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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

Don’t bank on en-bloc jackpot yet

Posted on 27 Sep 2009 | Comments Off

There is a bit of action in the en-bloc sale market as individual owners scramble to get a foot into the fast-rising private home market, which has left many developers hungry for land.

The strong response shown by developers at recent tender exercises is a clear motivating factor.

But for those who are banking on an en-bloc jackpot, it is best not to count on a sure-win yet.

Unless property prices pick up quickly, a speedy success may elude these owners for now. This is because most developers are unlikely to rush for the available collective sale sites at the prices the owners want, said experts.

So far this year, five residential sites have been put up for sale en bloc, and more are expected in the next few months.

A few tenders have closed, but no sale has been concluded.

‘The en-bloc sale market won’t move very fast because owners are asking high prices,’ said property consultant Nicholas Mak, a real estate lecturer at Ngee Ann Polytechnic.

Collective sale prices tend to be on the high side as owners look to a premium above the value of their individual units. But those days of large profits made in quick sales have yet to return. Continue reading →