Pine Grove closer to securing mandate to relaunch collective sale at 1.78b

The collective sale committee (CSC) for Pine Grove condominium is getting closer to securing the requisite 80 per cent mandate to relaunch a collective sale at a lower reserve price of $1.78 billion.

- Grace Leon

More than 60 per cent of the 660-unit condominium's home owners have signed a supplemental agreement to lower the reserve price to $1.78 billion, marketing agent ERA Realty Network said on Feb 19.

The former HUDC estate in Ulu Pandan, which has 59 years left on a 99-year lease, launched its fourth collective sale attempt since 2008 via public tender at $1.95 billion in September 2023.

The Straits Times reported in January 2024 that the CSC was trying to get the requisite 80 per cent mandate from owners to relaunch the collective sale at $1.78 billion on March 6, after the tender closed in November 2023 without any bids at $1.95 billion.

Around 46 per cent of owners gave their consent to the $1.78 billion reserve price at an extraordinary general meeting held on Jan 21.

"The revised reserve price of $1.78 billion reflects an 8.7 per cent reduction from the previous price of $1.95 billion, presenting an opportunity for developers and investors looking to acquire a sizeable development site facing the Dover forest and near the Dover MRT station," said ERA chief executive Marcus Chu.

A Jan 18 letter from ERA Realty to owners said the new price was found to be a "fair valuation" by Premas, a unit of Cushman & Wakefield.