Analysts expect more en bloc sales activity from the city fringes and East Coast areas as developers cater to a growing mid-market segment. They were responding to proposals tabled in Parliament on Monday to smooth out the collective sales process. The new rules also seek to address the role of the Strata Titles Board and balance the interest of property owners. Collective sales have bounced back this...
Enbloc
Analysts expect more en bloc sales activity from the city fringes and East Coast areas as developers cater to a growing mid-market segment. They were responding to proposals tabled in Parliament on Monday to smooth out the collective sales process. The new rules also seek to address the role of the Strata Titles Board and balance the interest of property owners. Collective sales have bounced back this...
Market watchers have welcomed proposed changes to the en bloc sale regulations tabled in Parliament on Monday. They said the move is timely and could help stabilise property prices. Farrer Court was among 111 estates sold at the peak of the en bloc market in 2007. This year, there are only four deals so far and analysts expect the market to pick up as developers replenish their land bank. The four en...
The government has proposed several changes to provide more clarity to the en bloc sales process. An amendment bill to the Land Titles (Strata) Act was tabled in Parliament on Monday. It seeks to address the role of the Strata Titles Board, balance the interest of property owners and streamline the collective sale process. The changes are expected to take effect in June. A key revision that's been...
MINISTRY of Law's rebuttal ("No conflict of interest", April 23) attempts to dismiss lightly Ms Florence Tan's comments in an earlier Voices letter of a perceived conflict of interest when Collective Sale Committee (CSC) members are also on a private estate's management committee (MC). It is surprising, and not a little disappointing, for an official reply published for public information to be so riddled...
JEWELLERY retailer Aspial Corp has gone back into the property scene to snap up Changi Complex in a collective sale deal for $54.3 million. It will also have to pay a development charge of $3.6 million for the site, which is zoned 'residential with commercial on the first storey', according to property consultants Teakhwa Real Estate, which brokered the deal. The owners of the 40 apartments will get...
MS Florence Tan ('Keep members of MC, sales committee distinct', BT, April 15) suggests that members of management committees (MC) be distinct from members of en bloc sale committees (SC). Ms Tan is of the view that there will be a conflict of interest when members of the MC, whose main role is to oversee maintenance of the estate, are also tasked with the responsibility for an en bloc sale. Separating...
EL Development has inked a deal to buy the freehold Diamond Tower at Jalan Rajah in the Balestier area for $49.6 million through a collective sale. The price works out to a unit land price of about $652 per square foot of potential gross floor area inclusive of an estimated $300,000 development charge payable to the state. Diamond Tower has a land area of about 27,323 sq ft and is zoned for residential...
CULFORD Gardens in Siglap, which was put up for sale last month, has been sold to Fragrance Properties for $39 million, said Credo Real Estate, which handled the sale. The amount falls along the higher end of the freehold property's asking price, which was between $37 million and $40 million, allowing the developer to break even at about $950-$1,000 psf. Credo said that the site received four offers, all...
THE private homes market remains buoyant, with more than 200 units sold at a new launch and the year's third collective sale site sealed. UOL Group said it has sold more than 200 units of Waterbank at Dakota in Dakota Crescent at a preview that started on Wednesday. Prices ranged from $1,000 per sq ft (psf) to $1,300 psf. With 616 units, it is the first project here without bay windows and planter...