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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.


First en bloc sale to be marketed in 2009
The freehold Dragon Mansion at 18 Spottiswoode Park Road, near Outram and Tanjong Pagar, has an asking price of about $120 million or $1,020 per sq ft per plot ratio. This is significantly higher than the transacted enbloc sale prices in the area during the 2007 boom. If this price is achieved, the estate’s owners will get around $1.7 million for each of the 72 units.
The estate has a land area of 41,874 sq ft and can be redeveloped into about 120 apartments of 1,000 sq ft in size.
$120m target for first en bloc site this year
Straits Times - 15 July 2009
This year’s first en bloc sale hits the market
Business Times - 15 July 2009
Channel NewsAsia – 14 Jul 2009
No matter what the property agents say - owners should set their reserve price high to reflect a good price in a boom market. In 2007, many properties were sold at RPs set in the down period and lived to regret it. Even $1,020 psf for a unit in the Tanjong Pagar seems cheap to me - perhaps the owners should consider upping the RP! It's all about getting a REPLACEMENT PRICE - forget about the flippers and desperados who want to sell to make money; .... it is your one and only property and it is your home.

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