PEOPLE'S MANSION

People’s Mansion in Geylang sold for S$42.7m in collective sale

MARKET NEWS

Private home prices outstrip peak of '96 Business Times: Jul 02, 2010

HDB resale prices rising faster 

Straits Times: Jul 02, 2010
Home prices 'set for healthy gains'

Jun 29, 2010

Prices of mass market homes, especially Housing Board flats, are set for healthy gains this year, according to a Citigroup report.

However, HDB resale prices, which provide a strong base for the mass private market, are likely to stay firm due largely to the generally low supply since 2003, it said. Citi expects both HDB resale prices and rents, as well as mass market private home prices, to rise 5 per cent to 10 per cent by the end of the year.

'With capital gains from existing Housing Board flats at a seven-year high, coupled with low mortgage rates, we believe new sales are likely to remain strong in the mass market,' it said.

Mass market private home prices should be capped at $900 to $1,000 per sq ft (psf), though there is a chance they may overshoot, it said.

Considering the high bids and breakeven costs for recent government sites, developers are likely to keep selling private homes at a minimum range of $850 to $1,100 psf and HDB executive condos at closer to $750 psf.

NOTE: anything less than a replacement unit is totally unacceptable in an en bloc. There should be no forced downgrades, no loss of living standard.

This replacement cost can either be in CASH or 1-for 1 exchange

Look at the new developments, they are impossibly small, high density estates with greatly diminished common property. 

But for those who think downsizing is a good idea... think twice.

How to make the most of a small apartment

Q: I HAVE four kids aged 13, 11, seven and five, and we live in an apartment with only two bedrooms and no storeroom.

We have many things, including books, CDs, photos, shoes, stationery and toys, which we had gathered over the years and my husband and I are still buying new items for our children on a regular basis.

We kept all the old toys as it is such a waste to throw them away – they are good-quality toys and still in good condition. It is the same case with books. My daughter loves buying books and we do not want to kill her interest in reading by asking her to stop spending on books.

hen there’s also the textbooks, assessment books, lesson notes, examination papers, all of which we are keeping to hand down to our younger kids.

We are running out of cupboard space for all these items, so much so that I have to keep some of the toys in the children’s wardrobe, along with their clothes; under their study table; and even on the steps on their double-decker bed.

Shoes are another headache.

My children have at least three pairs each, not counting the ones that the older ones cannot wear anymore (which we are keeping for the younger ones). Then there are the shoes belonging to my husband and me.

I hope the professionals can suggest ways we can organise all our things and, if possible, tuck them away neatly.

.

A: Your two-room apartment is indeed small for a family of six but, with some planning, you would be able to maximise the space and find your things easily as well.

Cluttered living spaces are difficult to maintain, so let’s aim to keep the apartment as spacious as possible but, at the same time, have all the most frequently needed items within easy reach.

You should first consider what you really want to keep. If you are unlikely to ever use something again, it should be disposed of, to free up space.

Next, designate storage zones and prioritise them according to accessibility within your apartment.

For each storage zone, you need suitable storage equipment, for example, hangers, plastic bins and shelves.

You will also have to consider whether to store items on a higher level to maximise the space up there. Naturally, higher storage areas are not as accessible as those that are within reach, so they are best used for items that are seldom used.

When it comes to storage equipment, it is most practical to use something that is strong and durable. But you should also consider getting something that would improve the aesthetics of your home. Therefore, you may want to invest in good-looking furniture for the more visible areas.

The next step is to decide what you want to keep but do not use regularly. These items should go into the storage areas that are less accessible – they could be outside your home.

Things that you need to use more regularly should be stored in the apartment within the designated storage zones.

Organising your things can take quite a bit of time, but it will save you time searching for them later had they not been stored in an organised manner. Do label your boxes clearly so that it will be easier for you to find your things later.

For items that have sentimental value which you cannot bear to junk and yet do not want to keep in the apartment (as they take up too much premium space), you may want to consider self-storage service.

Self-storage can help by allowing you to keep these items in a purpose-built location.

You should select a storage facility in a location that is most convenient for you – either near your workplace or near your home – so that should you need to retrieve your things, you don’t have to travel too far to get them.

Source : my paper – 30 Jun 2010

.

How ridiculous is it to buy into your dream home  and find there is not enough space for your shoes! Even more ridiculous to be told to buy extra storage space above and beyond the extravagant price you might have paid for your home! This lady must not live in a HDB.. .I have yet to visit a 3 room HDB with no store room. 

I walked into one of these showrooms and instantly noted the drawbacks - no doors, 1 room knocked down to give the impression of space, furniture fit for dwarfs, an American full sized bed masquerading as a queen size,  read the details and saw cheap plastic foldable doors on the kitchen toilet, and no kitchen space for the fridge! And this in a million dollar plus apartment!  tsk tsk

If there are people who value facilities over personal space then they really should sit down and and have a long hard think.

• Enjoyment of facilities is usually short term. After a few months owners generally find they use them less and less. Facilities are common space. 
• Facilities come with a high monthly fee - do you really want to pay $250 -$300 for a pool you hardly ever use or your children have outgrown?
• Your square footage of personal space is yours and yours alone to enjoy. Size is a determining factor when buying/selling your apartment - facilities are peripheral and not calculated into the price directly.
• Are you being seduced by marketing tactics and glossy pictures and ignoring the practicality of viewing an apartment as your future living space? In other words, are you buying into a lifestyle that will lose it's shine eventually, leave you wanting  and sap your bank account for the rest of your working days? 

For those who think an enbloc will enable them to buy into a luxury home have not done their sums.

All an en bloc will do is allow you to visit the fancy showrooms and drool over the European bathroom fixtures but NOT buy into the new development on your old site - unless you fork out double the price or are content with a mickey-mouse sized apartment with your sale proceeds. If you do either of these things then you have effectively

• reduced by half your personal living space
• emptied you bank account
• taken out yet another yoke of a mortgage
• reduced your share of any common property as a new development will typically be high density
• Increased your monthly overheads
• hobbled your retirement savings (if any)

And in the meantime, the developer is laughing all the way to the bank - having bought the penthouse for his family members!

For those who say owners can downgrade to HDB and pocket the difference

Well, downsizing for retirement needs might be a legitimate excuse for selling out. But it should only be a matter of choice not a REALITY for all. It becomes a reality because the CSA binds owners for 24 months, locks them into selling their estate at a set price. Sure, the sale committee promise to try and sell for higher - but it rarely happens and there are dozens of unhappy past enblocs to prove that point! Who the hell sells anything by locking in the price for 2 years???? 

And what happens to the price of HDBs  in an area where there is an en bloc? They shoot through the roof  because canny HDB owners also want to cash in on the wave of  displaced en bloc owners looking for a replacement unit in the area. Prices go up and those that end up in HDB are left feeling somewhat duped.

CLEMENTI PARK

Agent drops en bloc for Clementi Park

Well, I have been told this is just a ploy in order to avoid being hit by the new rules. They want to avoid being caught by the 50% rule for round 2 -  that in the event of a failed first attempt, a second attempt will require a higher approval rate from owners to form a sale committee. By cancelling this attempt before the new rules kick in, they can start afresh with just  a 20% requisition.

Looking at their pretty website here , it seems the sale committee has been hanging on since 2007.

The sale committee will probably try to reconstitute in July and start all over again.

When it tried to go en bloc four years ago, Clementi Park failed to get 50 per cent of its residents’ vote.
This time round, its marketing agent Knight Frank withdrew from the collective sale exercise.
In the minutes of a recent meeting – which was obtained by Media-Corp – the company said it did not have the “confidence” that it could get 80 per cent of the condominium’s owners to agree to a collective sale. This was based on a survey in which 382 out of 489 owners took part.
The firm noted that “a good number” of owners did not wish to sell their apartments which are located on one million sq ft of undulating freehold land. Also, it was difficult to get owners of the 28-year-old property to agree to “one method of apportionment” because of the diversity of share values and strata area.
As for whether the 80 per cent consensus could be achieved if the reserve price was increased from $1.25 billion to $1.4 billion, Knight Frank’s opinion was that “under the current market conditions, it would be challenging”.
But it is not a case of price as the market is “buoyant”, according to Suntec Chesterton International’s head of research and consultancy Colin Tan. Rather, “these owners don’t want to sell, and Knight Frank, sensing their stubbornness, decided to pull out,” he said.
The collective sale committee (CSC), at its final meeting on June 8 had considered appointing another marketing agent.
But most members concluded that based on “current market conditions and current ownership profile”, the result was likely to be same and it would be “futile” to do so.
The sale exercise was aborted and the CSC was terminated.
Clementi Park resident Robert Bacsafra, for one, is disappointed with the outcome. He said he would have got between $2.5 to $3 million for his unit.
Source : Today – 19 Jun 2010

Minton Rise Development Info

PENDER COURT

Pender Court sold to Hoi Hup Realty for S$95m

Pender Court, a 48-unit development at the foot of Mount Faber, has become the eighth successful en bloc sale in Singapore this year.

Total number of units: 48
Large units: 24 number x 162 sq m each with 1 share values each = $1.99M/unit
Medium units: 24 number x 153 sq m each with 1 share values each =$1.96M/unit
En bloc: 48 total units on land plot size 65,000 sq ft with plot ratio1.4 = $95mn
Redevelopment: Likely 103 units averaging 1000 sq ft each

PENDER COURT"S failed en bloc in July 2007:

The Pariah

New post by The Pariah

See?! You don't have to sell your soul for a pittance!

Golden era of development
 

Early this week, a developer gave itself a pat on the back for delivering good returns on its maiden residential project. Considering that almost every established developer made record profits in their recent history, was it such an achievement?

If ever there was a period which could be described as a golden era for developers, the years from 2007 to the present day – with the exception of 2008 – must be it.

Laden with massive liquidity from huge profits earned on sold-out projects, it is no wonder that developers’ appetite for development sites has remained unabated.

The aggressive bidding for the most recent state sale of a residential plot at the corner of Sembawang Road and Canberra Drive, was the second tender to confirm that the ramping up of land supply has not had a major impact.

One major reason for the high bids and good participation rate was that there are still some developers who have yet to replenish their land bank. They are likely to ramp up their bids even higher.

However, what is interesting is that quite a number of developers continue to participate in such tenders even though they have already been successful in earlier rounds.

Perhaps reflecting the greater risks going forward, there appear to be more joint ventures – some with strategic tie-ups with contractors. With so many projects coming up over the next few years, securing a contractor will prove more difficult over time.

Flush with liquidity, developers probably feel there is no other better option. In any case, should their bids be successful, it may have an averaging down effect on their overall land cost.

The market continues to surprise even the most seasoned of developers. After bidding aggressively for a site and turning it around in double-quick time within nine months, some developers are caught in a dilemma when their projects sell out in days. They are back to square one but with even greater cash resources.

Thus, we may have a scenario where sites are taken up even quickly as they are made available, and this will probably be so even when land prices start to decline to more moderate levels. How much more land supply will it take to satisfy this seemingly insatiable appetite?

If developers continue to be able to unload their apartments, the risks are slowly being transferred to the investors. And when developers are in a healthy position, do not expect them to chop prices any time soon.

It can even be argued that it is in the developers’ interest to continue to participate in land tenders even when bid prices are coming down. This is because the most vulnerable are those who paid the highest prices for their sites. Developers with lower land cost are able to undercut their rivals.

I end this piece with this last paragraph of a recent article on asset bubbles by an NUS don: “While the ‘efficient market hypothesis’ prescribes minimal government intervention … regulators should prevent huge asset bubbles rather than look for ways to cure the economy only after a crash. By that time it may be too costly.”

Colin Tan, head of research and consultancy at Chesterton Suntec International.

CAVANAGH MANSIONS

Freehold Cavenagh Mansions up for collective sale by tender
 
Cavenagh Mansions, a freehold residential redevelopment site along Cavenagh Road, has been put up for sale by tender.
Its marketing agent Knight Frank said the guiding sale price is S$55 million to S$60 million.
This translates to a land price of S$1,258 to S$1,367 per square foot per plot ratio.
This is based on the potential gross floor area of about 45,768 square feet, inclusive of the additional 10 per cent space for balconies.
For the asking price, each owner stands to get between S$2.62 and S$2.86 million.
The site has a land area of 19,813 square feet.

GOODRICH PARK

Goodrich Park up for tender with $80-85m asking price

Location: Simon Lane, Singapore 546021 (District 19)

Tenure: Freehold

TOP: 1982

Units : 52

 

MENG GARDEN

Meng Garden back on the market

Jun 07, 2010

What this means is that Meng Garden's buyer will be spared the hassle of going to the Strata Titles Board for approval of the collective sale of the freehold property, which has a land area of 35,639 square feet. It is zoned for residential use with a 2.8 plot ratio and height control of 10 storeys. The site could potentially accommodate a new development with about 95 apartments averaging 1,000 sq ft.

The latest 'guide price' of $135 million works out to about $1,360 per square foot of potential gross floor area inclusive of an estimated $681,000 development charge (DC).

Parliamentary Speeches 2010

Mr. Shanmugam's LTSA Amendment Bill 2010 Second Reading  & Oral Answers

SECOND READING

ORAL ANSWERS

SHOULD TC GO EN BLOC AGAIN?

Ok, I will give you gung-ho guys a special post on the blog to air your views. I will even put it on the main top bar for easy access.

Please mind your language. I will instantly trash any comment with expletives or named persons. Because this is my blog, not a public forum, I still hold the right of censure.

Anything under $1.7 million is UNDERSELLING 

YOU WILL NEVER AGAIN BE ABLE TO AFFORD A 1700 SQFT PRIVATE APARTMENT

TC HAS 2 MILLION SQ FT OF SALABLE STRATA AREA.

EN BLOC IS A DESTRUCTIVE FORCE  WHEN UNLEASHED - 

DO NOT START ONE JUST TO TEST THE WATERS OR DESTABILIZE THE ESTATE.

TAMPINES COURTERS DESERVE AT LEAST 5 YEARS OF PEACE & QUIET BEFORE CHURNING THE WATERS AGAIN

THE EN BLOC MARKET WILL NEVER DISAPPEAR

GOOD REDEVELOPMENT SITES IN MATURE ESTATES ARE
GETTING RARER BY THE YEAR

TAMPINES COURT:
- has massive common property
- has enormous apartments
- has ample parking lots
- is very windy
- has large open balconies

- has low monthy maintenance fees
- even lower than unprivatised HUDCs (if car parking included)

- is walking distance to 2 MRT stations
- is close to Tampines Shopping belt
- has a Fairprice supermarket next door
- easy access to PIE/ECP

- foodcourts galore in the area
- bus stop right outside the estate
- is close to a major public hospital
- is six minutes from the Airport
- is close to the Expo
- is walking distance to the 'Shenton Way' of the East
Primary, Secondary, Polytechic and Junior Colleges nearby
United Overseas College
Singapore's 4th University 

Downgrading is NOT ACCEPTABLE

PENDER COURT

Pender Court sold for $95m, 2 other sites for sale

Jun 01, 2010
The Straits Times

SECOND READING (FINAL):- Amendments passed

Now we have it on record

Method of distribution report: 
"prior to signing the CSA, owners can always require the sale committee to provide a report. Owners have the ultimate say, they can ask for what they think is necessary for the process, or for them to participate in the process."

Valuation report: there is no one size fits all solution for the provision of valuation reports to guide owners when they are signing the CSA. Ultimately it depends on their risk appetite and comfort level of different owners. Valuation reports have a shelf life..... hence,  it's best to leave it to the owners to jointly decide on the number and frequency of valuations to be carried out. We do not mandate that it should only be given at one point in time, we mandate that it should be given at such a point in time, and at all other points in time it is up to the owners to decide whether they want further valuations at whatever cost is appropriate. 

Business proposals: It is best to leave these matters to the owners to request such information if they consider it appropriate. .. At the end of the day, owners are making choices  in respect to their properties which involve millions of dollars, you expect them to know what they want, and what sort of safeguards they wish.  

Reaffirmation from owners before the award of a sale tender: A sales committee has to act in accordance with the mandate specified in its CSA. It really depends on what mandate is given to the sale committee. If the owners empower the sale committee to make the decision for award of tender within a certain prescribed parameters, without the need for reaffirmation, then it is not the governments position to intercede, and tell the owners how they should run the process. Likewise, there is nothing in the legislation, either in the past or going forward, to prevent owners from specifying that the want the sales committee to seek such reaffirmation from the owners, before the sale tender is awarded. This can be provided in the CSA if the majority wants.



New En Bloc Rules Passed
by Jessica Cheam (ST Online)

At the second reading of the amendment Bill, Mr Shanmugam said it 'represents another step toward refining the en bloc sale regime in Singapore'.

He also told the House that between 2005 and 2009, there were 462 en bloc sales, of which half or 217 had been redeveloped or were being redeveloped.

These 217 projects comprised about 12,000 units but after redevelopment, this number has shot up to more than 26,000 units, he said.

He added that the ministry will continue to review the Act and 'will make further refinements if necessary'.
.

Suggestions ranged from including the age and state of a building to determine the consent level needed for a sale, to reducing the threshold of owners required to re-start an en bloc sales process. --

NEW rules tightening the collective home sale process were passed on Tuesday, but not before Members of Parliament called for further refinements to the bill.

Suggestions ranged from including the age and state of a building to determine the consent level needed for a sale, to reducing the threshold of owners required to re-start an en bloc sales process.

Addressing the concerns in Parliament, Law Minister K. Shanmugam said that the Government's task was to 'protect the interests of all strata unit owners, whether they are pro-sale or anti-sale' and that it should not 'micro-manage the process and prescribe too many requirements'.

Amendments to the Land Titles (Strata) Bill to streamline the en bloc sales process were first unveiled in Parliament last month.

They include a two-year restricted period for owners who attempt an en bloc sale after it failed once; a 60-day period for the Strata Titles Board (STB) to mediate in a sale, failing which it can issue an order to give the parties the option to pursue it in the High Court; and requiring stricter declarations of interests from sales committee members.

The changes will now become law sometime in June after it has been cleared by the President's office.

THE MINTON//Minton rise

 SOLD: $236 psf ppr

NEW DEVELOPMENT: $839 psf average

(as of Dec 2010) 

MINTON RISE AND FALL and RISE AGAIN
The 'wise' Sale committee and majority sold ex-HUDC Minton for a song in 2007; the lowest en bloc price ever.....
See sad blog here
.
And out of the ashes of that diabolical en bloc rises -

The Minton @ Hougang

Location : Hougang Street 11, Lorong Ah Soo (District 19)
Tenure : 99 years leasehold
Expected Completion : 2014
Site Area : 472,378 sqft
Total Units : 1144
Unit Types :
1 bedroom ~ 550 sqft (121 units)
2 bedroom ~ 980 sqft (337 units)
2 bedroom + study~ 1100 sqft (158 units)
Dual Key (2 bed+1 bed)~  1400sqft (44 units)
3 bedroom ~ 1200sqft (204 units)
3 bedroom (premium) ~ 1300 sqft (119 units)
3 bedroom + study ~ 1500 sqft (56 units)
4 bedroom ~ 1700sqft (84 units)
Penthouse ~ 2000-3500 sqft (24 units)

I'm looking for prices psf  and total strata area for sale to do a comparison; (the indicative pricing for this condo is 880 to 1000psf. The range for 1, 2 Br units would be closer to 950 - 1100psf).......... but a quick estimation says they paid $209m for the site and are now making something like $1 billion.

The original owners are probably back in HDB.
Talk about not knowing the true value of your estate!
Talk about unleashing the value for the developer!

Buyers snap up condo units despite stock market jitters

In absolute terms, the prices ranged from $480,000 to $690,000 for the one-bedroom units, $750,000 to $990,000 for the two-bedroom units, $950,000 to $1.32 million for the three-bedroom units, and $1.3 million to $1.65 million for the four-bedroom units.

180 units sold at The Minton

Property developer Kheng Leong has sold 180 units in The Minton condo project in Hougang over the weekend.

The units sold were part of the 300 units released in the 1,145-unit project at Lorong Ah Soo/Hougang Street 11. It has an average selling price of about $850 psf.

Property agents marketing The Minton project said that the sales result was below the expected output, which was patterned in the property market peak in March and April. The peak was prior to the growing eurozone debt crisis and the Singapore government’s announcement early this month that it will release a bumper land sale programme for the second half of 2010 to meet the demand in the residential property market.

A new project release such as The Minton would have already sold about 300 units in its first weekend, and with prices at about five percent to eight percent higher, said Joseph Tan, executive director of CB Richard Ellis.

Peter Ow, managing director (residential services) for Knight Frank, also noted that the 99-year leasehold project could have sold 300 units in its initial weekend if it had been released in the market two months ago.

“The government land sales announcement has definitely had an impact. When we talk to (potential) buyers, they’re now taking a bit longer to decide. They’re worried that with the new supply coming up, prices might fall.”

The most popular units at The Minton’s holiday-extended weekend preview were the one- and two-room units.

Luk Kwok Wing, general manager (property) of Kheng Leong, reckoned that prices of one-room units sold are ranging from $480,000 per unit to about $590,000 per unit. The two-room units, on the other hand, were priced at around $750,000 to $870,000 per unit. The project also comprises three- to four-room units, penthouses and dual-key units.

Buyers who snapped up the project were mostly young Singaporeans, including families. Overall, buyers had HDB addresses, in areas like Serangoon, Tampines and Hougang.

Mr. Luk added that buyers were generally attracted to the project’s lush landscaping and generous facilities situated in a large site area of nearly half a million sq ft.

The Minton condo will have a 20-metre heated pool, a 50-metre lap pool, a tennis court, an air-conditioned badminton hall, which doubles as a function room and a treehouse playground. It will also feature a sky-terrace, a big library and spas/gyms. Its grand clubhouse will accommodate activities such as billiards, table soccer, karaoke and yoga.

The Minton condo project is being developed by Kheng Leong, a privately owned property developer controlled by the Wee Cho Yaw family. It is situated on the former Minton Rise site, which the company purchased through a collective sale in 2007.

Source : PropertyGuru – 31 May 2010

THOMSON VIEW CONDOMINIUM

A matter of time

Tempers flared at Thomson View condominium yesterday when a scheduled extraordinary general meeting (EOGM) for the establishment of a new en bloc sales committee had to be called off due to a lack of quorum.

Thomson View’s appointed managing agent CKH Strata Management called off the meeting after it declared that the minimum 30 per cent of share value, made up of residents or their proxies, required to attend the EOGM was not fulfilled by 1pm – the scheduled time to start the meeting.

However, residents of the 15-year-old, 55,000 square feet condominium had a different view and accused CKH of being tardy in its administrative process hence causing the delay.

Some residents claimed there were far too few staff tending to the registration process at the registration counter and that contributed to the delay. They also said CKH should have given them some leeway as the delay was over administrative matters at the registration counter and residents also claimed that the law requiring the minimum threshold to be met by a specific time was not clearly stated as a caveat to residents in the EOGM notice.

The Land Titles (Strata) Act requires a quorum of a minimum of 30 per cent of the share value to be reached in order to begin the meeting.

CKH said it had called off the meeting because they wanted to abide by the current law of dissolving the EOGM if the quorum is not met by its scheduled time.

They maintained that allowing for the EOGM to continue may thwart the process of an en bloc sale if a minority group chooses to contest its validity at a later date.

“I’m only a managing agent and I have to act according to the law. If I was lenient, then people who were against the en bloc sale could declare this whole election of the new sales committee null and void as the law was not strictly adhered to,” said Mr Chan Kok Hong, managing director of CKH.

However, a proposed change to the Land Titles (Strata) Act announced last month has provided for an hour’s leeway for the quorum to be reached, but this new ruling is expected to take effect only in June.

The dispute was resolved when Mr Tan Kin Lian, former chairman of the previous sales committee and ex-chief executive of NTUC Income, offered to facilitate the reconvening of the next EOGM through email with the residents.

A resident, who only wants to be known as Mr Ng, said the inflexibility from CKH was uncalled for.

“People put in so much trouble to come in and the EOGM was cancelled just because some people cannot be reached or are late.

“The managing agent should be more flexible and give us half-an-hour more instead of saying there is no quorum,” he said.

Source : Today – 17 May 2010

The Managing Agent has no choice but to follow the rules as they stand - that is their professional duty. Any failure to do so could warrant a complaint to the relevant authority after which they may lose  their professional license. It is wrong for one group of owners to clamour for special consideration and preferential rule-bending - there are two sides to en bloc, and the MA has to remain impartial and not bow to pressure.

Reconvening the next EOGM through email? What is that all about?

Project Details:
Bright Hill Drive
Tenure: 99 years
District: 20
No. of Units: 206
Year of Completion: 1987
Full condo facilities

DRAGON MANSION

Strata Titles Board approves collective sale of Dragon Mansion

The Strata Titles Board (STB) has approved the collective sale of Dragon Mansion to RL Developments, a wholly-owned unit of Roxy-Pacific Holdings.
This makes Dragon Mansion the first collective sale site to have successfully obtained STB’s Sale Order under the stricter legislation governing collective sale that came into force in October 2007.
At a sale price of S$100.8 million, Dragon Mansion is also the only collective sale site which has achieved a sale price of above S$100 million since the onslaught of the global economic crisis.
Dragon Mansion, in the Spottiswoode Park area, comprises 72 units of 3-bedroom apartments.
Owners of each 1,399 square foot unit will receive S$1.4 million in sale proceeds.
The freehold site has a land area of nearly 42,000 square feet and is designated for residential use with a plot ratio of 2.8.
The new development could potentially yield a maximum gross floor area of approximately 117,000 square feet, which translates to an estimated 120 units of 1,000 square foot apartments.

Source : Channel NewsAsia – 10 May 2010

LAGOON VIEW

 Lagoon View en bloc, too?
Source : Today – 10 May 2010

 2009 NewPaper article here

Witnessess

Property agents would like to see the LTSA rule about en bloc lawyers witnessing every CSA signing changed.  They are lobbying the MinLaw to rescind the law.

The MinLaw should remember why it drafted this rule in the first place - it has to go back and review all the complaints in the media from owners who were conned, cheated, lied to by property agents into signing. Various tricks were employed:

• Signatures that weren't properly witnessed
• Dates of signing left blank,
• CSA signature pages turning up in different months than they were signed.
• Suspicious 'extra' pages that some owners signed for additional amounts but were not properly recorded.
• Owners never receiving certified copies of their legally binding contract
• Owners lied to about the current consent level.
• Manipulation of unit numbers and number of owners in Statutory Notices.
• Statutory Notices not certified by en bloc lawyers
• Property agents turning up at places of work to harass owners into signing.
• Property agents knocking on doors at all hours harrassing owners into signing.

The property agents cannot be relied upon to do an honest job. They are deceitful and spin stories out of their elbows.  En bloc lawyers have their reputation and license to protect and hopefully can be relied upon to follow the law. They should demand upfront payment for witnessing signatures. Owners should go to the lawyer's office to sign and come away with a certified copy.  Every 4 weeks, Statutory Notices are to be put up on the Notice Boards and owners should demand not only the bare numbers but the names and date of signing as they go along.

No more monkey business when it comes to the requisite number . No more telling owners 80% has been reached when in fact it is only fluffed out with conditional signers who will be dropped after the sale. No more adding fresh signatures after the sale and back-dating their date of their signing to fill in holes. No more telling owners they have to sign as 80% have already signed.

Ministry of Law, if you read this, do not be persuaded by arguments of expediency. Solid procedure  before corner-cutting measures, please. 

Laguna park to try for Second Enbloc Attempt

Laguna Park residents to push for en bloc sale again

Residents at Laguna Park condominium in Marine Parade are giving the en bloc sale process a second try.

A new 10-member sales committee comprising eight new members has been set up.

At an extraordinary general meeting held on Sunday, some residents voiced confidence that a sale can be completed in three to six months, while others reportedly raised concerns about the recent changes in the Land Titles (Strata) Act which are intended to streamline the en bloc sale process and prevent lengthy disputes.

The previous attempt to sell the 33 year-old former HUDC estate for S$1.2 billion failed last year.

Channel NewsAsia – 2 May 2010

Achieving 80% but failing to find a buyer does not fall within the 'relevant event' category.