DEPENDING on which side you are on, it is a case of try and try again, or deja vu, as some residents will testify. Condominium en bloc sales have cooled, due in part to the new Land Titles (Strata) Act that came into force in October, but at least two large developments are getting back into the game. Bayshore Park, on Singapore’s East Coast, is in the process of forming a new sales committee after it...
Collective Sale
An iconic redevelopment site at the heart of the CBD has been put up for sale. Currently known as The Riverwalk, the 82,317-sq ft site is zoned for commercial use. It has a gross plot ratio of up to 4.9, and has the potential to be redeveloped into an iconic commercial building with a gross floor area of about 403,351 sq ft, subject to approval and payment of development charge and land premium for the...
The Chancery Court residential development along Dunearn Road has been put up for en bloc sale. CB Richard Ellis said 124 out of the 144 units, representing more than 87 percent of the share value, have signed the Collective Sale Agreement (CSA). The prime site is located next to Anglo-Chinese School (Barker Road). Chancery Court sits on 24,074.4 square metres of prime land and is a short walk to Newton...
Players note changes protect minority owners, improve sales proceedings. Changes to regulations governing collective property sales — which take effect today — favour the minority owners, said lawyers and property experts at an en bloc property seminar yesterday. They could get a higher sales price if their objections to the sale are valid, while the provision for a change of mind following the...
Bayshore Park condominium, a 21-year-old estate with over 1,000 apartments, is exploring the possibility of an en bloc sale. It took a formal step on Saturday by holding an extraordinary general meeting to elect an en bloc sales committee. With changes to the Land Titles Strata Act expected to kick in next month, what happens to potential en bloc sale properties that are caught in-between these...
En bloc prices are set to go up when the new rules in the Land Titles Strata Bill kick in next month. According to the Real Estate Developers’ Association of Singapore (REDAS), this is because property developers will have to pay more as choice sites get harder to come by. REDAS celebrates what it calls an autumn harvest and for good reason. The collective sale market is expected to reach a peak this...
The average age of all developments which applied for collective sale from January 2005 to end-August 2007 was 25.9 years. This was revealed by Deputy Prime Minister and Law Minister Professor S Jayakumar in a written answer to questions from Nominated Member of Parliament Mr Siew Kum Hong. Professor Jayakumar said the average percentage of owners who had signed the collective sales agreement at the time...
Before the Strata Titles Board (STB) can decide the fate of the S$548-million Gillman Heights en bloc deal, two minority owners have questioned the Board’s jurisdiction to hear the application. They applied this week to the STB to vacate the hearing due to start in two weeks’ time, when objections from minority owners were supposed to be heard. But lawyer Eddee Ng of Tan Kok Quan Partnership said his...
IT HAD seemed like a walk in the park for Phoenix Court residents en route to a windfall, when the owners of all but one of the units agreed to sell off their apartments collectively for $88.1 million. But just 11 days to go before the owners were due to pocket $1.8 million each, the sale has been stalled indefinitely — in a complicated legal saga that demonstrates why impending sweeping changes to the...
Home owners could scramble to secure the required number of signatures to seal their en bloc deals in the weeks ahead, according to industry watchers. This is due to the impending changes to the collective sales legislation aimed at adding more transparency to the process. Owners at Pacific Mansions are still working out a deal with some four to five potential buyers. Pacific Mansions has 288 apartment...