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Monthly Archives: March 2010

Protect reluctant parties in en bloc sales

Posted on 2 Mar 2010 | Comments Off

MR TAN Keng Ann’s letter last Saturday (‘Review law on en bloc sales’) revealed the unfair predicament suffered by a good number of people amid the frenzy of many collective property sale exercises. Instead of leaving them alone to retire in peace and contentment, young speculators callously go out of their way to make home owners like Mr Tan miserable, all to make a quick buck.

I am not involved in any collective sale, but from what I have heard from friends who are, the situation is dire and shameful. Meetings of condo owners to discuss such sales are invariably boisterous. Some turn ugly with owners hurling verbal abuse at one another, with those who refuse to sell on the receiving end. They are also harassed between meetings.

It is clear that those who put pressure on reluctant owners have much to gain if the sale goes through. Some speculators have bought several units earlier in anticipation of a successful sale. It is purely business and their aim (and that of the would-be developers) is to make money. The feelings of people like Mr Tan do not concern them in the least.

Yes, the law must change if we are serious about curbing speculation. It would protect the interest of owners who cherish their homes. Why take away the rights of owners who are not interested in the money and want to stay put? Besides, many of the condos involved are not by any stretch of the imagination obsolete in design, or in a state of disrepair.

Lee Seck Kay

Source : Straits Times – 2 Mar 2010

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Posted in En-bloc / Collective Sales

Tagged Collective Sales, Enbloc

Straits Trading Company to develop 12 bungalows at Chancery Lane

Posted on 2 Mar 2010 | Comments Off

The property unit of Straits Trading Company will be developing a cluster of freehold bungalows at the prime Chancery Lane area as the mainboard-listed company is acquiring the original developer, Tertius Development.

The project, called Chancery Five, will have 12 bungalow units and sits on a land plot of 27,600 square feet. The size of the bungalows will range between 4,800 square feet to 6,500 square feet each.

Each of the two-storey bungalows will have five rooms, an entertainment room, an attic, a private basement car park, a swimming pool and a lift.

Eric Teng, chief executive officer of Straits Trading, said the Chancery Five project is in line with its overall strategy of developing properties that are both exceptional and of high quality.

While the company did not disclose the value of the development, property analysts estimate it to be worth about S$58 million.

Based on the project’s estimated worth, Cushman & Wakefield’s regional managing director Donald Han said that the bungalows would be priced at slightly less than S$1,000 per square feet (psf).

This means each unit would be priced at about S$4.8 million, which he said is “a fair price for a bungalow on Chancery Lane”.

Mr Han added that its close proximity to top schools such as the Anglo-Chinese and Singapore Chinese Girl’s schools, as well as to Orchard Road, makes it a hit with families and sub-letters.

Meanwhile, Nicholas Mak, real estate lecturer at Ngee Ann Polytechnic, said that based on similar properties in the vicinity, Chancery Five should fetch about S$500 to S$600 psf.

“With the largest unit at about 6,500 square feet, I have a feeling that they will price it above S$4 million per unit,” said Mr Mak.

“Landed property will always have a place with investors. It has the highest price increase in 2009 compared to other types of properties,” said Mr Han.

Source : Channel NewsAsia – 2 Mar 2010