May 25, 2018

What a little birdie told me....


A friend, Mr. L, gave me a few updates on some ongoing enblocs which may be of interest to you (since edited by Mike's contribition*):

Fernwood Towers (FH)

"Opposite Mandarin Gardens is just 1 signature short of getting 80% to launch a collective sale. They're cashing out as the Seaside Residences will soon rob of them of their unobostructed sea view they've enjoyed without the ECP road noise for so long." 

Laguna Park*  & 

"Laguna Park has crossed the 80% mark."*
Allegedly only - someone thinks they are not quite there yet with 3 months to go. 

Lagoon View

Lagoon View struggles at 72% - with 2 more months to secure 80%,- this despite having it's psfppr price some 10% higher than Laguna Park. There are many stayers and their CSC raised the reserve to 2.8m to move the numbers up from 50%. There's rising opposition and even if they do get 80%, there might be no buyer willing to buy at such a high reserve. 

Mandarin Gardens 

"Stalled at 40% after only a month and there're very deep pocketed local and foreign owners who don't want to give it up for the world. The acrimony is rife and cars of dissenters get scratched too."

Neptune Court

"NC has appointed a privatisation committee to look into a simultaneous privatisation and en bloc exercise. As the LTSA only applies to strata-titled properties, the requirement for 100% of the 752 owners to agree to a developer paying MOF for privatisation is an insurmountable hurdle."

Florence Regency (Sold 20 Oct 2017 to Logan)

"Scheduled Completion date 24 Aug 2018.I think TC-ers enjoyed better purchasing power despite the slightly lower payout as the foreign buyer Logan, unlike SL, seems to have bought time at their expense."

THANK YOU MR.L & Mike for your information. 

FYI: Actually, both Logan and SL have 10 mths between Date of Sale & Scheduled Completion Date. 

10 comments:

  1. Anonymous26 May, 2018

    Hi blogger, thank you for your information. Do you have any update of Faber garden? The tender closed on 23 May 2018 but no news on that. I am just curious which Developer will take the risk & pay $1.18b?

    ReplyDelete
  2. Mr L’s information has some gaps.

    1. Laguna Park and Lagoon View are separate estates with their own enbloc process.

    2. Laguna Park recently crossed 80%.

    3. Lagoon View struggles at 72% despite having its PSFPPR Price some 10% higher than Laguna Park

    ReplyDelete
  3. Anonymous29 May, 2018

    anubody have news about parkview mansion enbloc news? tender close 20/4?

    ReplyDelete
  4. Anonymous29 May, 2018

    fernwood tower heard also cross 80% mark

    ReplyDelete
  5. Anonymous29 May, 2018

    I don’t think Laguna pk crosses the 80% mark. From what I understand, they have another 3 more month (till sept’18) to get 80%. They are still 3% short.

    ReplyDelete
  6. Anonymous03 June, 2018

    Hi, understand that the previous approval threshold for privatisation at NC was 75% . Then for enbloc, its 80%. Combine together, NC needs 80% to approve the privatisation cum enbloc exercise? Would this understanding be correct?

    ReplyDelete
    Replies
    1. Anonymous05 June, 2018

      NC needs 100% becos it belongs to MOF

      Delete
  7. Anonymous05 June, 2018

    Simultaneous privatisation/enbloc was turned down by HDB for Shunfu Ville before. I would be very surprised if Neptune Court will be allowed to do it.

    ReplyDelete
  8. Hot off the press today ; https://sbr.com.sg/residential-property/news/216-unit-fernwood-towers-en-bloc-sale-688m

    ReplyDelete
  9. https://sbr.com.sg/residential-property/news/216-unit-fernwood-towers-en-bloc-sale-688m

    ReplyDelete