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A seller’s cautionary tale

Posted on 2 Oct 2009 | Comments Off

I AM compelled to share my experience as a cautionary tale after reading the report, ‘Private homes still seeing high demand’ (Sept 22). I was a flat owner of Gillman Heights, which was sold in a collective property sale exercise and for which I received $887,000 (around $520 per sq ft) for my 1,700 sqft three-bedroom unit.

The amateurish miniature model of The Interlace condominium (left) at the exclusive private preview for former owners of Gillman Heights was a stark contrast to the sleek, three-dimensional and professionally crafted model displayed at the public launch. — PHOTO: REGINALD TAN

By the time I received my money, I could only afford a similar unit far from the city and certainly not as central as Gillman Heights.

Former owners like me were assured we would receive priority in buying units in the new condominium – The Interlace – on the site of our former home.

But at $1,000 psf, I would have been effectively downgraded to a much smaller apartment at the same location. Worse, we were given only three days’ advance notice of the exclusive preview for us to choose our units at the Shenton Way office of the developer, CapitaLand Residential. Continue reading →

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Posted in Developers, En-bloc / Collective Sales

Tagged Capitaland, Collective Sales, Enbloc, Gillman Heights, Gillman Heights Enbloc, The Interlace

Frasers Centrepoint bails out of Arsenal apartment deal

Posted on 1 Oct 2009 | Comments Off

It’s likely to have forfeited its deposit of 10% of the £47m purchase price

FRASERS Centerpoint has pulled out of a £47 million (S$106 million) deal to buy 120 apartments at the site of English football club Arsenal’s old stadium, likely forfeiting its deposit.

Highbury Holdings – a unit of the holding company that owns Arsenal Football Club – has now sold the apartments plus some 25 others for £41.4 million to London & Stamford, an AIM-listed property group.

Reports in February said that Frasers, a unit of listed Fraser & Neave, had put down a 10 per cent non-refundable deposit for flats in the Highbury Square project but was unwilling to pay the rest in full upfront.

It instead proposed to pay the sum, reportedly £15 million, on a deferred schedule but the offer was blocked by one of the club’s banks.

Frasers yesterday said that it was ‘pleased’ the units had been sold. ‘The price achieved is a clear indication that the market has turned in London and that there is significant interest from investors in acquiring prime London property,’ a spokeswoman told BT. ‘Our decision not to complete enables us to focus on our existing property portfolio and our direct development projects in London.’ Continue reading →