The en bloc sale of former HUDC estate Tampines Court failed on Friday after the Strata Titles Board dismissed its sale application.
The board said it had examined the evidence and found that the sale was not concluded in good faith.
It said it will release its grounds of decision at a later date.
The Board's decision effectively means that the sale of the estate is off.
That is because the sales committee's agreement with the estate's buyers - Far East Organisation and Centrepoint Properties - also expires on Friday and the buyers have previously indicated they will not extend the agreement.
The sale has caused much tension and division in the estate, with some upset residents complaining that the process has dragged on for too long.
The majority owners feel the sale price - about $700,000 for each unit - is above what the homes could get on the open market.
But minority owners believe the amount is too low, given that private home prices in Tampines have shot up in the last year.
An independent analyst, Savills' director of marketing and business development Ku Swee Yong, said fair value is likely from $500,000 to $700,000.
Tampines Court is spread over a sizeable 702,162 sq ft site with 560 units. It could be redeveloped into a new condominium with around 1,580 units averaging 1,300 sq ft.
