Pine Grove gunning for 3rd time lucky in Singapore's biggest en-bloc sale attempt

Pine Grove condominium in Ulu Pandan in a file photo taken on March 7, 2011.
Pine Grove condominium in Ulu Pandan in a file photo taken on March 7, 2011.PHOTO: ST FILE

SINGAPORE - Owners at the 660-unit Pine Grove near Ulu Pandan Road have embarked on their third attempt at an en-bloc sale, this time at a record price of $1.65 billion.

That would be the highest sale price since Farrer Court went for $1.34 billion in 2007.

Pine Grove owners appointed Huttons Asia as their marketing agent on Tuesday (Sept 12) and they are now hiring lawyers to work on the collective sales agreement.

The next step is to get at least 80 per cent of owners to back the en-bloc sale at an extraordinary general meeting on Oct 29 so the tender process for the site can start.

Based on the minimum reserve price, each owner is looking at receiving $2.08 million to $2.64 million per unit.

Owners at the sprawling former Housing and Urban Development Company estate have tried twice before to bring about a collective sale.

An attempt in 2011 failed to elicit any bids after owners raised the reserve price from $1.33 billion to $1.7 billion to get the 80 per backing from owners. Its first try was in 2008.

The 99-year leasehold project has 66 years left on its tenure.