Tag Archives: Collective Sales

Laguna enbloc bid fails

Posted on 16 Oct 2009 | Comments Off on 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. Continue reading →

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A seller’s cautionary tale

Posted on 2 Oct 2009 | Comments Off on A seller’s cautionary tale

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

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