"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.

Rethink, revamp... RESELL

Rethink, revamp... RESELL
By Koh Hui Theng
THE offer price to buy the development en bloc was below expectations.
So the developer, Melodies Limited, which owns Cassia View, decided to refurbish the place and then resell each unit individually.
The units, which had been rented out, are all owned by the developer.
The company is now expecting to get S$15 million more from the sale of the units.
And with 80 per cent of the units sold so far, the developer looks to be on target.
It started when the 20-storey, 72-unit freehold project on Guillemard Road was put on the market last year.
At that time, it attracted a S$70 million bid, or about S$780 per sq ft (psf) of strata area.
Melodies felt that the offer price was too low.
"We were not pleased with the response as we felt the property could fetch a higher rate," a company spokesman said.
So Melodies decided to spruce up the apartments and sell them individually.
The S$3 million renovation bill it chalked up included refitting kitchens with new tiles, cabinets and appliances.
Bathroom fixtures from high-end brands were installed, doors were changed and bedroom parquet floors were polished.
External walls received a new coat of paint.
Mr Liang Thow Ming, the executive director and head of residential services of Credo Real Estate, which is marketing Cassia View, said: "It's almost a total makeover. The refurbishment was undertaken as it adds more value to the property."
Renovations started in May.
The New Paper  Oct 20, 2010

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