While the en bloc market may have slowed, the residents of Laguna Park are optimistic their prime location will help them get their asking price of S$1.2 billion.
The en bloc sale of the 30-year-old condominium crossed the 80 per cent threshold on Friday allowing the process to proceed to the marketing stage.
This is despite the property market softening from the economic slowdown.
With schools like Victoria Junior College nearby plus the sea view, residents feel they’ll get a fair deal for their 99-year leasehold property which occupies a total land area of some 667,000 square feet.
But some are hoping to wait till the third quarter of 2009 to enter the market.
Lee Kok Leong, a Laguna Park resident, said: “Now the market is soft and when you go in, you won’t get a good price. So we hope that it recovers then it will be okay. All these are condominiums, so it may fetch a higher price because the land is big.”
The move to sell started in early 2007 but hit a snag as some residents held back hoping the bull market would last.
Residents currently expect S$1.8 million to S$2.3 million for their units, down from the over S$3 million some were hoping for last year.
Most of the development’s 528 units are between 1,500 and 1,700 square feet.
Last year, Singapore saw 104 successful en bloc sales but in 2008 this has slowed to just seven.
There remains a five-day cooling-off period for the residents to change their minds but many expect the sale to go through.
Source : Channel NewsAsia – 14 Dec 2008