Freehold residential property Cavenagh Mansions has been sold to SDB Asia for S$42.4 million. Property consultancy Knight Frank said this translates to a land price of S$1,025 per square foot per plot ratio on the potential saleable area of 41,608 square feet. SDB Asia is a wholly-owned subsidiary of Selangor Dredging Berhad (SDB). SDB is a property development and management group listed on the main...
Enbloc
The Land Titles (Strata) (Amendment) Act, enacted by Parliament on May 18, will take effect from 15 July 2010. The key provisions of the new Act include: * Refinement of the Strata Titles Board's role to focus on mediation for en bloc sale applications. * Imposition of a two-year restriction period, from the date of the initial failed en bloc attempt. The first retry requires approval from 50 per cent...
New rules come into effect today The rush to complete the process of a couple of en bloc sales this month have probably paid off for the owners. This is because if there had been any delay, their properties would be subject to new en bloc rules which will come into effect today. Two recent en bloc sales sealed this month are the People's Mansion at Lorong 31 Geylang sold for $42.68 million, and Meng...
More prime district sites may come to market A collective sale is said to have been sealed for Meng Garden Apartments off Killiney Road for $137 million or about $1,380 per square foot per plot ratio, including an estimated development charge of $681,000. This is the biggest collective sale transacted this year and the first in a prime district. It also takes the year-to- date tally to 16 deals at about...
Changes to the Land Strata Titles Act will be effective from Thursday, 15 July, after the Amendment Act was enacted in Parliament on 18 May. The amendments seek to provide more clarity to the en bloc sales process and balance the interest of property owners. Among them, a two-year restriction period will be imposed starting from the date an initial collective sale attempt failed. The objective is to...
The hot property market has seen yet another residential development going up for en bloc sale. The public tender for the collective sale of Melrose Court at No.10, Lorong Limau has been launched. The freehold site is currently occupied by a four-storey residential development comprising 32 units. It has an area of 23,789 sq ft. The site is zoned for "residential" use with a gross plot ratio of 2.8...
People's Mansion at Lorong 31 Geylang has been sold en bloc to Tomlinson Investment for S$42.68 million. That translates to about S$421 per square foot per plot ratio. Urban Front Real Estate closed the tender for the site on July 2 after receiving three bids and one expression of interest. The next highest bid was S$42.1 million. The collective sale is subject to approval from the Strata Titles...
Mainboard-listed BBR Holdings plans to acquire a plot of freehold land at Simon Lane, near Serangoon Gardens, for S$86 million. BBR said it aims to develop a low-rise condominium project on the over 9,000 square metre site which currently houses Goodrich Park Condominium. Under the URA 2008 Master Plan, the site is zoned for residential development with an allowable height of up to 5 storeys and a Gross...
Real estate consultancy firm CB Richard Ellis (CBRE) has launched Villa D'Este at Dalvey Road for collective sale. Villa D'Este is a 12-unit apartment project which sits on an area approved by the urban planners for 'Good Class Bungalows'. 'Good Class Bungalows' are the most exclusive housing form. The freehold site has an area of 55,480 square feet and a gross floor area of 49,071 square feet. CBRE...
When it tried to go en bloc four years ago, Clementi Park failed to get 50 per cent of its residents' vote. This time round, its marketing agent Knight Frank withdrew from the collective sale exercise. In the minutes of a recent meeting - which was obtained by Media-Corp - the company said it did not have the "confidence" that it could get 80 per cent of the condominium's owners to agree to a collective...