The collective sale committee (CSC) of Pine Grove has raised its reserve price to $1.86 billion from $1.72 billion in a last-minute bid to secure the 80 per cent mandate to launch a public tender, even as developers turned cautious after the recent cooling measures.

The move came after "pressure and petitions from a small group of owners who feel Pine Grove ought to be marketed at a higher reserve price", and it was against the advice of marketing agent Huttons Asia, said the company's head of investment sales Terence Lian.