Collective Sales

The High Court has granted a sale order to Goodluck Garden's S$610 million collective sale on Monday following a lengthy dispute, but Justice Woo Bih Li also criticised marketing agent Knight Frank, the property's collective sale committee (CSC) and the CSC's lawyers Rajah & Tann for how they handled the sale. Owners of the 210-unit freehold residential development in Toh Tuck Road went to court after...

Freehold commercial property Golden Wall Centre has been sold en bloc for S$276.2 million to City View Holdings, a wholly owned subsidiary of Worldwide Hotels, which owns and manages hotel chains such as Hotel 81. The amount was higher than the reserve price of S$260 million, which was little changed from what the strata unit owners wanted in their first attempt at a collective sale in 2016. At...

Homeowners who opposed in a collective sale of private homes will still have to pay any seller's stamp duty that applies to them. "If the sale occurs within the holding period, the seller's stamp duty is applied, regardless of whether an individual owner consented to or opposed the sale," said National Development Minister Lawrence Wong in Parliament on Tuesday. The reason is that the collective...

In a cooling en bloc market, Minbu Villa, a freehold residential development in Novena, is going up for tender at S$145.8 million again, but could see the reserve price lowered if 80 per cent of the owners agree. Its earlier attempt this year was launched in March and closed on April 17 without a winning bidder. This time, more than 60 per cent of the owners by share value and strata area have...

Mandarin Gardens, a 99-year leasehold condominium, recently raised its asking price by nearly 12.5 per cent from S$2.479 billion to S$2.788 billion, after it was discovered that the land that the residential development is situated on had been undervalued by over S$300 million. This came after the Collective Sales Committee (CSC) carried out a check of the property's development baseline record. The...

Waterloo Apartments has been sold through a collective sale for S$131.1 million to a wholly owned subsidiary of Fragrance Group. It intends to redevelop the 999-year leasehold property, which has a land area of about 14,369 sq ft, into a hotel. The property is at 64 Waterloo Street in the Bras Basah/Bugis area. Outline planning permission (OPP) has been obtained for a change in the property's...

Despite the cooling en bloc market, owners of Mandarin Gardens condominium have raised their asking price for the 99-year leasehold development in East Coast to S$2.79 billion — up from its original price of S$2.48 billion. This will see it leapfrogging the previous high set by Pandan Valley’s S$2.6 billion asking price. Mr Leonard Jayamohan, the spokesperson for Mandarin Gardens’ Collective...

The iconic step-terraced Golden Mile Complex building could be spared from the wrecking ball - even if it finds an en bloc buyer at its reserve price of S$800 million. An outline application has been submitted to retain the existing 16-storey building and add a new block next to the building, subject to authorities' approval, marketing agent Edmund Tie & Company (ET&Co) revealed in its tender...

The iconic Golden Mile Complex is deemed to have heritage value and authorities are in the process of exploring options to facilitate conservation, said the Urban Redevelopment Authority (URA) on Wednesday (Oct 31). This comes even as the development tries to find a buyer, with the collective sale tender launched on Wednesday at a reserve price of S$800 million. The building may not be demolished,...

Elias Green is the latest condominium to hit the en bloc market in search of a buyer. According to PropNex Realty's Richard Hau, the owners of the 419-unit Pasir Ris condo will launch a public tender for the site on Monday with a S$780 million reserve price. This means that the owners of the 516,877 sq ft development could each walk away with S$1.7 million to just below S$2 million. The condo,...