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2 properties launch bids again to sell en bloc

2 properties launch bids again to sell en bloc.

Collective-sale activity is picking up a little, with two properties keen to try their luck, including the long-awaited bid by Pine Grove.

The 660-unit condominium in the Holland Road cluster is being launched today at a reserve price of $1.86 billion.

The price translates to a land rate of $1,307 per square foot per plot ratio (psf ppr), after factoring in differential and lease upgrade premiums, said real estate agency C&H Group yesterday.

The other sale attempt comes from Peace Centre/Peace Mansion, a prime mixed-development site at 1 Sophia Road with a reserve price of $688 million.

The block sits on a 76,617 sq ft site, with a gross floor area (GFA) of slightly over 600,000 sq ft.

The property has 32 floors, with Peace Centre being a part-seven-, part-10-storey commercial podium block, and Peace Mansion, a 22-storey residential tower with 84 apartments and two penthouses.

The reserve price reflects a land rate of about $1,474 psf ppr, before factoring in bonus balcony plot ratio for the residential component.

To read more: https://www.straitstimes.com/business/2-properties-launch-bids-again-to-sell-en-bloc

Adapted from: The Straits Times, 26 February 2019