Laguna Park for en bloc sale?

LAGUNA Park condominium along Marine Parade Road could be up for collective sale, with about 77 per cent of tenants so far agreeing to it, Channel NewsAsia reported.

The sales committee could expect a few more signatures in the coming days to cross the 80 per cent trigger point which will move the en bloc process forward. Channel NewsAsia understands that the asking price is about $1.2 billion. Each owner stands to pocket between $1.8 million and $2.1 million. It works out to about $633 per square foot of gross floor area, Channel NewsAsia said.

Nicholas Mak, director, consultancy and research, Knight Frank, said: ‘In today’s market, the owners will probably have to lower their expectation, easily by 20 per cent.’

Laguna Park condominium sits on 667,000 sq ft of land with a plot ratio of 2.8.

Source : Business Times – 12 Dec 2008

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