Home owners at the Laguna Park condominium in Marine Parade are now faced with the choice of selling their homes at an average of 20 per cent lower than their initial asking price. This comes after a failed tender earlier this month. Then, the site received a bid from an Indonesian-owned, locally incorporated company of S$1.728 billion, but a downpayment could not be made in time. Since then, the...
Enbloc
Owners of units in Laguna Park, whose tender closed unsuccessfully on Friday, are now considering selling at a lower price. The new price is said to be between S$950 million and S$1 billion. The development's marketing agent Credo said residents are likely to receive letters advising on the situation in the next two or three days. Earlier, many property analysts said Laguna Park's initial S$1.2 billion...
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. The estate's marketing agent, Credo...
The company that had submitted the higher of two bids withdraws, citing funding difficulties LAGUNA Park, which went up for collective sale last month at $1.2 billion, has failed to attract a buyer so far. The 528-unit leasehold project at Marine Parade remains unsold after the company that submitted the higher of two bids faced funding problems. At the close of the tender on Tuesday, two submissions...
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...
Another collective en-bloc residential site is up for sale by tender. Meyer Place, off Meyer Road, is expected to fetch more than S$65 million, according to its marketing agent Cushman and Wakefield. The site has a land area of 28,167 square feet. Based on its maximum allowable plot ratio of 2.1, and with a potential development charge payment of S$3 million, the site will cost about S$1,100 per square...
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...
Observers say more en-bloc sales are on the cards as a result of improved sentiment and rising demand for land. One market player, Credo Real Estate - a leader in the collective sales market - said at a seminar on Thursday that it expects five to 10 cases in the next few months, with more to follow in 2010. The seminar on en-bloc property sale was Credo's second in a week on the back of rising enquiries....
The tender for the collective sale of Dragon Mansion has been launched, the first such sale this year. The property is located at 18 Spottiswoode Park Road. In a statement, CKS Property Consultants said it has obtained consent from more than 80 per cent of the owners to proceed with the sale. The collective sale is expected to achieve in excess of S$120 million or S$1,020 per square foot per plot ratio....
IT APPEARS that there is an urgent need to review the role of the Strata Titles Boards (STB), especially regarding collective or en bloc property sales in the light of recent court judgments that saw the board come under criticism. The most recent involved the decision by the Court of Appeal to call off the sale of Horizon Towers after a tussle between various owners over the condominium’s sale to a...