Stephen Wicks, the chief executive of Country & Metropolitan, said the interest was unwelcome and that he did not want to take the company private.
He said: "We've had some interest in the company but haven't encouraged it. We told them to come back for a chat in a couple of years."
Wicks made clear that the potential buyer only had a passing interest; anything firmer would have had to have been reported to the London Stock Exchange.
He added: "We're more interested in acquiring companies than being acquired."
Country & Metropolitan and Fleet Property are still considering the joint purchase of residential developer Headway. Together, they have built up a large stake in the firm, which is listed on the alternative investment market. Fleet's parent company is Allied & Commercial, run by property tycoon "Black Jack" Dellal, which gives the potential takeover greater financial clout.
Wicks confirmed that he was to talk to Headway chairman Bill Cran later this month regarding a possible takeover. The deal has been in the offing for the best part of a year.
Wicks was speaking after the announcement of Country & Metropolitan's results for the 10 months to 30 June. Pre-tax profit for the period was £6.4m, up from £3.9m in the previous 12-month period. Turnover was up 94% to £62.3m.
The company altered its year-end results after the acquisition of NorthCountry Homes last year. The acquisition also boosted its financial performance.
The interest in Country & Met fits with analysts' predictions of a wave of acquisitions in the housebuilding sector in the wake of Taylor Woodrow's £480m purchase of Wilson Connolly last month.
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