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...
Enbloc
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...
In recent months, no three words have polarised people and emotions so sharply and stirred up such an impassioned outcry. No, I am not referring to “ministerial pay hike” but “en bloc sales”, which similarly pits pragmatism against emotional logic. In fact, the latter cuts even closer to the bone for those who are affected, including getting booted out of their own homes. Stripped to its essence,...
A family that has refused to move out of a 39-unit condominium, sold en bloc in 2005 to property developer Sim Lian Group, may soon face legal action. Mr Francis Goh, who is the director of Central Chambers Law Corporation, the law firm hired by Sim Lian Group, said that court papers were formally lodged in the High Court yesterday. This comes just over a week after the Gan family called the MediaCorp...
Recently, the condominium I live in was sold en bloc and an extraordinary general meeting (EGM) was held. Several points came up during the meeting: • The CSA (Collective Sales Agreement), a huge legal document, did not need to be explained to the owners before they were asked to put their signature to the agreement. The owners were expected to know and understand the CSA beforehand as it was posted to...