Bayshore Park condominium, a 21-year-old estate with over 1,000 apartments, is exploring the possibility of an en bloc sale. It took a formal step on Saturday by holding an extraordinary general meeting to elect an en bloc sales committee. With changes to the Land Titles Strata Act expected to kick in next month, what happens to potential en bloc sale properties that are caught in-between these...
Enbloc
En bloc prices are set to go up when the new rules in the Land Titles Strata Bill kick in next month. According to the Real Estate Developers’ Association of Singapore (REDAS), this is because property developers will have to pay more as choice sites get harder to come by. REDAS celebrates what it calls an autumn harvest and for good reason. The collective sale market is expected to reach a peak this...
The average age of all developments which applied for collective sale from January 2005 to end-August 2007 was 25.9 years. This was revealed by Deputy Prime Minister and Law Minister Professor S Jayakumar in a written answer to questions from Nominated Member of Parliament Mr Siew Kum Hong. Professor Jayakumar said the average percentage of owners who had signed the collective sales agreement at the time...
Before the Strata Titles Board (STB) can decide the fate of the S$548-million Gillman Heights en bloc deal, two minority owners have questioned the Board’s jurisdiction to hear the application. They applied this week to the STB to vacate the hearing due to start in two weeks’ time, when objections from minority owners were supposed to be heard. But lawyer Eddee Ng of Tan Kok Quan Partnership said his...
IT HAD seemed like a walk in the park for Phoenix Court residents en route to a windfall, when the owners of all but one of the units agreed to sell off their apartments collectively for $88.1 million. But just 11 days to go before the owners were due to pocket $1.8 million each, the sale has been stalled indefinitely — in a complicated legal saga that demonstrates why impending sweeping changes to the...
Home owners could scramble to secure the required number of signatures to seal their en bloc deals in the weeks ahead, according to industry watchers. This is due to the impending changes to the collective sales legislation aimed at adding more transparency to the process. Owners at Pacific Mansions are still working out a deal with some four to five potential buyers. Pacific Mansions has 288 apartment...
THE law on en bloc sales looks set to be beefed up, on the back of lessons learnt from the many tussles of the past year. When the Bill to amend the Land Titles (Strata) Act was introduced yesterday in Parliament, it contained far more rules than the Ministry of Law (MinLaw) had proposed five months ago. This, on the back of over 400 suggestions it received during public consultation in April and May....
Market watchers and analysts are still studying the impact of proposed changes to rules governing en bloc sales unveiled in Parliament on Monday. Some say the revision will benefit property developers as it means greater clarity and certainty to their initial investment. Owners of Neptune Court at Marine Parade are exploring an en bloc sale. And insiders tell Channel NewsAsia, that so far, only about 40...
The value of en bloc deals done in the second half of this year could slow down compared to the first six months, as sentiments in the property market turn cautious. But property consultants say total deals are still likely to hit $16 billion - double that of last year - due to an exceptionally active first half. A combination of factors - including uncertainties in the financial markets prompted by the...
The spate of collective sales continues as Lewis Court, a 12-unit walk-up apartment block, was sold to Hiap Hoe subsidiary Guan Hoe Development for $24 million through a collective sale tender. Property consultant and collective sale specialist Credo Real Estate put the property up for sale last month following a 100-per-cent consensus from the owners. “The purchase of Lewis Court is in line with our...