Owners have until Dec 19 to agree to 19-per-cent lower price
Home owners at the Laguna Park condominium in Marine Parade (picture) are now faced with the choice of selling their homes at about 19 per cent lower than their initial asking price.
The collective sales committee of Laguna Park has circulated a letter informing owners of a new selling price of $967 million.
This comes after the failed tender earlier this month, at a price tag of $1.2 billion. The sea-facing site had received a bid of $1.73 billion from an Indonesian-owned, locally-incorporated company, but a downpayment could not be made in time.
Laguna Park homeowners now have until this Saturday to indicate if they accept the deal. Under en bloc sale regulations, 80 per cent of owners need to vote in favour of this price tag. They have until Dec 19 before the collective sale agreement expires.
The new price tag would mean that the home owners stand to gain about $1.8 million for a typical unit instead of the previous $2.1 million to $2.3 million range based on the original reserve price of $1.2 billion. Continue reading
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