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...
Enbloc
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...
The owners of Royalville, a freehold mixed development along Bukit Timah Road, are giving the collective sale market another try. They have relaunched the property for sale by tender, with an asking price of S$305 million. Including a development charge of S$6 million, this works out to a land rate of about S$1,106 per square foot of gross floor area. Royalville is made up of 93 residential units and 11...
The enbloc sale of Tulip Garden, a freehold development in District 10, appears to be off. Tulip Garden was sold in July 2007 in a collective sale valued at S$516 million. The property is along the prime Holland Road and Farrer Road area. Channel NewsAsia understands that owners are now waiting to hear more details from the developer. Bravo Building Construction bought Tulip Garden at more than S$1,000 per...
Minority owners of the Futura condominium on Leonie Hill Road have withdrawn their appeal against the en bloc sale of the property. The reasons for the decision have not been disclosed. Futura was sold to City Developments' subsidiary City Sunshine in October 2006 for S$287 million. This means each unit owner will get between S$3.7 million and S$9.4 million. However, some minority owners complained that...
The freehold Pinetree Condominium site in prime district 10 has been re-launched for sale by tender. The property in the Balmoral area currently comprises a five-storey block with 50 apartment units. Consultants Jones Lang LaSalle, which is marketing the site, said it has an indicative asking price of S$128 million. But if a neighbouring plot, which is presently housing some landed homes, is included, the...
THE property agent of a condominium locked in an en bloc tussle had colluded with the potential buyer, and did not seriously negotiate for a higher price because of a “commission agreement”. So asserted a minority owner of embattled Horizon Towers, and in so doing, Ms Jasmine Tan - who represented herself in the High Court yesterday - applied for the minutes of meetings and correspondences between the...
THE new laws regulating en bloc sales that kicked in last October may mean controversial collective sale tangles are unlikely to arise again. But for Gillman Heights, where the sale process started before the rules were tweaked, the 22 minority owners’ attempt to overturn the privatised ex-HUDC estate’s sale now hinges on how the High Court rules the property’s age should be calculated. The last...
Fresh revelations about the relationship between the National University of Singapore (NUS) and purchaser Ankerite have surfaced, adding a new twist to the Gillman Heights condominium collective sale brouhaha. Acting for a group of minority owners fighting to scupper the Strata Titles Board's (STB) approval of the S$548-million sale of the property to developer CapitaLand, Senior Counsel Michael Hwang...
Capitaland is suing the owners of four units of Gillman Heights condominium for breach of contract. It is also seeking unspecified damages. The owners, who belonged to a majority group, had agreed to sell their units in a collective sale agreement with CapitaLand in February last year. CapitaLand is paying S$548 million for the 607-unit estate and the deal has also received the approval of the Strata...