Collective Sales

Was Bravo too ambitious?

Analysts point to bad timing for developer in 3 en bloc attempts ONE construction and property development firm, troubled by the cooling property market and credit crisis, has left three en bloc sellers’ hopes of a cash windfall in shambles - and some analysts wondering if it is a victim of circumstances, or a player that bit off more than it could chew. Since April 1, Bravo Building Construction has...

Amber Glades on the block again, at $18m discount

A day after the Royalville site off Sixth Avenue was relaunched at a much lower price, another en bloc site has been put back on the market at a significant discount from the heady prices its sellers were asking for less than six months ago. The Amber Glades site on the East Coast is being relaunched today at an indicative price of $127 million, more than 12 per cent lower than the asking price of $145...

Freehold residential site Amber Glades relaunched for en bloc sale

Colliers International will be relaunching the collective sale of Amber Glades, a freehold residential site at Amber Road. The site has a gross plot ratio of 2.8 and consists of two 10-storey tower blocks with 63 units in total. About 90 percent of the owners have agreed to the sale and are asking for about S$127 million. Including the estimated development charge of S$3.5 million, the price will work...

En bloc market suffers double whammy as investors look elsewhere

En bloc sales have been slowing down over the past few months, but it’s not just due to the recent tightening of the rules governing such transactions. Amid the global credit crunch, property watchers said foreign investments have pulled back, and the overall downturn is pushing developers to look at other moneymaking options. But they also noted that fundamentals remain strong in Singapore, and the...

Royalville: For sale again, but cheaper

In what could be another sign of the cooling en bloc market, a site off Sixth Avenue has been put back on the market at a discount, after it did not attract a single bidder at first go. The reserve price for Royalville has been cut to $305 million - down 13 per cent from the minimum $350 million asked last October. This new price works out to $1,106 per square foot (psf) per plot ratio after development...

Royalville condo relaunched for sale by tender

The owners of Royalville, a freehold mixed development along Bukit Timah Road, are giving the collective sale market another try. They have relaunched the property for sale by tender, with an asking price of S$305 million. Including a development charge of S$6 million, this works out to a land rate of about S$1,106 per square foot of gross floor area. Royalville is made up of 93 residential units and 11...

Owners say enbloc sale of Tulip Garden has been called off

The enbloc sale of Tulip Garden, a freehold development in District 10, appears to be off. Tulip Garden was sold in July 2007 in a collective sale valued at S$516 million. The property is along the prime Holland Road and Farrer Road area. Channel NewsAsia understands that owners are now waiting to hear more details from the developer. Bravo Building Construction bought Tulip Garden at more than S$1,000 per...

Futura minority owners withdraw appeal against en bloc sale

Minority owners of the Futura condominium on Leonie Hill Road have withdrawn their appeal against the en bloc sale of the property. The reasons for the decision have not been disclosed. Futura was sold to City Developments' subsidiary City Sunshine in October 2006 for S$287 million. This means each unit owner will get between S$3.7 million and S$9.4 million. However, some minority owners complained that...

Pinetree Condominium site relaunched for sale by tender

The freehold Pinetree Condominium site in prime district 10 has been re-launched for sale by tender. The property in the Balmoral area currently comprises a five-storey block with 50 apartment units. Consultants Jones Lang LaSalle, which is marketing the site, said it has an indicative asking price of S$128 million. But if a neighbouring plot, which is presently housing some landed homes, is included, the...

Horizon Towers enbloc: Higher price not negotiated because of ‘commission agreement’, court told

THE property agent of a condominium locked in an en bloc tussle had colluded with the potential buyer, and did not seriously negotiate for a higher price because of a “commission agreement”. So asserted a minority owner of embattled Horizon Towers, and in so doing, Ms Jasmine Tan - who represented herself in the High Court yesterday - applied for the minutes of meetings and correspondences between the...

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