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