Pine Grove’s tender ends with no takers

Pine Grove’s S$1.86 billion mega collective sale tender ended on Tuesday with no bidders.

It has gone into the 10-week private treaty period, key executive officer of the marketing agent C&H Group Nelson Lim told The Business Times. The private treaty period allows en bloc sites to negotiate with interested developers.

Pine Grove’s inability to find a buyer, particularly in the post-cooling measures era, will certainly be watched by other mega-sites on the market such as Braddell View.

Pine Grove, a 660-unit former HUDC project along Ulu Pandan Road spanning over 890,000 sq ft, launched its tender in late February.

Its reserve price of S$1.86 billion translates to a land rate of S$1,307 per square foot per plot ratio (psf ppr), after factoring in differential and lease upgrade premiums.

The sales committee had also earlier raised its reserve price from S$1.72 billion, so as to get a majority nod to launch a public tender.

Several other big sites are also up for the taking. This includes Singapore’s largest private residential site Braddell View, which launched for sale in end-March for S$2.08 billion, after securing the 80 per cent mandate close to Chinese New Year.

But some big sites are not having an easy time on the market, with several tender relaunches as of late.

Earlier in April, Laguna Park in East Coast relaunched its tender at a reserve price of S$1.48 billion, after a previous attempt in September. Horizon Towers relaunched its tender for S$1.1 billion in January. That ended without a bid, same as its previous attempt.

Recently, other mega-en blocs fizzled out without getting approval from 80 per cent of owners to get to market.

Just 68 per cent of owners at Mandarin Gardens agreed to a potential collective sale at S$2.927 billion by the time the collective sale agreement expired at the end of March this year.

The collective sale agreement for Dairy Farm estate expired on April 6 this year with 71.35 per cent of owners signing up.

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