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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.

Naung Court

Naung Court in Hougang trying for en bloc sale

Naung Court, a freehold residential development in Hougang, is trying for an en bloc sale.
The indicative price for the land is between S$28 million and S$30 million, which works out to about S$650 to S$700 per square foot per plot ratio.
A development charge of some S$2.7 million will be payable.
The site, located along Upper Serangoon Road, is 32,689 square feet in size.
It has a gross plot ratio of up to 1.4 and can be built up to 5 storeys. This will yield a potential gross floor area of 45,764 square feet.
Marketing agent Jones LangLaSalle said the site can potentially yield some 45 apartment units with an average size of 1,000 square feet each.
Naung Court is currently a 4-storey residential block comprising 20 units and within walking distance to Hougang Central.
The tender for the site will close at 3pm on September 14.
Source : Channel NewsAsia – 10 Aug 2010


THE collective sale market continues to gain momentum, with two freehold residential sites at Paya Lebar and Hougang up for tender.
Huttons is handling the sale of Charlesville, a five-storey 18-unit development at Upper Paya Lebar Road. Sixteen of the 18 owners have agreed to the sale and the asking price is around $31 million.
The site is 34,160 sq ft and has a plot ratio of 1.4. Charlesville’s existing gross floor area (GFA) is about 42,000 sq ft, but a developer can build a new project with a GFA of up to 52,600 sq ft, including an additional 10 per cent of space allowed for balconies.
A development charge of about $2.9 million will be payable. The tender for Charlesville closes on Aug 18.
Not too far away at Jalan Naung, the four-storey 20-unit Naung Court is also up for sale. Jones Lang LaSalle is handling the tender, and the indicative price is $28-30 million.
The 32,689 sq ft site has a gross plot ratio of 1.4 and can accommodate a five-storey project. The winning developer can build a project with a GFA of up to 45,764 sq ft, subject to payment of a development charge of around $2.7 million.
Naung Court is within walking distance of Hougang MRT station, Hougang bus interchange and Hougang Mall.
Jones Lang LaSalle national director and investments head Stella Hoh reckons the site will attract strong interest, pointing out that new residential launches in the vicinity have enjoyed good take-up rates.
For instance, in June, Kheng Leong sold 173 of 200 units launched at The Minton at Lorong Ah Soo. The median price was $871 per sq ft.
Ms Hoh said Naung Court site is a ‘good bite size’ for private investors, contractors and developers. The tender closes on Sept 14.
Source : Business Times – 11 Aug 2010

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