"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.

Green Lodge tender

Green Lodge tender receives 'a few' bids
THE tender for the collective sale of Green Lodge at Toh Tuck Road closed yesterday afternoon but it is not clear if a winner for the site has emerged.
BT understands that there were ‘a few’ bids for the freehold parcel, but marketing agent Newman & Goh was tight-lipped over the results of the tender. It is conducting due diligence and has imposed a blackout period in the meantime.
The 80-unit Green Lodge, spanning 151,075 sq ft with a plot ratio of 1.4, was put up for sale at end-December last year. The asking price stood at $135 million, and including a development charge of around $9.5 million, the price worked out to $683 per sq ft per plot ratio.
The winning developer would be able to launch a project with around 211 units measuring an average 1,000 sq ft.
A consultant estimated that the units could be sold at around $1,000-$1,100 psf, while Newman & Goh projected an average selling price of at least $1,250 psf.
In a report issued yesterday, analysts from Goldman Sachs expressed reservations over the return of collective sales activity for now. ‘Even though developers are financially stronger, we think they will choose to stay on the sidelines in the en bloc market until demand returns more visibly in 2H 2010,’ they said.
‘A good indication of potential trigger points for en blocs is the widening of primary over secondary market prices.’
Source : Business Times – 14 Jan 2010

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