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"I am a BLOGGER NOT an expert. This is a BLOG not a 'go-to' website for official information. I represent no one's view save my own. I have neither legal nor financial training, nor do I have anything to do with the real estate industry. My understanding of the Collective Sale Process is from a layman's position only. My calculations, computations and tables are homespun and may contain errors. Please note that nothing in this blog constitutes any legal or financial advice to anyone reading it. You should refer to your lawyer, CSC or financial adviser for expert advice before making any decision. This disclaimer is applicable to every post and comment on the blog. Read at your own risk."
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There is one thing worse than an Enbloc ----- and that is an Enbloc done badly. Since the majority have the necessary mandate to sell, then they owe it to all SPs to make a success of it. Minority SPs can only watch and wait, if they sell then lets pray it's at a price we can move on with, if they don't sell, then we are happy to stay for a few more years.

THE SHORE RESIDENCES // Rose Garden

Developers brimming with new launches

Far East said to be top seller in January; Lippo and MCL may release some units
EVEN as developers have gotten off to a good start this year, selling well over 1,000 private homes in January, their launch machinery remains well oiled for more roll-outs in the near future.
Lippo Group is expected to preview Centennia Suites on the former Kim Seng Plaza site, diagonally opposite Great World City, later this week. The average price for the District 9 freehold project is being touted at $2,000 per square foot or even higher.
This is higher than recently achieved prices in the secondary market for nearby projects such as The Trillium and The Cosmopolitan but Lippo is probably banking on the exclusivity factor to market its latest offering. The 36-storey freehold Centennia Tower comprises a single tower with just 97 units, comprising two, three and four-bedroom apartments and two penthouses.
The two bedders are relatively large at slightly over 1,200 sq ft. Three bedders come in five variations but all around 1,800 sq ft; four-bedroom apartments also have five variations of roughly 2,250 sq ft. Centennia’s two penthouses are around 3,300 sq ft and 4,400 sq ft. BT understands that the project is being marketed by CB Richard Ellis and Jones Lang LaSalle.
Agents are also busy gathering interest for MCL Land’s The Estuary, a 608-unit condo at Yishun Ave 1/2. Some market watchers say that they would not be surprised if MCL releases some units before the Chinese New Year break.

For the month of January, Far East Organization is believed to have been the top seller, with sales of close to 300 units. Its bestseller was The Shore Residences, a 103-year-old condominium project on the former Rose Garden site in Katong. Far East is understood to have sold over 140 units in the project last month.

City Developments sold 243 units in January, the bulk of which were in Cube 8 at Thomson Road (167 units) and Livia in Pasir Ris (59 units), a CDL spokeswoman said.
Fellow property giant CapitaLand also did brisk sales. Its 165-unit Urban Suites condo in the Cairnhill area is said to be left with fewer than 30 units.
Frasers Centrepoint sold a total 102 units last month, including 43 units at its Residences Botanique in the Yio Chu Kang/Sirat roads area.
Frasers Centrepoint’s and Far East’s sales numbers are inclusive of about 35 units sold at their two joint-venture condominium projects along Bedok Reservoir, Waterfront Waves and Waterfront Keys.
Allgreen Properties is also believed to have sold a total 62 units from its preview of Holland Residences last week. The average price is $1,625 psf.
CB Richard Ellis executive director (residential) Joseph Tan says: ‘Generally, buyers are showing more interest and there’s acceptance that prices have bottomed out with a strong likelihood of growth. Developers in their pricing policy should also leave room for capital appreciation for investors.’
A Morgan Stanley report dated Jan 27, on a survey of the Singapore private residential sector involving Singapore-based respondents, concluded that, generally, respondents are expecting prices to trend upwards gradually in the medium term rather than spiking in the next 12 months.
As for developers, DTZ executive director Ong Choon Fah says: ‘When there’s a window of opportunity like what we’re seeing now, developers want to capitalise on it and try to push out projects as soon as possible; they can always restock land at government tenders.
‘After all, most economists are still calling for a note of caution on the sustainability of the global economic economy – for instance, if interest rates rise and as governments withdraw their stimulus measures.’
Source : Business Times – 2 Feb 2010

Far East signs deal to buy Rose Garden for $169.8m

July 21, 2007 
THE collective sale market continues to buzz with Far East Organization yesterday inking a conditional deal to purchase the freehold Rose Garden in the Katong area for $169.8 million or $423 psf of potential gross floor area.
And in the Sophia Road area, Sophia Court has been put up for en bloc sale with an asking price of $250 million or $718 psf per plot ratio inclusive of an estimated $821,000 development charge.
In the case of Rose Garden, whose sale was brokered by PropNex Realty, the purchase by Far East is subject to confirmation that no development charge is payable, says PropNex senior associate director Jeremy Chiu.
He says no DC is payable because the baseline gross floor area of 494,328.88 sq ft is higher than the 401,178 sq ft allowed under Master Plan 2003.
The 191,037 sq ft freehold site is zoned for residential use with 2.1 plot ratio (ratio of maximum potential gross floor area to land area) and 24-storey maximum height under Master Plan 2003. The deal with Far East comes after a tender for the site closed earlier this week attracting a few other bids, says Mr Chiu. Far East’s offer is the highest and crossed the owners’ reserve price which is slightly above $400 psf ppr, he added.
Based on the $169.8 million price, owners of the 188 apartments at Rose Garden stand to receive about $903,000 a unit, which is about 40 per cent more than what they would have got if sold individually.
Owners controlling about 85 per cent of share values have consented to the en bloc sale. Rose Garden owners paid prices ranging from $26,000 (for those who bought their units 40 years ago) to $850,000 for their units.
In January, Far East bought Amberville, a privatised HUDC estate in the vicinity of Rose Garden, for $396 psf ppr inclusive of estimated development charges and premium to top up lease from the remaining 71 years to the original 99.
This year Far East has bagged at least seven major properties – Amberville, ex-Glutton’s Square site on Orchard Road, Angullia Mansion and Skyline Angullia both at Angullia Park, Pacific Court at Pasir Panjang Hill, Waterfront View in Bedok (this was a joint acquisition with Frasers Centrepoint) and Rose Garden – for a total of over $1.4 billion.
In the Sophia Road area, CB Richard Ellis has secured the approval from owners controlling 81 per cent of share values to do a collective sale of Sophia Court. The 21-year-old freehold development has a 166,140 sq ft land area and is zoned for residential use with 2.1 plot ratio.
Based on the $250 million asking price, owners stand to enjoy about 100 per cent collective sale premium.
Source : Business Times – 19 Aug 2006

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