Laguna enbloc bid fails

OWNERS of East Coast condo Laguna Park have failed in their bid to sell the property en bloc.

Marketing agent Credo Real Estate said on Friday that athough the tender for Laguna Park’s en bloc sale closed unsuccessfully, owners have until December to enter into a private treaty with any developer to sell the estate.

At the close of the en bloc sale on Oct 13, two bids were received for the 528-unit development at Marine Parade, said Credo.

One of them was from a local firm which offered $1.728 billion – well above the owners’ Reserve Price of $1.2 billion.

It is understood that the principal shareholders are based in Indonesia.

The sales committee had negotiated with the first party on the terms of the sale.

The firm was due to submit the tender deposit but their lawyers wrote in on Thursday night to withdraw their offer, citing that they faced ‘difficulty in their bankers processing the funds and remitting them to Singapore’, said Credo in a statement.

The other bid was from a local and prominent developer who expressed interest to pursue negotiations, said Credo.

Source : Straits Times – 16 Oct 2009


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