Normanton Park condominium received expressions of interest from two developers but no bids at the close of its collective sale tender last Tuesday.
The reserve price is in the region of $840 million, making it one of the largest en-bloc deals launched in recent years.
Mount Everest Properties, which is marketing the sale, said this translates to a land cost of about $605 per sq ft per plot ratio (psf, ppr).
The 99-year leasehold project near Kent Ridge Park has 60 years left on its tenure. It comprises 488 units in eight low-rise blocks and five 23-storey towers.
Consultant Dillon Loi at Mount Everest Properties is not worried about the lack of bids, saying: "A lot of people are interested, the only weakness is the sheer quantum of the plot. If developed, there will be 1,600 units."
He hopes the market will pick up over the next two quarters, after what he calls a "short-term fall in confidence".
He said he is speaking to a few parties who are in talks to form a consortium to make a bid together.
Recently, a 1.93ha parcel in Siglap Road received eight bids, with the top four all above $800 psf ppr. The top bidder intends to build a condo with 800 to 900 units.
Next month, a state tender for a site at New Upper Changi Road and Bedok South Avenue 3 will close. The site is expected to yield about 570 units. The results of that tender would be a good indicator of developers' willingness to replenish their land banks, Mr Loi said.