year..
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LP is on tender at reduced price of 1.25 b, any news from PG? The one year period after achieved 80% of agreement for en bloc ending soon.
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If PG is going for another enbloc exercise the sales committe must do some damage control. It is not too late.
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