SPRING Grove condominium in the prime Grange Road area has officially been launched for sale by tender with an asking price of more than $1.39 billion.

If it goes through, this will beat Farrer Court's record $1.34 billion en bloc sale in 2007. But several condos before Spring Grove have similarly asked for ambitious reserve prices and seen their deals lapse and expire without a buyer. The same fate seems likely for Spring Grove, consultants say.

Yesterday, Knight Frank, the marketing agent representing the condo unit owners, promoted the site as being "one of the few residential plots remaining in the Orchard area to be made available for redevelopment into a large-scale luxury condominium".