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.
There are several other big sites that have also launched their en bloc tender in the recent months. The most keenly watched property is the Braddell View which is the largest private residential site in Singapore.
It was launched for collective sale around end of March for S$2.08 billion. The Sale Committed has been able to secure than required 80% consent from its owners during the Chinese New Year.
The going hasn’t been easy for the mega sites since the cooling measures were announced as many of them were forced to re-launch their tenders failing to find interested bidders.
East Coast’s Laguna Park was launched in early April for S$1.48 billion after its initial attempt failed in September last year. The tender for Horizon Towers launched again in January for S$1.1 billion and closed without any bids, its second unsuccessful attempt.
Many other properties failed to launch as they were unable to acquire the required 80% consent. In case of Mandarin Gardens only 68% of the owners agreed to its S$2.927 billion en bloc sale initiative and the agreement expired in March.
Dairy Farm collective sale also couldn’t be launched as the sale committee could only collect 71.35% signatures on the agreement.