Enbloc | Lush Dream Home

Tag Archives: Enbloc

Golden Mile owners try backdoor route to en bloc sale

Posted on 19 Sep 2009 | Comments Off

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 →

Comments Off on Golden Mile owners try backdoor route to en bloc sale

Posted in En-bloc / Collective Sales

Tagged Collective Sales, Enbloc, Golden Mile Complex, Singapore Property

Laguna Park ‘too expensive’

Posted on 8 Sep 2009 | Comments Off

Singapore property giant CapitaLand has ruled itself out of bidding for the Laguna Park estate, which was put up for collective sale earlier this week.

CapitaLand’s chief executive Liew Mun Leong said yesterday that the reserve price tag of some $1.2 billion for the estate is “too high to yield affordable homes”. He was speaking on the sidelines of an event to unveil the design of The Interlace, an upcoming CapitaLand project at the site of the former Gillman Heights estate.

Laguna Park, a former HUDC estate at Marine Parade, was launched for tender two years after the idea of an enbloc sale was first mooted. Its marketing agent, Credo Real Estate, said it expects keen competition for the plot, but developer CapitaLand said the asking price is simply too high.

“I’m not very sure that at the end of the day, after paying over $800 per plot ratio, plus construction costs, plus your cost of financing, your break-even cost would be something like $1,500 or $1,600 (per square foot). “Are buyers prepared to pay for it at that location and that price? I am less sanguine than them,” said Mr Liew. Continue reading →