Tag Archives: Laguna Park Enbloc

$1.2b Laguna Park en bloc sale bid fails

Posted on 17 Oct 2009 | Comments Off

$1.7b offer made, then withdrawn; price tag unrealistic, analysts say.

The 30-year-old condo sits on 677,000 sq ft of land. Of the two submissions received, one was withdrawn and the other was believed to be below the reserve price. — ST PHOTO: LIM SIN THAI

OWNERS of East Coast condominium Laguna Park have failed in their bid to sell the property en bloc for $1.2 billion through a tender process.

Industry analysts say the result was not surprising, considering the high asking price.

However, in a curious twist of events, one company had submitted a bid for $1.728 billion – only to withdraw the offer on Thursday night. Continue reading →

Comments Off on $1.2b Laguna Park en bloc sale bid fails

Posted in En-bloc / Collective Sales

Tagged Collective Sales, En-bloc / Collective Sales, Enbloc, Laguna Park, Laguna Park Enbloc

Tender for Laguna Park en bloc sale closes unsuccessfully

Posted on 16 Oct 2009 | Comments Off

The tender for the Laguna Park en bloc sale has closed unsuccessfully.

Credo Real Estate said there were two bids for the 528-unit development at Marina Parade at the close of the tender on Tuesday.

A local company whose shareholders are based in Indonesia had offered a price of S$1.7 billion, well above the owners’ Reserve Price of S$1.2 billion.

But Credo said by Thursday evening, the firm decided to withdraw its offer, citing difficulties in their bankers’ ability to process the funds and remit them to Singapore.

The second bid was from a prominent local developer who expressed interest to pursue negotiations with the majority owners.

MediaCorp understands the local developer will settle on a bid price after negotiations with the owners. Continue reading →