A GROUP of 31 home-owners — most of them facing en bloc battles in condominium estates islandwide — have showed their support for one of their ilk, who was featured on the cover of Weekend Today. Yesterday, representatives of the group, who call themselves the "Stayers", delivered an envelope containing a letter and $520 to Today's newsroom, in a symbolic show of support for business consultant Ken...
Collective Sales
IT HAS been his home for about 30 years, one he bought with his late parents. His two daughters attend school close by and they have pleaded with him not to sell the apartment. His is a familiar dilemma for minority dissenters caught up in en bloc deals across Singapore. Some have, like him, fought determinedly to cling to their homes. But in one respect, 52-year-old business consultant Ken Lee has gone...
Developer, majority owners back down. After a string of legal tussles, the Finland Gardens en bloc sale has been called off. Lawyers for residents opposing its sale said a High Court appeal ended yesterday when the majority owners in the 48-unit condo withdrew their petition. Joint-venture developers Sing Holdings and Eastern Summer have also backed off. The duo had thought they successfully bought the...
At first, only 25 of the 31 owners signed on the dotted line. But when developer Allgreen later managed to get the remaining Regent Garden owners on board, it meant the en bloc sale of the condominium had unanimous consent. That meant the Strata Titles Board should not have heard the objections of the initial group of majority owners and its dismissal in January of the $34-million collective sale was...
Property developers CapitaLand and Hotel Properties Limited (HPL) have secured financing facilities worth nearly S$2 billion for their collective purchase of Farrer Court estate in prime district 10. CapitaLand and HPL, along with their partners, had bought Farrer Court for S$1.34 billion last June. The financing facilities will be used to refinance the acquisition costs of the purchase, as well as to...
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...
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...
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 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...
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...