MS Florence Tan ('Keep members of MC, sales committee distinct', BT, April 15) suggests that members of management committees (MC) be distinct from members of en bloc sale committees (SC). Ms Tan is of the view that there will be a conflict of interest when members of the MC, whose main role is to oversee maintenance of the estate, are also tasked with the responsibility for an en bloc sale. Separating...
Enbloc
EL Development has inked a deal to buy the freehold Diamond Tower at Jalan Rajah in the Balestier area for $49.6 million through a collective sale. The price works out to a unit land price of about $652 per square foot of potential gross floor area inclusive of an estimated $300,000 development charge payable to the state. Diamond Tower has a land area of about 27,323 sq ft and is zoned for residential...
CULFORD Gardens in Siglap, which was put up for sale last month, has been sold to Fragrance Properties for $39 million, said Credo Real Estate, which handled the sale. The amount falls along the higher end of the freehold property's asking price, which was between $37 million and $40 million, allowing the developer to break even at about $950-$1,000 psf. Credo said that the site received four offers, all...
THE private homes market remains buoyant, with more than 200 units sold at a new launch and the year's third collective sale site sealed. UOL Group said it has sold more than 200 units of Waterbank at Dakota in Dakota Crescent at a preview that started on Wednesday. Prices ranged from $1,000 per sq ft (psf) to $1,300 psf. With 616 units, it is the first project here without bay windows and planter...
Fragrance Properties has bought the Culford Garden estate at Siglap for S$39 million in a collective sale. The price translates to a land rate of about S$574 per square foot per plot ratio at a Gross Plot Ratio of 1.54. The 24-unit Culford Garden has a land area of 44,094 square feet and is zoned for residential development with an allowable height of up to five stories. Each owner could get an average...
A FREEHOLD residential redevelopment site in the Bukit Timah area, with an expected price tag of $35.5 million, has been put up for sale. The 26-year-old Toh Tuck Apartment, formerly known as Toh Tuck Garden, currently sits on the 40,449 sq ft site, which has a plot ratio of 1.4, allowing it to be rebuilt to five storeys. Marketer HSR said the seller's expected price of $35.5 million works out to $650...
Another group of owners in Singapore is hoping to cash in on the current red-hot property by launching an en bloc sale. Toh Tuck Apartment, located off Upper Bukit Timah Road, has been put up for sale by tender. The asking price is around S$35.5 million. The freehold residential site comprises 13 apartment units with sizes averaging 223 square metres. Each owner is expected to get an average S$2.73...
MORE projects are expected to be put up for collective sale this year as the property market continues to hot up. This should bode well for developers keen to beef up their land banks, but they are not rushing into the en bloc market just yet, experts say. 'The problem in the en bloc market is the gap between what sellers want and what developers are prepared to pay,' said Ms Chua Chor Hoon, DTZ's head...
MINORITY owners will get to go ahead with their suit over the failed $500 million Horizon Towers en bloc deal. The High Court yesterday threw out an appeal by two former sales committee members who had applied to block the owners' action against them. Three sets of minority owners are suing the pair - ex-committee chairman Arjun Samtani and ex-member Tan Kah Gee - over costs incurred in the course of...
THE property market may be hot for new launches, but the fervour has not spilled over to collective sales. BT understands that two residential sites put up for sale in December last year are unlikely to find new owners soon. The tender for Mayfair Gardens at Rifle Range Road closed in January, but no winner emerged and the collective sale agreement (CSA) has lapsed. Nearby, Green Lodge at Toh Tuck Road...