Ingenia Communities Group (ASX:INA) again rejected a takeover approach from Warburg Pincus, adding that the private equity firm's revised offer still "substantially undervalues" the company.

The Australian property group said in a Monday bourse filing that the new nonbinding indicative proposal, which raised the per-security offer to AU$5.05 from the AU$4.75 per security it rejected Sept. 7, is not in the best interest of its securityholders.

The Ingenia board added that it reviewed the sweetened bid with its independent adviser and that it remains open to other proposals.