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SINGAPORE: The closely watched collective sale of Laguna Park is now officially off.
The enbloc tender for the condominium in Marina Parade started off at an eyebrow-raising price tag of S$1.2 billion.
Although it received a bid of S$1.73 billion, the tender failed as a down payment could not be made in time.
The price was later revised downwards to S$967 million - but it still had no takers.
Marketing agent Credo Real Estate said even if an offer comes in now, it would be too late as there is not enough time to crank-up the entire process again in time for the December 19 deadline - when the collective sale agreement expires.
Market watchers noted that developers have become increasingly cautious, amid the government's recent market-cooling measures.
- CNA/sc
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