The S$1.86 billion collective sale tender of Pine Grove drew dust as it ended on Thursday unable to find any bidders.
Nelson Lim of C&H Group, the marketing agent for this sale informed the media that the property has now gone into the 10-week period of private treaty.
This period allows en bloc sites to negotiate a deal with developers who are interested in acquiring this site.
This latest development will be watched keenly by other mega sites such as the Braddell View as cooling measures that were introduced last year have hit mega en bloc sales hard.
The 660-unit Pine Grove which is a former HUDC site covers an area of 890,000 sq ft and is located along Ulu Pandan Road.
The en bloc tender for this site was launched in the latter half of February. Going by the S$1.86 billion reserve price the land rate translated into S$1,307 psf ppr which is arrived at taking the lease upgrade and differential premium into account.
It is interesting to note that the Collective Sale Committee had increased the asking price from S$1.72 billion to S$1.86 billion to acquire the necessary consent from the owners for launching the public tender.