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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.

Remember how Gillman was sold for a song....

 SOLD: $363 psf ppr
 NEW DEVELOPMENT: $1039 psf
 (at of Dec 2010)

 

 

The Interlace hits high of $1,323 psf

Prices of units at The Interlace hit an all time high of $1,323 psf in October, with apartments released in the first two phases almost sold out. So far, more than 90% of the 590 units released have been sold. In the first phase, 360 units were put up for sale in September last year, and in the second phase, 230 units were released in April this year. In the first phase, prices ranged from $850 to $1,150 psf, and in the second phase, prices ranged from $850 to $1,300 psf.

High-profile homebuyers at The Interlace include CapitaLand’s group CEO Liew Mun Leong, who purchased a penthouse on the 23rd floor for $3.7 million ($1,092 psf), and his son and daughter- in-law, who bought a four-bedroom unit on the 16th floor for $2.4 million ($996 psf) this year. The 1,040-unit condominium, which sits on a sprawling site of over 800,000 sq ft, is set to be an iconic development. Designed by star architect Ole Scheeren, a former partner at the Office for Metropolitan Architecture, The Interlace comprises 31 six-storey apartment blocks stacked to form eight courtyards. Jointly developed by CapitaLand and Hotel Properties Ltd (HPL), The Interlace is built on the former Gillman Heights HUDC estate and is expected to be completed in 2015. The 99-year leasehold condo sits next to the Ayer Rajah Expressway on one side and is just a short walk from the 9km green belt, which makes up the Southern Ridges, covering Mount Faber Park, Telok Blangah Hill Park and Kent Ridge Park.

Andrew Choi, a marketing agent with ERA, notes that the project is popular with families, both Singaporeans and expatriates, given that the units are larger than most new projects these days. The development is near popular educational institutions such as International School Singapore (high school campus) and the National University of Singapore and offices at Telok Blangah Industrial Estate. It is also near the upcoming Labrador Park MRT station on the Circle Line.

The project contains a mix of unit types, starting from two-bedroom apartments of 807 sq ft to penthouses of 6,308 sq ft. Penthouses range from 3,154 to 6,308 sq ft. All the two-bedroom units have been snapped up, according to CapitaLand’s spokeswoman. Choi says he is marketing several two-bedroom units in the sub-sale market at prices ranging from $1,200 to $1,300 psf.

There were three transactions in the week of Oct 5 to 12, two of which were sub-sales in the secondary market, while the other was a new sale from the developer. The new sale was for a 1,001 sq ft unit on the 10th floor of one of the blocks, which was sold for $1.197 million ($1,197 psf).

Meanwhile, one of the sub-sales was for a 2,454 sq ft unit on the 11th floor that changed hands for $2.5 million ($1,030 psf), according to a caveat lodged with URA on Oct 7. The seller had purchased the unit for $2.198 million ($896 psf) from the developer in January this year, representing a 15% capital gain in less than a year.

The second sub-sale involved an 807 sq ft, 12th floor two-bedroom unit that changed hands for $1.068 million, or $1,323psf. The first owner had purchased the property for $944,800 ($1,170 psf) just a year ago, hence seeing a 13% gain.

In terms of average price, $1,323 psf is the highest achieved so far for the project. The last time a unit crossed the $1,300 psf level was for the sale of another 807 sq ft, two- bedroom unit on the 11th floor, which was sold by the developer for $1.05 million ($1,305 psf) in April.
Source : The Edge – 1 Nov 2010

THE INTERLACE HAS ONLY SOLD 433 UNITS SO FAR OUT OF A TOTAL OF 1040. THEY BOUGHT GILLMAN AT $363 PSF PPR AND NOW THEY ARE SELLING AT OVER $1300 PSF. 

A PERFECT EXAMPLE OF AN INCOMPETENT SALE COMMITTEE AND A CLUELESS MAJORITY WHO DID NOT APPRECIATE THE TRUE VALUE OF THE LAND ON WHICH THEIR ESTATE STOOD. IT IS NOT ABOUT AGE, OWNERS SHOULD NOT BE UNDULY WORRIED ABOUT THE LEASE TOP -UP, IT IS NOT A REASON TO SELL RASHLY. THE DIFFERENTIAL PREMIUM IS EASILY ABSORBED - WHAT IS $90M TO THE DEVELOPER WHEN HE IS GOING TO MAKE PERHAPS 2 BILLION IN THE END?


4 comments:

  1. Agree. So if there is a EOGM to vote for Sales Committee, then as many SC must be there as possible. If they show themselves to be equally incompetent, then they must be voted out! If incompetent people are in the sales committee, it'll be a repeat of previous TC or Gillman Heights.
    The wannabe sales committee be warned, if the sale fails and they are proven to do a bad job like that of Horizon Towers, they can and will be sued for lost. In which case they may end up taking up a huge legal costs. This is not a threat, it is reality.

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  2. not to worry, the new rules makes the process transparent... not much opportunity for hanky panky..

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  3. It is precisely because people thinks that the new rules prevents the hanky panky, it'll cause us to let our guards down, and that's when the hanky panky happens right under the nose.
    So don't sign anything without first reading them REAL CAREFULLY!
    Not making a stand is also bad if you are sitting on the fence. Once the 80% is reached, a caveat will be place on your home and you are stuck. You can't sell your unit even if you did not sign the CSA.

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  4. Re: Once 80% is reached, a caveat will be placed....

    Caveats should only be placed on the consenting majority homes alone. If the buyer places caveats on minority homes, then the minority owner should ask his own solicitor to request for it's removal. This is what many minority owners do. The minority owner is free to sell his unit to whomever he likes, he is under no restriction.

    The majority owner can sell too BUT the new owner is also considered to have consented to the sale. (There was a High court case over this point...)

    ALSO a new owner
    shall not be taken to have incurred a financial loss by reason that the proceeds of sale for his lot. after such deduction as the High Court may allow (including all or any of the deductions specified in the Fourth Schedule), are less than the price he paid for his lot if he had purchased the lot AFTER a collective sale committee had signed a S&P agreement to sell allthe lots and common property to a purchaser
    LTSA PART VA 8(c)

    (This was added to stamp out abuse - savvy owners selling at high prices after the sale and the new owner claiming financial loss )

    ReplyDelete