May Media

 Chinese top foreign buyers of Singapore homes - Reuters 25 May 2011
16% of private home buyers in Singapore in Q1 are foreigners - 25 May 2011
Property market may see major changes: analysts  24 May 2011
Laguna Park residencts to pocket $2.2 m each from sale  - CNA 19 May 2011
Private homes sales surge 29% - ST 15 May 2011
Private homes sales up 29% in April - CNA 14 May 2011
Haig Mansions sold to Vicland Realty - CNA 12 May 2011
En bloc sale market picking up: analysts - CNA 11 May 2011
40-unit development at River Valley put up for collective sale - CNA 11 May 2011
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TRACK RECORDS

Since the SC has shortlisted 2 marketing agents for owners consideration at an EGM tentatively set for late June 2011 - let's see what we can find out about these two particular agencies. Since it is not easy to get such information, I shall have to add as I go along..

TEAM ERA

Koon Seng House, Marine Point,  Rainbow Gardens

JONES LANG LaSALLE

Pine Grove, Eng Tai Mansion, Gilstead View, Glenville, Sea Breeze Apartments,  Cairnhill Gardens, Char Yong Gardens,  Chez Bright Apartment, Holland Tower, Kim Yam Mansion, Newton Meadows, Nuang Court

The sole law firm (to date) is KSCGP Juris LLP ( formerly known as K. S. Chia Gurdeep & Param). Founded on 1 April 1993, KSCGP Juris LLP is a multi services law firm with 16 lawyers under its wing and a full time staff support of  more then 75 personnel in 3 law offices.

Whilst Marketing agents love to have their names in print (little known Credo surged to No.1  after it's Farrar Court success), legal firms are far cagier and are rarely mentioned in the media in connection with collective sales.

SC meeting: 03 May 2011

SC Minutes 3 (Edited)


Note

4. Some observers opined that the Process of appointing MAs must be transparent. On behalf of the SC, Mr Srinivasan clarified that the committee us ensuring to keep the process as transparent as possible and any resident is welcome to go through all the proposals received by the Sales Committee and any related correspondence with the Sales Committee.

The committee decided to seek the shortlisted MAs to resubmit their proposals in a uniform format as per attached draft for presentation at the EGM ......

 It would be good if Owners who are  'in the know'  take a look at these proposals before the AGM in June. I hate EGMs where vital information is unknown and owners have to decide on matters without prior knowledge or proper analysis, because ultimately, it is not the SC's decision, it is the owners.

So go on, get a copy.

27 April 2011

Why is this unsigned Notice on MCST letterheaded stationary????

The rules forbid the use of estate money for collective sale matters. This includes the use of MCST stationary and photocoping machine.

Update:
The offending Notice have been taken down and replaced with another bearing no link to the MCST and signed by the SC Chairman.  

Pine Grove Tender & Private Offer

It seems to me this estate must have cool-headed owners who have not so far panicked and dropped their RP.
This is their 3rd attempt.

'One private offer received for Pinegrove' - Today 10 May 2011

Pine Grove tender closed - CNA 19 April 2011 



Pine Grove's DC may deter property developers: analyst ChannelNewsAsia - 10 Mar 2011

 Pine Grove up for en bloc

Jones Lang LaSalle has put up what it calls “the largest en bloc site” for sale by tender.

Pine Grove has a site area of around 893,000 square feet and is zoned for “residential” use.

Jones Lang did not provide an indicative price for the site but Channel NewsAsia reported in November last year that the site has an estimated reserve price of S$1.7 billion.

The property consultancy firm said the site has a gross plot ratio of up to 2.1 and can be redeveloped into a residential development of up to 24-storeys with a gross floor area of near 1.88 million square feet.

That translate to some 1,500 apartment units with sizes of about 1,200 square feet.

Jones Lang said the surrounding area comprises of prime residential developments and renowned educational institutions.

It added that the land would appeal to consortia as it could be redeveloped into a landmark development or be divided into several smaller parcels for different or phase development.

Looking ahead, the marketing agent also said that despite the recent cooling measure, it is confident that the demand for en bloc sites would remain strong as the surge in foreign home buyers due to key recovering economies, could fuel the take up rates.

The tender will close at 3pm on April 19.

ChannelNewsAsia – 7 Mar 2011

Pine Grove up for tender with $1.7b price tag

893,219 sq ft site could yield up to 1,500 units

By FELDA CHAY 

PINE Grove is up for sale by public tender with an estimated reserve price of $1.7 billion.
Marketing agent Jones Lang LaSalle (JLL) said the Ulu Pandan HUDC estate can be redeveloped up to a height of 24-storeys and gross floor area of 1.88 million sq ft - subject to relevant authorities' approval, and payment of differential premium.
Based on the estimated reserve price and the $460 million differential premium, developers would have to fork out $1,150 per square foot per plot ratio for the land, which has been zoned for residential use.
JLL's national director and head of investments Stella Hoh said that a maximum of five offers is expected for the site, which is likely to draw consortium bids because of its large size.
'Many developers are facing depleting land banks and would be looking at replenishing their land banks. Despite the recent cooling measures, we are confident that the demand for en-bloc sites would remain strong as the surge in foreign home buyers owing to the recovery of some key economies, further fuel the take up rates,' said Ms Hoh.
One property veteran said however that with the higher land supply from government land sales, the site may see few bids.
'The price is very high, not just in terms of the absolute quantum but also because of the rate it translates into,' said the analyst.
Still, the area may draw interest from large local and foreign developers because of its growth potential, said Cushman & Wakefield's senior manager of Asia-Pacific research Ong Kah Seng.
'Although homebuying sentiment has moderated after the cooling measures, choice sites in well-positioned locations or those in places with rapid on-going rejuvenation plans are favoured by developers.
'Selected developers (may) thus feel it is worth participating in choice leasehold sites like this to accumulate their land inventory, where hopefully homebuying sentiments will also improve, with genuine owner occupation demand growing firmer than the present encouraging performance,' said Mr Ong.
According to JLL, the 893,219 sq ft site with a gross plot ratio of up to 2.1 could yield up to 1,500 apartment units with an average size of 1,200 sq ft each.
The area is a short drive to Holland Village and Orchard Road, and is close to schools like Henry Park Primary School, National University of Singapore and Singapore Institute of Management.
The Pine Grove tender comes months after its residents, incentivised by the $1.7 billion price tag, gave the necessary approval to embark on the collective sale after two failed attempts to do so in 2009, and during the 2007 property boom.
With a reserve price of $1.7 billion, Pine Grove's sale could beat the $1.34 billion record set by Farrer Court in 2007. According to JLL, Pine Grove is the largest en-bloc site to be put up for sale in Singapore.
The tender will close at 3pm on April 19, 2011

 Business Times - 8 Mar 2011

Well, it didn't deter CapitalLand from forking out a DC of $450 million for Farrer Court...

Gov considers raising income ceiling for BTO flats

I need to brush up on the differences between BTO/EC/DBSS.

BTO  are just the regular 3rm/4rm/5rm/Exec HDB with their present income ceiling of $8k. Some 3rm have an income ceiling of $5K (non-mature estates), MOP (minimum occupation period 5yrs)
DBSS : Income ceiling $10K with a $30k CPF grant. MOP 5 yrs
EC:  Income ceiling $10K, with a $30K CPF grant.  MOP 5 yrs. Restrictions lifted after 10 years. Comes with condo-like facilities (EC projects here)

At the end of the day, how will it effect the private market? It is only those who have  joined the DBSS and EC queue who might think about switching to smaller, cheaper BTO flats in ulu places.  They are where they are because they cannot afford the even higher priced low-end mass market properties. The sandwich class; too rich for HDB, too poor for private. The queue for DBSS/EC will shorten, it might  become less viable or disappear altogether. The BTO queue will get even longer, and the HDB will have to start churning out new flats at an even faster rate to satisfy demand.

All boats rise in the tide.
I doubt if all three schemes will remain at the same $10k income ceiling,  there would be no purpose to it - perhaps Mr Mah will raise the income ceiling of DBSS & EC by 2K too!  That would mean the developers could bid higher for the GLS sites  and charge more for their new units. Private land, without multitudinous HDB restrictions, might see an increase in interest and price as a result? 

Or perhaps we will see the DBSS and/or EC scheme being scrapped altogether.  Go back to simpler times; the choice between HDB or Private - with no unsatisfactory hybrid in-betweens. 

My opinion is that HDB has long lost the plot, forgotten it's mission, it's reason d'etre with Minister Mah at the helm.

I found an old article related to this.....

Prime suburban spots

Prime Suburban Spots

THE recent data on the private residential market from the Urban Redevelopment Authority shows that the suburban mass market is the most active segment, accounting for 56 per cent of market activity in the first quarter of this year.

Genuine home buyers who have been less affected by the Government's market-cooling measures tend to purchase in the suburban mass market where prices are more affordable.

Laguna Park Owners try again

Looking through past articles (just click on the label LAGUNA PARK at the end of the post), reread the articles dated 5th & 8th Sep  2009 which said:

CapitaLand’s chief executive Liew Mun Leong said yesterday that the reserve price tag of some $1.2 billion for the estate is “too high to yield affordable homes”.

“I’m not very sure that at the end of the day, after paying over $800 per plot ratio, plus construction costs, plus your cost of financing, your break-even cost would be something like $1,500 or $1,600 (per square foot). “Are buyers prepared to pay for it at that location and that price? I am less sanguine than them,” said Mr Liew.

The land price for the condominium, which has 67 years left on its lease, works out to about $844 per sq ft per plot ratio, including the $400million payable.

At this price, the successful purchaser could break even at about $1,200 to $1,250 psf, with a view of pricing the new units at $1,400 to $1,600 psf, said Mr Tan.

Chesterton Suntec International’s research and consultancy director Colin Tan said the condominium sits on an attractive site that faces the sea, but ‘it remains to be seen if it can achieve that kind of pricing’.

Well, Mr Liew & Mr. Tan..... take a good look at Silversea; a unit there  sold in Jan for $2465 psf.   People will pay through the nose for that seaview.  Laguna Park owners have every right to feel sanguine.

And if it doesn't sell - nothing is lost, sit back and enjoy the view. 

SC Meeting: 16 Apr 2011

SC Minutes 2

Are these really the minutes of a 5 hour long meeting?.... it looks more like an attendance roll.  The vast majority of owners who did not attend as observers would have no clue as to what went on. This minimalistic style of minuting is not acceptable; it is lazy and totally non-transparent in the long run.

The onus is not on owners to attend meetings in order to keep abreast of what's going on, but for the SC secretary to write comprehensive minutes of the proceedings for everyone to read.

Sat 16 April, 2011  A fly on the wall's viewpoint

Five marketing agents  made their pitch one by one followed by a Q&A session.

On reflection, perhaps it is best for the sale committee to publish it's minutes first as I wouldn't want to 'disturb' any negotiation by alerting competitors to each others weaknesses.

So generalities will have to suffice for now.

• The proposed reserve prices ranged from ridiculously low to within possible 70+% reach.
• Presentation was similar though a couple stood out in their polished performance giving a positive appraisal of the estate and a bullish assessment of the market. 
• The firms ranged from big to boutique. 
• Solo performers to 'Men in Blue' - replete with architect as wing man. 
• One was cagey about showing his workings, as if it were inside information. It's no surprise his proposal turned out to be the lowest. 
• Another had absolutely no problem in offering up his calculations for scrutiny.
• One inexplicably used 2010 GLS sales in Jln Eunos and Hougang when we have GLS sales much closer to home in Tampines and Simei. 
• One wanted to choose the law firm as he had had trouble with some firms in the past.
• Some preferred mass signings whilst another wanted to go about the estate signing at any hour of the day and thought the lawyer should be at his beck and call.
• One highlighted their big business connections, another his legal expertise. 
• Even on first blush, you could tell the sharks from the minnows, which ones would most likely cause property agent problems akin to round 1. 
• Only one tried the goondu method of individual unit price and 'premium', the others realised how owners in general have savvied up since 2008.
• One was involved in two big High Court cases which involved setting precedents in two areas; supplemental CSAs and conditional signers, though of course, this was not mentioned. 
• Only observers asked about 1-for-1 exchange and height restriction. 
• All 5 marketing agents thought that TC could be rebuilt up to 36 storeys when in fact we have a height restriction of 49 m AMSL. The Tampines area will  only have it's first 36 storey building when they decide to move Changi Airport to Jurong.

I have to say kudos to some  of the sale committee members, but  perhaps trying to gauge 5 prospective marketing agents over five and a half hours was a case of too much information, delivered too fast and in not enough fine detail.  The SC has the printouts to pore over  and hopefully they will spot the holes and miscalculations.. eg:

• I have a sneaking suspicion not one of the MAs added the Bonus GFA when computing the total saleable area - thereby awarding the developer an extra 10% GFA on top of their 'reasonable profit', - and 10% is 196,603 sqft. The total saleable area is therefore 2,064,336 sqft  and NOT 1,966,034 sqft.

• And what was the Value on Completion @ ???? sqft. I hope it was $1200 -1400  and NOT $800.

• Did I see efficiency at 85% on one proposal? Shouldn't that be 95%?

The residual land value method might be subjective, but millions can be given away with a snip her, a snip there. I hope the SC have done their own RLV spreadsheet to plug in the various values.
etc, etc, etc...

The slides flashed by so fast and it was hard for me to read the small print from the back of the room. Scrutinizing every detail was not possible in such a setting, with time as a constraint.
I hope all interested owners can get a closer look at the selected proposals before the EGM so we aren't all squinting at the screen trying to do lighting speed mental arithmetic before it vanishes from view.

My own personal view is that  the highest proposal might appeal to a good number at the beginning - especially to those who view their units as investment or plan on downgrading.  But it will lose it's shine quickly if the market continues on it's upward path, especially to those looking for a replacement home with some cash to spare.

The highest proposal does not reach my expectation.

13 April 2011

To the SC: Don't accept approximations, or a lumped figure for development cost or development proceeds - get the breakdown. These figures will have to undergo further scrutiny by interested owners.

April media

Amber Towers sold for $161.6m

April 12, 2011Amber Towers has been sold in an en bloc deal to China Sonangol Land for $161.6 million, or $1,118 per square foot per plot ratio (psf ppr).

The freehold Amber Towers site occupies an area of about 40,708 sq ft and can potentially accommodate a new high-rise residential development with a maximum permissible gross floor area of about 144,604 sq ft.

The 35-year old development consists of 54 apartments. Owners can potentially receive up to $4.4 million depending on the size of their unit.

‘Amber Towers has excellent locational attributes. A new development on the site will offer good pocket sea view as well as unobstructed view of the landed housing estate in the Meyer Road vicinity,’ said Suzie Mok, director of investment sales at Savills Singapore, which handled the sale.

Amber Glades and Marine Point, both in the same vicinity, were recently sold to Far East Organization and CapitaLand for $118.1 million ($1,066 psf ppr) and $100.7 million ($1,056 psf ppr) respectively.

Analysts have said that the collective sales market is picking up. Several transactions have been recorded so far this year. Last year, over 34 collective sales totalling $1.7 billion were recorded, data from Credo Real Estate showed.

Date: 11 April 2011 | For the full report, please visit http://www.businesstimes.com.sg

Amber Skye Location

Amber Skye is located at No. 8 Amber Road off Tanjong Katong Road, in District 15. This is the former location of Amber Towers which was enbloced. The future Amber MRT Station on the Thomson-East Coast Line will be located directly opposite Amber Skye. Six landed properties along Amber Road and one three-storey walk-up apartment along Tanjong Katong Road will be enbloced for the development of the MRT. They are marked in red in the map below.

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Amber Skye condo relaunched, priced up to $2,500 psf

Mar 24, 2015

Although Singapore’s lacklustre property market has caused developers to create smaller no-frills units at reduced prices, there are still many home buyers enquiring about larger apartments, according to the developers behind Amber Skye.

Located along Amber Road in prime District 15, the freehold 109-unit condominium by China Sonangal Land and OKP Land was relaunched last Saturday following its September 2014 launch, and offers some of the largest units in the area.

For instance, the two- and three-bedroom units go up to 1,281 and 1,528 sq ft respectively, which are larger than similar units in other launches. The project also has six penthouses ranging from 3,300 to 4,100 sq ft as well as two 5,177 sq ft ‘grand villas’ that span two floors.

The indicative price range is from $1,680 to $2,500 psf.

A spokesperson for the developers said: “Despite the recent pessimistic outlook of the property market, we believe that there remains a smaller, but nonetheless significant, group of people who are looking to purchase larger units for their occupation. Since the launch of Amber Skye last year, we have been receiving much feedback from our marketing agents on buyers enquiring about our larger units. Coupled with recent market statistics reflecting a strong demand for bigger units in Singapore, we are confident that Amber Skye is poised to fill the gap in the market.”

Media reports earlier this month revealed that the median unit size purchased by private home buyers here has risen from 1,065 sq ft in the first half of 2013 to 1,119 sq ft in the last six months of 2014.

Located within the Tanjong Katong area, the development is close to East Coast Park and Changi Airport. With the future Amber MRT station on the Thomson-East Coast Line also nearby, residents will have easy access to Orchard Road and the city centre.

Amber Skye’s expected TOP is in 2017.

1st Quarter 2011 Real Estate Statistics  URA

Strong demand in Hedges Park Condominium - CNA 18 April 2011
Private home sales rebound after 4-month low-  CNA 18 April 2011
Record price set for EC land in Tampines - BT 16 April 2011
Are completed properties baring the brunt of cooling measures?
The price of progress 14 April 2011
Economics and returns on investment should not always be placed at the very top of every list of parameters for urban renewal. If the decision were mine, I would put “space” near the top of every list. Can we factor in the luxury of space for ourselves and our future generations?
Sufficient land supply in the next 10 years - CNA 14 April 2011
Some en bloc properties unsold as developers turn picky - CNA 13 April 2011
Developers shun some prime en bloc properties - Today 13 April 2011

Still, analysts note that government land prices for mass market projects are increasing, with the most recent tender for a Bendemeer site dealt at a whopping S$543 million.

Mr Karamjit Singh, managing director of Credo Real Estate, said: “Mass market land values have risen by a much greater extent than prime. At this point in time, some developers are still divided. Some seem to be very contented playing in the mass market segment because they are enjoying the best volumes in the segment. But there are some developers out there who are beginning to realise that they need to look ahead of the curve and look at what is the next wave."”

Lawyers prohibited from holding conveyancing money in clients’ accounts  CNA - 11 April 2011
Property market gains 99.7b in Q1 - Today 7 April 2011
Haig Mansions goes on sale - Property Guru 5 April 2011 
Fortredale reportedly goes for record S$65 million - PropertyGuru 5 April 

PEARLBANK APARTMENTS

30 Oct 2017

12 Apr 2011

Pearlbank Apartments up for sale again

Pearlbank Apartments, a 37-storey development on Pearl’s Hill near Chinatown, has been offered for en bloc sale with an indicative price of S$750 million.
This is the third time the 99-year leasehold development has been launched for en bloc sale. It was last marketed in 2008 at similar selling price but had no takers then.
The selling price translates to a land price of S$1,495 psf ppr, including an estimated charge of S$167.2 million to top up the lease to 99 years.
Developed in the 1970s, Pearlbank Apartments has a potential gross floor area (GFA) of approximately 613,530 sq ft. The project currently includes 280 residential apartments and eight commercial units.
The successful developer can construct around 500 to 520 new homes on the site, assuming an average unit size of approximately 1,200 sq ft, according to Nicholas Wong, Head of Investment at Knight Frank.
Located next to the Outram Park MRT station, the site has a land area of approximately 82,379 sq ft and is zoned for housing use with a 7.2 plot ratio.
“With its elevation on Pearl’s Hill, the site offers fantastic day and night unblocked 360-degree views of the city skyline even for the lower level units. It is a hidden gem in the city, offering developers an opportunity to reshape the skyline,” Mr. Wong said.
The tender for the site will close on 25 May.
Source : PropertyGuru – 12 Apr 2011


15 Mar 2011

Pearlbank Apartments up for collective sale at $750m
January 10, 2008

THE 38-year-old Pearlbank Apartments development at Pearl’s Hill has been put up for collective sale at an indicative price of $750 million. Marketing agent Knight Frank says that with a lease upgrading premium estimated at $143.3 million, the unit rate works out to be $1,456 per square foot per plot ratio (psf ppr), assuming the buyer can fully develop the site to baseline gross floor area of 56,998.8 square metres.

Knight Frank executive director Nicholas Wong said the site was put on the market last August. There were four expressions of interest but negotiations fizzled out in the wake of the US sub-prime crisis.

Pearlbank Apartments, which comprises 280 apartments and eight commercial units, was the first all-housing project constructed on a URA site. Some architects reckon the building has merit worth preserving, but it is not gazetted for conservation.

Mr Wong said more than 80 per cent of the owners have already agreed to go down the en bloc route. Based on the indicative asking price, he estimates most of them stand to collect 60-70 per cent more through a collective sale than they would individually.

Under the 2003 Master Plan, the site is designated for residential development at a plot ratio of 7.2. However, according to URA, the baseline gross floor area is 56,998.8 sq m. This is equivalent to a plot ratio of 7.447 on the land area of 7,653 sq m.

Based on an average unit size of 1,200 sq ft, 500 new apartments can be built on the site. There is also opportunity for the developer to integrate Pearl’s Hill City Park into the redevelopment, Mr Wong said.

Source : Business Times – 10 Jan 2008

Pearlbank Apartments, Mitre Hotel up for sale
August 7, 2007

PEARLBANK Apartments in the Chinatown area and Mitre Hotel off Killiney Road have been launched for sale.

And on Friday last week, MCL Land said it had bought Dynasty Garden Court 1 in Sixth Avenue for $80 million or $1,160 per square foot of land area. The freehold site is designated for three-storey mixed landed housing. The collective sale was brokered by Credo Real Estate.

Knight Frank says it expects at least $750 million for Pearlbank Apartments. This reflects a unit land price of $1,445 per sq ft of potential gross floor area including an estimated $137 million the developer will have to pay the state to restore the lease on the 82,376 sq ft site to 99 years from a balance of about 62.

In the Killiney Road area, the Mitre Hotel and a two-storey outhouse that sit on freehold land of 39,972 sq ft are expected to fetch about $200 million, or close to $1,800 psf per plot ratio, including an estimated $700,000 development charge.

Jones Lang LaSalle is marketing the property, which is being sold by public tender after a court order was made following a dispute among the Chiam family members who own it.

The site is zoned for residential use with a 2.8 plot ratio – the ratio of maximum potential gross floor area to land area – and a 10-storey height limit. The tender closes on Sept 12.

Pearlbank Apartments, next to Pearl’s Hill City Park, was built on land sold in 1969 under the Third Urban Redevelopment Authority Sale of Sites programme. It was the first all-housing project built on a URA land parcel.

The development has 280 apartments and eight commercial units. Knight Frank says owners representing more than 80 per cent of share values have signed the collective sale agreement. The project has an existing gross floor area (GFA) of 613,530 sq ft, equivalent to a 7.447 plot ratio – higher than the 7.2 designated for the site under Master Plan 2003.

Knight Frank’s price expectation of ‘at least $750 million’ is based on the assumption that the developer can retain the existing GFA in a new project.

‘Based on an average unit size of 1,200 sq ft, 500 new apartments can be built on the site,’ the firm says. Because of the site’s elevation, even lower-level units will have unblocked views of the city skyline, it adds.

Developers have until Sept 18 to submit offers.

Source : Business Times – 7 Aug 2007

10% profit mythbuster

I have been following the Waterfront Collection closely here.

They bought out the ex-HUDC for $241 psf ppr (including a DP/DC of $102m) and the media reported their break-even price would be around $450 psf.

Based on caveats lodged*;  about 55% of the total GFA has been sold to date.

They have 45% left to make it mega-profitable - and the HUDC owners who gave away their land have downgraded to HDB with their miserable 'premium'.

Premium? More like a booby prize. They 'jumped off a cliff' as a good Minister once told me about majority owners in general who undersell their estates. They were suckered in by the fallacious argument of individual units getting a premium above the going market rate.

That is why Tampines Courters in round 2 need to see not only the bare valuation report (which can be a fiddled, subjective document high on words and low on detail)  but the actual business proposal as well. We need to see the Residual Land Value of our estate - the figures shown to the developers.

No marketing agency would offer their services for 2 years to sell the estate on a no-sale-no-fee basis if they had not already worked out how profitable it would be to developers. They are not babes in the wood and if they try to bluff  owners/sale committee by saying this RLV is done at a later stage then they are bold-faced liars.

Lets see what the Marketing Agents lined up on the 16th have to say for themselves ...

*lodging caveats is voluntary, and does not reflect the full sale volume. With a sold out project, some caveats will remain outstanding.   

Tulip Garden

Tulip Garden collective sale fizzles -  PropertyGuru - 4 April 2011


1 April 2011

Quelle surprise! Of course there were no bids - there rarely are with the possibility of a Private Treaty afterward.

IF developers are interested in this site at this present time, they will only show their hand after the tender has closed, when owners are feeling a little despondent, when the marketing agents  have poured doom and gloom on their hopes and depressed their spirit. 

In a tender, the power is with the owners.

In a private treaty, it's the developers who call the shots  - and deadlines. 

But I have said all this before .......Public tender or private treaty?

Leong Bee Court

Leong Bee Court up for collective sale - CNA 29 Mar 2011 

The indicative asking price of S$60 million to S$68 million works out to S$668 to S$758 per square foot per plot ratio.

A new freehold development on the site is expected to fetch around S$1,400 psf to S$1,500 psf.

March media

S’pore private apartment prices climb to record high in first quarter - CNA- 30 Mar 2011

Average values of properties are now at S$1,935 per square foot for prime areas, and S$1,043 for non-prime areas, the highest since the first quarter of 2008, according to a release from Jones Lang LaSalle.

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SC Meeting: 26 Feb 2011

SC Minutes 1

The Chairman and Vice-Chairman are old owners; the former is in 'Finance' and the latter a Banker. I do not know anything about the Chairman, but the Vice-Chairman is a  good guy. A former majority owner who was very unhappy with the way round 1 was conducted.

The Secretary is a new owner (bought July 2010)/property agent tasked with inviting marketing agents and solicitors to the ball.  At the EGM, she owned up to owning a HDB and having served on a sales committee before. I believe the estate she mentioned was Glenville which went en bloc in Oct 2010 for $39.5m.
Personally, I would have preferred if the position of Secretary had gone to someone, well, less professionally connected....

I note the two law firms associated with the ex-minority are included in the list of invitees:). 

I do wish they would set up a proper system for SC-Owner feedback. Not only should owners be able to give feedback, they must also be able to view other owners' feedback as well. In other words, the old system of 'writing in' is dead and should be replaced with the internet. It offers a more transparent and open communication channel and owners will not feel isolated and alone in their thoughts/ complaints/suggestions/questions.

The management office/agent is not there to handle SC matters and cannot be involved in the collective sale bar holding the EGMs.

Note to the Secretary:
There are 6 high rise and 8 low rise blocks in the estate.
The low rise blocks have 2 staircases so you will need to print and post 22 Notices in all. Don't miss out on half the low rise staircases, please.

Competition for quality land sites expected to heat up

March 22, 2011

It’s all about location for property developers who are on the lookout for quality land parcels.

Recent land tenders of government land sites close to MRT stations or regional centres have seen bids as high as S$550 million or S$869 per sq ft per plot ratio.

Market watchers say competition among developers for such sites will heat up, now that developers are churning out projects at a much faster rate.

Patience wearing thin

The EGM for the constitution of the Sale Committee was held on 29 Jan 2011.

We were promised transcripts of the first EGM by the managing agent both at the meeting proper and by way of letter - but none has appeared. We haven't even seen the regular minutes  which should have been put up by the first of March.

$950,000 for TC unit

DC RATES MAR 2011

With regard to TC (Group B2, Sector 98):