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.
Huge question mark whether the party is over (or coming to an end) given last two poor showings of ex-HUDCs. Lets see how it does for Normanton today (good luck!)
not trying to pour cold water but to face the facts, some of the ex-HUDCs are going to be uphill climb, based on expectations of residents (current market price vs ask price) and massive size of plot.
currently none of the units are like TC which was at 900k pre-tender. most are $1.2m up. so the only way to sell is for developer to bid higher than the already high expectations.
How come Normanton can get, and FR cant? Is the valuation by FR even accurate in the first place?( all these are just estimates, each valuer can come up with different values)
Huge question mark whether the party is over (or coming to an end) given last two poor showings of ex-HUDCs. Lets see how it does for Normanton today (good luck!)
ReplyDeleteNormanton Park is near NUS !!!
DeleteThat sounds like a parade commander ordering developers to line up to bid! =)
DeleteMore and more optimism in the market. Now see who lauch faster as more HUDCs compete against each other and developers can get the pick of the litter
ReplyDeletenot trying to pour cold water but to face the facts, some of the ex-HUDCs are going to be uphill climb, based on expectations of residents (current market price vs ask price) and massive size of plot.
ReplyDeletecurrently none of the units are like TC which was at 900k pre-tender. most are $1.2m up. so the only way to sell is for developer to bid higher than the already high expectations.
Larger HUDC can be challenging... http://hudcsingapore.com/hudc/collective-sales-of-large-hudc-projects-to-remain-challenging/
ReplyDeleteFYI from what I read, Braddell View is last on Developers radar.....poor infracture etc.
ReplyDeleteBlogger - you really drew the fighter jets and the crashes well!
ReplyDelete918 units in Braddell View - I think the site area looks too small, probably double that of TC.
ReplyDeleteYES, I checked. the size is 1,124,000 sqft ! That's the biggest of them all and probably the last to go.
DeleteUpdate on FR: now in private treaty mode until 5th dec. If no buyer found, then redo public tender in Jan 2018.
ReplyDeleteAnd yeah I had read the email sent by JLL. They are now doing the negotiations with those that did not win AP.
http://www.businesstimes.com.sg/real-estate/florence-regency-seeks-buyer-in-private-after-tender-bidders-wont-raise-offers
How come Normanton can get, and FR cant? Is the valuation by FR even accurate in the first place?( all these are just estimates, each valuer can come up with different values)
DeleteEven if 80% is obtained, any sale below valuation just opens the door for minority to object. That's the problem I think.
DeleteObject better than not even getting the S and P signed (at least lock the developer up). STB still can mediate, just dont go the high court way
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