Category Archives: En-bloc / Collective Sales

The Meyer Place up for collective sale

Posted on 24 Sep 2009 | Comments Off on The Meyer Place up for collective sale
If the sale goes through, it could net the 28 owners a sale price of $2.2 million to $3.3 million each, depending on the size of their unit. — PHOTO: CUSHMAN & WAKEFIELD

THE Meyer Place condominium off Meyer Road has been put up for collective sale.

Property consultants Cushman & Wakefield, which is marketing the site, said it should fetch at least $65 million. That would give the 28 owners a sale price of $2.2 million to $3.3 million each, depending on the size of their unit.

Based on a maximum allowable plot ratio of 2.1, this price works out to $1,100 per sq ft (psf) per plot ratio.

These prices translate to a premium of about 50 per cent above the value of the units if the owners were to sell them individually on the open market now, said Ms Christina Sim, Cushman & Wakefield’s director, investment, capital markets.

The fairly small 28,167 sq ft freehold site near Katong Park also has a two-storey conservation building that contains four flats that must remain in any development of the land. Continue reading →

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Golden Mile owners try backdoor route to en bloc sale

Posted on 19 Sep 2009 | Comments Off on Golden Mile owners try backdoor route to en bloc sale

They hope 20 per cent of units will be sold to single buyer so there would be fewer parties to deal with
Property owners at the Golden Village Mile Complex have roped in property agents, who have been instructed to set a reserve price pf $1,300 psf for apartments and offices, and S$1,500 psf for shops. — ST PHOTO: SAMUEL HE

PROPERTY owners at the Golden Mile Complex who have failed twice to sell the property collectively are trying again – using a novel but risky backdoor approach.

A group of them have chosen, for now, to avoid obtaining the usual approval from owners of 80 per cent of the 705-unit mixed development in Beach Road required in collective sales.

Instead, they hope to persuade a number of owners there, as well as those at the Golden Mile Tower next door, to appoint a property agent to sell their individual offices, apartments or shops.

The group is dangling exceptionally high reserve prices to tempt owners into selling. The property agents it has roped in are promising to scout for offers of no less than $1,300 per sq feet (psf) for apartments and offices, which is double what they are fetching now. Continue reading →

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