There was a time, not so long ago, that the lines were neatly drawn in en-bloc sales. On one side, the majority of residents, their signatures already on a collective sale agreement (CSA) and waiting to cash in; on the other, a minority bloc with objections. Not any more. In a growing number of estates, some residents from the majority group are gunning for the same goal as the minority — to scupper...
Enbloc
Property analysts had predicted that it was not likely to happen, but the local real estate market has just witnessed its first collective sale to bust the billion-dollar mark. CapitaLand yesterday got the nod to buy Farrer Court collectively for $1.3388 billion, and plans to transform the ageing HUDC estate into a luxurious condominium with the help of partners including Hotel Properties (HPL). The...
Farrer Court got the ball rolling by slapping on an asking price of $1.5 billion for its collective sale. Now, Savills Singapore is getting in on the act with the tender launch for the collective sale of Pacific Mansions at $1.18 billion. “The recent record land transactions for prime residential sites reflect developers’ bullishness for the luxury end of the residential market,” said Mr Steven...
Gilstead View, a freehold 17-storey apartment block in the Newton area, has gone under the en bloc hammer for $96.5 million. Chedstone Investment Holdings bought the site at approximately $1,070 per square foot per plot ratio (ppr), inclusive of the estimated $10-million development charge. Real-estate firm Jones Lang LaSalle believes this is a new record for the Newton area. “The sale of Gilstead...
Over the past two decades, Paramount Shopping Centre has developed a rather infamous reputation for itself; more known for the seedy karaoke bars and pubs that crowd its ground level rather than the retail and computer shops on the upper levels. Once the sun goes down, bar hostesses and their guests filter to their watering holes in the building that is often regarded as the Orchard Towers of the east...
Savills Singapore has announced the commencement of an expressions of interest exercise for the collective sale of Trendale Tower. The 25-year-old freehold development sits on a 21,709-sq-ft plot at 79 Cairnhill Road. “Subject to approval from the relevant authorities, the redevelopment site will have a permissible gross floor area of 6,753.2 sq m, exceeding the permissible plot ratio of 2.8 as...
Orchard Towers and its infamous nightclubs could soon be a thing of the past, should it become the latest along Singapore’s premiere shopping belt to feed the en bloc frenzy. TODAY understands that early last month, the owners of the building — one of the oldest shopping centres on Orchard Road — elected a sale committee at its annual general meeting to study the possibility of a collective...
In stark contrast to the serenity of the nearby East Coast Park, a stormy en bloc tussle is brewing at the 752-unit Neptune Court estate — complete with threats of a police report and potential lawsuits. Some 100 owners who do not want to move have roped in lawyer Edmond Pereira to prevent their interests “from being circumvented”. Meanwhile, eight members of the original committee — nominated by...
Developers should offer units, pay rental to owners who do not agree to en bloc sales Letter from Paul Armstrong It is evident from the articles and letters in Today regarding en bloc sales that this phenomenon has already become a serious bone of contention. I fear that unless some strong urgent action is taken, it will soon get out of hand. A great many of the majority owners agree to sign the...
The Leonie Hill area looks set for major changes. Two properties in the area are looking to go en bloc. On Monday, CB Richard Ellis launched an Expression of Interest (EOI) to find a developer for Grangeford Apartments along Grange Road. A day later, Knight Frank put up the nearby Rivershire for sale, also by EOI. Under the Master Plan 2003, any project in the Leonie Hill area is subject to a 36-storey...