I REFER to “Landmark ruling” (July 18). The judge has ruled that the fact that a higher offer was received for the en bloc sale of Horizon Towers is not within the purview of the Strata Title Board (STB); neither are any allegations of less-than-stellar conduct among the parties. And that if the STB has to hear such matters, it would never get its job done. So, if I get an offer for my home of say,...
Collective Sales
IT ROSE to fever pitch just 12 months ago, but as the latest property market figures roll in, the en bloc charge could be all but over for property owners and developers alike. Price growth in the private residential market slowed for the third straight quarter to 0.4 per cent, even as Housing Development Board resale prices grew strongly by 4.4 per cent between April and last month. This petering off in...
Katong Mall has been sold in a collective transaction to property developer Tuan Sing Group for S$219 million. Including a premium of S$24.5 million to top up the site's lease, the price works out to about S$865 per square foot of gross floor area. The tender for the 99-year leasehold commercial development in the Marine Parade area was launched in May. Katong Mall, located at the junction of East Coast...
AFTER three months of deliberation, Justice Choo Han Teck has delivered a 31-page judgment that - for now - signals the end of the Gillman Heights en-bloc saga. However, it was not the outcome hoped for by the 22 minority owners seeking to scupper the S$548 million deal. The judge said the specific issue was not one concerning protection for the minority, but “whether a privatised HUDC estate can...
PropNex hopes 30% cut in asking price will attract buyers, as demand is ’still there’ A BOLD property firm is defying market trends with a renewed bid to sell four housing sites en bloc, even though the market appears dead for now. PropNex Realty admits its move is 'contrarian' but hopes a hefty asking price cut of up to 30 per cent will attract buyers. Even then, developers may not bite, given...
Katong Mall is up for collective sale by tender. Under the Master Plan, the 99-year leasehold 78,158 square foot commercial development site has a gross plot ratio of up to 3.6, with an allowable building height subject to evaluation. It has the potential to be redeveloped into a commercial or retail development with a gross floor area (GFA) of up to 281,369 square feet, subject to relevant authorities'...
Should those who oppose an en bloc sale get more money for their flats than those who support it? Disgruntled owners of homes in Regent Garden don’t seem to think so. They are going to the Court of Appeal, after property developer Allgreen offered six owners more money than it had to the others so that the six would no longer hold up the sale. This, after a High Court decision last month that the en...
PLEASE refer to Monday's article, 'En-bloc uproar at Bayshore Park, Mandarin Gardens' by Ms Jessica Cheam, and the letter by Mr Augustine Cheah, 'En-bloc system needs relook, as Bayshore shows'. The Mandarin Gardens collective sale committee would like to clarify that it was not involved in the proceedings of the annual general meeting on April 27. However, we know of members who attended as legal owners...
IT IS interesting the fact that en bloc unhappiness still prevails despite last year’s new rulings. Maybe it is time the guidelines are further tweaked to follow those of the Housing and Development Board’s Lift Upgrading System. Before any en bloc committee is formed, the management committee should conduct a poll for every registered resident to either opt in or out of en bloc. If 100 per cent...
Enbloc sales woes and unhappiness at Mandarin Gardens have left the condominium without a management committee for the past week. The previous committee refused to be re-nominated for elections at its Annual General Meeting last Sunday. Since then, no one is taking charge of the day-to-day management at the condominium on Siglap Road. Channel NewsAsia understands that the entire management committee...