Tag Archives: En-bloc

Laguna Park could go at 20% discount to initial tender price

Posted on 27 Oct 2009 | Comments Off on Laguna Park could go at 20% discount to initial tender price

Home owners at the Laguna Park condominium in Marine Parade are now faced with the choice of selling their homes at an average of 20 per cent lower than their initial asking price.

This comes after a failed tender earlier this month.

Then, the site received a bid from an Indonesian-owned, locally incorporated company of S$1.728 billion, but a downpayment could not be made in time.

Since then, the collective sale committee has circulated a letter informing owners of a new potential selling price of S$967 million.

Under en bloc sale regulations, 80 per cent of owners need to vote in favour of this price tag before the sale can proceed.

When Laguna Park opened for tender in September, most owners stood to gain around S$2.1 million to S$2.3 million each. Penthouse owners would have gotten between S$3.5 million and S$4.1 million each. Continue reading →

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Roxy-Pacific to buy Dragon Mansion in en bloc deal

Posted on 21 Oct 2009 | Comments Off on Roxy-Pacific to buy Dragon Mansion in en bloc deal

ROXY-PACIFIC Holdings has signed an agreement to buy Dragon Mansion for $100.8 million via a collective sale – some 16 per cent below the owners’ previous asking price of $120 million when the property was first put up for sale in July.

However, the deal is conditional upon obtaining agreement from an 80 per cent majority of the owners on the purchase price. BT understands that a fresh round of agreements have to be obtained as the price offered by Roxy-Pacific is below the owners’ reserve price in the collective sale agreement.

When the tender for the collective sale of Dragon Mansion was launched in July, it marked the first collective sale offering of the year. If Roxy-Pacific buys the freehold site for $100.8 million, it will be paying $863 per square foot per plot ratio (psf ppr) including an estimated development charge of about $400,000. The owners’ original asking price, on the other hand, translated to about $1,020 psf ppr including the development charge.

The site has a land area of about 42,000 sq ft and it is designated for residential use with a plot ratio of 2.8.

Roxy-Pacific chief executive Teo Hong Lim said that the company inked the deal to buy the site as he ‘found the price reasonable’. Continue reading →

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Posted in Developers, En-bloc / Collective Sales

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