Another site is set to test the en bloc property market here. Goodrich Park at Simon Lane has been released for sale by tender with an asking price of S$80-85 million. At that price, each owner stands to get on average between S$1.54 million and S$1.63 million. The site, located in District 19 near Kovan MRT, is currently a 52-unit development. It has a land area of close to 98,000 square feet with a...
Enbloc
Two freehold residential sites have been put up for collective sale for the same asking price - at least $22.5 million each - while another en bloc deal has been sealed for $95 million. The 11-storey Waldorf Mansions in the Balestier area was built in the 1990s and occupies 11,384 square feet. Under the Master Plan 2008, the site is zoned for residential development and can be built up to a height of 36...
Changes to the Land Titles (Strata) Act were passed in Parliament yesterday, providing more clarity to the en bloc sales process. But some Members of Parliament said the amendments may not fully take into consideration the interest of property owners. Expected to take effect next month, the amendments are intended to provide greater transparency and streamline procedures for collective sales, after the...
A freehold residential site at Hillview Terrace has been placed for sale by tender. Its marketing agent, DTZ, said owners of the properties there have agreed to put up their units for collective sale. The Hillview Terrace plot comprises even numbered units of between 12 and 24. The site occupies a land area of some 49,164 square feet (4,567.5 square metres) and it can be developed into a 10-storey...
Tempers flared at Thomson View condominium yesterday when a scheduled extraordinary general meeting (EOGM) for the establishment of a new en bloc sales committee had to be called off due to a lack of quorum. Thomson View's appointed managing agent CKH Strata Management called off the meeting after it declared that the minimum 30 per cent of share value, made up of residents or their proxies, required to...
The Strata Titles Board (STB) has approved the collective sale of Dragon Mansion to RL Developments, a wholly-owned unit of Roxy-Pacific Holdings. This makes Dragon Mansion the first collective sale site to have successfully obtained STB's Sale Order under the stricter legislation governing collective sale that came into force in October 2007. At a sale price of S$100.8 million, Dragon Mansion is also...
Hot on the heels of the Laguna Park proposed en bloc sale last week, its neighbour Lagoon View is now looking to privatise the entire estate which could pave the way for a possible collective sale as well. At a special general meeting yesterday, the Lagoon View Owners' Association, the management committee behind the plan, has obtained residents' approval to buy back the land within the 30-year-old estate...
Last week, the Government proposed changes to the Land Titles (Strata) Act, making the process of selling an estate enbloc stricter but also fairer than before. The changes are expected to take effect next month. This came after the Ministry of Law received further feedback and suggestions on the Act. These range from requesting more procedural controls to loosening the regulations, as well as proposals...
Residents at Laguna Park condominium in Marine Parade are giving the en bloc sale process a second try. A new 10-member sales committee comprising eight new members has been set up. At an extraordinary general meeting held on Sunday, some residents voiced confidence that a sale can be completed in three to six months, while others reportedly raised concerns about the recent changes in the Land Titles...
While the market mulls over the impact that rule changes will have on collective sales, the spotlight has fallen on developers sitting on prime sites acquired during the previous en bloc boom in 2006-2007. Click here to find out more! If the proposed changes make it tougher for prime freehold residential sites to make their way to the market, that will be good news to developers who are already holding...