THE law on en bloc sales looks set to be beefed up, on the back of lessons learnt from the many tussles of the past year. When the Bill to amend the Land Titles (Strata) Act was introduced yesterday in Parliament, it contained far more rules than the Ministry of Law (MinLaw) had proposed five months ago. This, on the back of over 400 suggestions it received during public consultation in April and May....
Enbloc
Market watchers and analysts are still studying the impact of proposed changes to rules governing en bloc sales unveiled in Parliament on Monday. Some say the revision will benefit property developers as it means greater clarity and certainty to their initial investment. Owners of Neptune Court at Marine Parade are exploring an en bloc sale. And insiders tell Channel NewsAsia, that so far, only about 40...
The value of en bloc deals done in the second half of this year could slow down compared to the first six months, as sentiments in the property market turn cautious. But property consultants say total deals are still likely to hit $16 billion - double that of last year - due to an exceptionally active first half. A combination of factors - including uncertainties in the financial markets prompted by the...
FIRST Capital Asia Land, a subsidiary of Guocoland, has bought Sophia Court (picture) at Addis Road for $230 million in a collective sale.The price for the 166,140 sq ft site works out to approximately $661 per sq ft per plot ratio inclusive of the development charge of about $790,000.There are 188 units comprising more than 50 different sizes ranging from 55 sq metres to 291 sq metres. The owners stand to...
1. What is the meaning of selling en-bloc?It means all the owners of separate units in an apartment, condominium or even an office building, collectively sell their properties.2. How can an en-bloc sale be conducted?Commonly either by way of private treaty or tender.3. What are the legal documents in an en-bloc sale?There are two mainly two legal documents – the Collective Sale Agreement and the Sale and...
For those who need a new place to live after their properties have been sold en bloc, there are three options available. First, they could choose to rent. With rising sale prices, it may be better to wait until supply increases — when a large number of properties are completed in 2009 or later — before making a purchase. Second, they could buy another property with the cash from the sale. The third...
Keck Seng Pte Ltd, the owner of Keck Seng Tower, has decided to put its leasehold 18-storey office building at Cecil Street up for sale. No reserve price is set, but Colliers International, the property consultant responsible for the tender exercise that starts today, said there’s an indicative price of about $2,000psf — which could bring the price tag to above $240 million based on its 116,586sqf of...
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...
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...