A Minority Owner's chronicled journey through 3 Collective Sale attempts; the last one being successful. TC was a 560 ex-HUDC estate with a thriving community spirit (up until the enblocs that is). I have moved on to a new, 37 unit Freehold estate. Life is quiet now with zero community feeling.
This news is a wake up call to all residents would do en-bloc without proper computation and market study. Still want the en-bloc at $1.2mil? For those who had given your signatures to start en-bloc at $1.2mil, want to retract?
Yes! I agree that proper study is mandatory for a successful en-bloc. But Shunfu and TC are different cakes altogether. One is at the centre of the island while the other is tucked in the eastern corner.
Many people here are constantly saying that enbloc price will go up with time. Perhaps it is true. If this thinking is so, there is never a right time as the prices will always go up.
It is about time Tampines Court goes en bloc again. I would think $1.2 mil is very reasonable. Market is going through a temporay hold but prices will invariably go upwards. Demand cannot be ignored with many new PRs. Genuine buyers will grativitate to private properties if they cannot buy HDBs, so why can't prices go up? Can someone let non-residents know how to get the signatures as soon as possible.
Actually, I am happier without en-bloc than one done by folks does not do any home work or know close to nothing about it and all they want is to sell their multiple units without regards for the rest. Why would I want to put my hard earned money into the hands these people? It's silly.
Can someone enlighten us with their home work and share why is it it is not a good thing to en bloc? My friend just sold Laguna Park for $1.6m + because there is potential en bloc and then she bought the neigbouring Lagoon View for $1.3m. The 2 units are the same, only difference is the latter is further away from en bloc because privatisation process not complete.$300k+ into the pocket is not bad for having the same type of unit albeit in a different development next door. Money from Tampines Court en bloc will be able to buy a HDB maisonette EA plus handsome cash at hand.
To the anonymous who still thinks $1.2mil is 'very reasonable': With older HUDC than TC going at a unit price of $1.1mil, you think that $1.2mil for en-bloc is reasonable? How did you arrive at $1.2mil being reasonable? With reference to what you bought it for? Can you imagine doing an en-bloc now at $1.2mil and collecting your money 2 years later only to find out that an equivalent size flat is more than what you got? Do you know that in an en-bloc, you get the money only after everything is properly approved, and it can take as long as 2yrs? At TC, we have amenities and MRT stations, much better than ShunFu! Market this place upwards, not downwards, as if you are desperate to sell. If you are happy with $1.2mil, no need to en-bloc, just wait awhile, you might just find a buyer!
It's quite simple. When a single owner sells his unit (as in your friend's case) he can buy a replacement unit quickly and without too much pressure from other buyers.
When 560 owners sell their units collectively, there is a :
1) 2 to 3 year wait between setting the RP and collecting the sales proceeds. 2) The market would have moved substantially. 3) There would be tremendous competition for replacement units in the area.
Just imagine what would happen if just 20 TC owners went to view a unit in Loyang Valley... they price would soon escalate to match the full sale proceeds. Imaging what would happen if 100 TC owners went to view the unit! Old estates do not have more than 5 units on sale at any one time. And new estates are half the size, twice the price.
En bloc is a fools game unless the is a 1 for 1 exchange for a new unit in the new estate (no strings attached).
Pricing is a matter of marketing skills and the amount of time you have. If you are desperate because you need the cash, the buyers can smell this and will push the lowest price for it, even if your place is great. But if you know what the buyer is looking for, and you sell what the buyer desperately wants, then, he'll pay high price for it; even if it is not the best of place. Why on earth would someone buy this ShunFu HUDC unit at $1.1mil or the HDB flat at $755K? - The seller is VERY GOOD! - Think, how much would the neighbours of these homes plan on selling? Higher of course! Unfortunately, those who wants the en-bloc TC at $1.2mil are VERY POOR sellers! Don't put you life savings and beautiful homes in their hands and regret it for the rest of your life! Don't be foolish. If you think you can be happy at selling your unit at $1.2mil, I agree, don't need to en-bloc, just wait, TC will arrive at that price. Not many private apartment left that has this big floor area and cheap monthly maintenance. Read the ST report.
re: Can someone enlighten me... Sure, in Singapore, anything also can en-bloc. But be careful who is doing the en-bloc. With desperadoes doing the en-bloc in TC, you are better off selling your own unit, you might just get more!!! - Previous en-bloc RP $695K, today, sell your unit you might get $850K! Next year, maybe $900K+! You see, ShunFu is an older estate, left 70yrs, yet it fetch $1.1Mil. This is land scarce Singapore. Look not at the blocks in TC, look the land TC is sitting on. In an en-bloc, you don't sell apartment, you sell the land, and what it can become! So don't ask for itsy bitsy price.
Soon the whole of Singapore will be linkedwith Mrt system etc.At the end of the day if the price is right and one is able to live well with the profits then so be it.
This news is a wake up call to all residents would do en-bloc without proper computation and market study.
ReplyDeleteStill want the en-bloc at $1.2mil? For those who had given your signatures to start en-bloc at $1.2mil, want to retract?
Yes! I agree that proper study is mandatory for a successful en-bloc.
ReplyDeleteBut Shunfu and TC are different cakes altogether. One is at the centre of the island while the other is tucked in the eastern corner.
Many people here are constantly saying that enbloc price will go up with time. Perhaps it is true. If this thinking is so, there is never a right time as the prices will always go up.
Then again, the lease is also runniing out.
Honestly, I do not see an enbloc success for TC.
It is about time Tampines Court goes en bloc again. I would think $1.2 mil is very reasonable. Market is going through a temporay hold but prices will invariably go upwards. Demand cannot be ignored with many new PRs. Genuine buyers will grativitate to private properties if they cannot buy HDBs, so why can't prices go up? Can someone let non-residents know how to get the signatures as soon as possible.
ReplyDeleteActually, I am happier without en-bloc than one done by folks does not do any home work or know close to nothing about it and all they want is to sell their multiple units without regards for the rest. Why would I want to put my hard earned money into the hands these people? It's silly.
ReplyDeleteCan someone enlighten us with their home work and share why is it it is not a good thing to en bloc? My friend just sold Laguna Park for $1.6m + because there is potential en bloc and then she bought the neigbouring Lagoon View for $1.3m. The 2 units are the same, only difference is the latter is further away from en bloc because privatisation process not complete.$300k+ into the pocket is not bad for having the same type of unit albeit in a different development next door. Money from Tampines Court en bloc will be able to buy a HDB maisonette EA plus handsome cash at hand.
ReplyDeleteTo the anonymous who still thinks $1.2mil is 'very reasonable':
ReplyDeleteWith older HUDC than TC going at a unit price of $1.1mil, you think that $1.2mil for en-bloc is reasonable? How did you arrive at $1.2mil being reasonable? With reference to what you bought it for? Can you imagine doing an en-bloc now at $1.2mil and collecting your money 2 years later only to find out that an equivalent size flat is more than what you got? Do you know that in an en-bloc, you get the money only after everything is properly approved, and it can take as long as 2yrs?
At TC, we have amenities and MRT stations, much better than ShunFu! Market this place upwards, not downwards, as if you are desperate to sell.
If you are happy with $1.2mil, no need to en-bloc, just wait awhile, you might just find a buyer!
re: Can someone enlighten me...
ReplyDeleteIt's quite simple. When a single owner sells his unit (as in your friend's case) he can buy a replacement unit quickly and without too much pressure from other buyers.
When 560 owners sell their units collectively, there is a :
1) 2 to 3 year wait between setting the RP and collecting the sales proceeds.
2) The market would have moved substantially.
3) There would be tremendous competition for replacement units in the area.
Just imagine what would happen if just 20 TC owners went to view a unit in Loyang Valley... they price would soon escalate to match the full sale proceeds. Imaging what would happen if 100 TC owners went to view the unit! Old estates do not have more than 5 units on sale at any one time. And new estates are half the size, twice the price.
En bloc is a fools game unless the is a 1 for 1 exchange for a new unit in the new estate (no strings attached).
Pricing is a matter of marketing skills and the amount of time you have. If you are desperate because you need the cash, the buyers can smell this and will push the lowest price for it, even if your place is great. But if you know what the buyer is looking for, and you sell what the buyer desperately wants, then, he'll pay high price for it; even if it is not the best of place.
ReplyDeleteWhy on earth would someone buy this ShunFu HUDC unit at $1.1mil or the HDB flat at $755K? - The seller is VERY GOOD! - Think, how much would the neighbours of these homes plan on selling? Higher of course!
Unfortunately, those who wants the en-bloc TC at $1.2mil are VERY POOR sellers! Don't put you life savings and beautiful homes in their hands and regret it for the rest of your life! Don't be foolish.
If you think you can be happy at selling your unit at $1.2mil, I agree, don't need to en-bloc, just wait, TC will arrive at that price. Not many private apartment left that has this big floor area and cheap monthly maintenance. Read the ST report.
re: Can someone enlighten me...
ReplyDeleteSure, in Singapore, anything also can en-bloc. But be careful who is doing the en-bloc. With desperadoes doing the en-bloc in TC, you are better off selling your own unit, you might just get more!!!
- Previous en-bloc RP $695K, today, sell your unit you might get $850K! Next year, maybe $900K+!
You see, ShunFu is an older estate, left 70yrs, yet it fetch $1.1Mil. This is land scarce Singapore. Look not at the blocks in TC, look the land TC is sitting on. In an en-bloc, you don't sell apartment, you sell the land, and what it can become! So don't ask for itsy bitsy price.
Soon the whole of Singapore will be linkedwith Mrt system etc.At the end of the day if the price is right and one is able to live well with the profits then so be it.
ReplyDelete