Three bids were received for the government land sale (GLS) site at Pine Grove (Parcel B). A joint venture between Sinarmas Land and MCL Land submitted the highest bid of $692.388 million.
Sinarmas Land is a real estate developer that is listed on the Singapore stock exchange. It operates as a subsidiary of Sinar Mas Group, which is owned by the Widjaya family, one of the wealthiest families in Indonesia. If the joint venture is successful in acquiring the site, it will represent Sinarmas Land’s inaugural residential project in Singapore. The new development is known as Nava Grove.
MCL Land is a part of the prestigious Jardine Matheson Group, which is under Hongkong Land Holdings. They have an impressive track record of developing residential projects in both Singapore and Malaysia. By the way, it’s worth noting that MCL Land and Chinese developer CSC Land emerged as the top bidders for the Clementi Avenue 1 site when the tender closed on November 7th.
The bid price of $692.388 million offered by Sinarmas Land-MCL Land results in a per plot ratio (psf ppr) of $1,223, 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.
Nevertheless, the winning bid for Parcel B, at $1,223 psf ppr, is 7.2% lower than the $1,318 psf ppr offered by UOL and SingLand for the adjacent Parcel A.
Parcel A received five bids at the end of its tender last year, while Parcel B only received three. “The response for this site tender is not surprising, considering the nearby competition at Pine Grove (Parcel A), where Pinetree Hill is being developed as a 520-unit project,” comments Wong Siew Ying, the head of research and content at PropNex.
