Pine Grove, a 660-unit property in Ulu Pandan, is likely to be put up for collective sale again, with a reserve price of approximately $1.7 billion, according to Channel NewsAsia.
If successful, the transaction would be the highest in the en bloc sales market, exceeding the $1.34 billion record set by the Farrer Court en bloc sale in 2007.
According to Channel NewsAsia, many real estate agents have been gathering signatures from residents since November 2009, and they have got 80 percent of residents’ votes to start a collective sale. However, a five-day “cooling off” period has been set in case residents change their minds.
The 99-year leasehold property is a former HUDC estate, and many discussions have taken place between residents and agents to sell the property in the last few years.