Pine Grove raises reserve price in attempt to get collective-sale nod

The 660-unit 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.
The 660-unit 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.ST PHOTO: CHONG JUN LIANG

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.

Please or to continue reading the full article.

Get unlimited access to all stories at $0.99/month

  • Latest headlines and exclusive stories
  • In-depth analyses and award-winning multimedia content
  • Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*

*Terms and conditions apply.

A version of this article appeared in the print edition of The Sunday Times on October 14, 2018, with the headline 'Pine Grove raises reserve price in attempt to get collective-sale nod'. Subscribe