Disclaimer






"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."
Drop Down MenusCSS Drop Down MenuPure CSS Dropdown Menu
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.

A Market Climbing Higher at Every Turn


Hot on the heals of the 25th July collective sale of Serangoon Ville comes the Serangoon North GLS on 27th July 2017

16 Bidders for this 99yr leasehold plot of land that is no where near an MRT nor even a shopping centre. It is opposite HDBs and as far as I can tell, not very exciting in terms of location.

Yet it attracted a large number of astronomical bids.

'The price works out to about $964.8 psf ppr for the 99-year leasehold plot, which could yield 505 private homes.' Straits Times

“A total of 16 bids were submitted, which indicated a very healthy level of participation from the developers even though the subject site is not located within walking distance to the nearest MRT station and retail shops,” he said.
The top bid from Corson and Wingjoy was 6.6 per cent higher than the S$418.7 million second best bid submitted by FCL Residences, a Frasers Centrepoint unit.
“The top bid today can be considered to be very bullish and aggressive as it was about 16 per cent higher than the land price of the Serangoon Ville land parcel which was acquired yesterday by the Oxley-led consortium at S$835 psfppr (including estimated charges for intensifying the use of land and to top up the lease to a fresh 99 years),” said Mr Mak, referring to the latest en bloc acquisition.
Based on the top bid, the developer of this project would have to launch the residential units at above S$1,600 psf, which is significantly higher than the recent private condominium launches in the vicinity, he said.' Today 26 July 2017

With this record setting GLS sale of a so-so 99yr site, we should not sit on our hands with regard to our RP.   Our RP is not in sync with the market and needs adjusting now.

26 comments:

  1. Anonymous28 July, 2017

    No reason why we shouldn't be getting 900 psf ppr and above. It is a up market and we are early in the wave. By the time we get our money, things could be different (whether even higher or lower, but likely even higher).

    ReplyDelete
  2. Anonymous28 July, 2017

    To be fair, GLS should attract a high PSF than en bloc given it is cleaner (no STB to worry about, no QC requirements, no demolition work etc).
    In this specific instant, the GLS land size is also smaller which means a lower quantum resulting in more competitive bidding.

    ReplyDelete
    Replies
    1. believe TC;s size is a draw not a negative. More than one condominium can be built and the profits staggered over different TOPs (Waterfront Collection as an example). All that is required to unlock this golden opportunity is money - and we can see that the market is in no short supply of that. We are no longer limited to 'one or two Big Boys' able to handle our size but can hope for all manner of consortiums; sharing the risk and the profit.

      All your arguments are old school - we are now in a new market and it's not just a single bull out there, but a whole herd - and they are stampeding our way.

      The site was a GLS clean, as you say, and it did indeed attract a higher psf than Serangoon Ville - 16% better in fact. Which puts Serangoon Ville's sale price as the enbloc BENCHMARK psf ppr for sites such as ours.

      Our RP is flat our dead. If a 99yr leasehold in the middle of Serangoon can command such interest then TC in it's well connected corner should do just as well if not better.

      Delete
  3. Anonymous28 July, 2017

    well... we r just abt 17 days to D day.
    When that day comes... all talks right now will be meaningless.
    Maybe we should all just enjoy our peace.
    Whatever happen, will happen

    ReplyDelete
    Replies
    1. Anonymous28 July, 2017

      There will never be peace so long as this blog is still around. You are right, all these talks are meaningless & serve no purpose at all except to divide TC SPs.

      Delete
    2. Anonymous29 July, 2017

      This blog may divide TC SPs, but money will unite us. Money will prevail over all.

      Delete
  4. Anonymous28 July, 2017

    Be smart but don't be too smart.

    ReplyDelete
    Replies
    1. Anonymous28 July, 2017

      Yes. Most of all, don't TALK too much ! Enough is Enough ! Let's just quietly wait for the result of the tender.

      Delete
  5. Anonymous28 July, 2017

    I am not sure why there are so many people always giving the blogger so much flak.

    I dont always support everything the blogger writes. However, the common thread in all the blogs is to push for a higher price. Frankly, I don't see anything wrong with that, and I wholeheartedly support that purpose.

    If my home is going to be (forced) sold, I want it sold for the highest possible (market) price. And I want to be comfortable that EVERY professional effort was made to get us that market price.

    I don't know about you, for a $1 billion sale, I get very little info on what the sales team is doing. It feels like "Put up for tender, and Pray" type of approach.

    ReplyDelete
    Replies
    1. Anonymous28 July, 2017

      Push for higher price by all these talks? You mean all the bidders will come & visit this blog and after reading the blog they will pay more for TC just because blog owner ask for it ? Do you know what is business in the first place, let.alone tender process. This is the most laughable joke of the century!

      Delete
    2. As a minority owner, it's now in Plan B mode. I have no choice now but to push for the highest price possible. We do not want another Horizon Towers in this estate. In a rapidly rising market we need our RP to keep pace because the base price might end up as the selling price. None of us know what lies ahead. I'd feel a whole lot safer if our RP were higher as we don't have any other means to protect ourselves against an undersell.
      As for the flak - I am immune and the nastier ones don't get posted.

      Delete
    3. Anonymous28 July, 2017

      At this stage (after calling for tender), what action or info do you expect beside waiting for tender result? You expect the sales team to knock on the developers' doors and do hot canvassing o or tell them we want to increase our RP ?

      Delete
    4. Anonymous30 July, 2017

      Not completely true. Our MA was referenced in this write up on Tampines Court: www.tracygoh.sg

      Delete
    5. Tracy Goh has a very snazzy website - but she has her facts wrong about Tampines Court Round 1. This is probably where out MA got his mis-information from.

      Delete
    6. Anonymous30 July, 2017

      who dares mention the name of the high priestess of TC?!

      Delete
  6. Anonymous28 July, 2017

    lol... somebody's greed knows no bound
    You want to know what the sales team do..
    go to them and ask..
    hear it from the horses mouth
    instead of ranting away in this blog
    it serves no purpose
    let them do their job
    unless you know better and are better than them.
    Take over their job and make more millions for us.
    Guess nobody will mind.
    Otherwise.... Shhhhhhhh....

    The blog owner is kind to maintain this blog thus far...
    However, if matter goes out of hand...
    Who's to be blame...?

    ReplyDelete
    Replies
    1. Anonymous29 July, 2017

      Right from the beggining she was invited to join the team but she declined. I guess she is more comfortable to be a keyboard warrior shooting arrows at others than been shot at.

      Delete
  7. Anonymous28 July, 2017

    It is quite clear there will be a bidding war for our estate.

    Whether it is 835ppr or 964ppr, changing the RP to a higher price won't help either SPs nor the bidders. In fact, we may misjudge the price entirely. Anyway, the 80% have already signed at the RP.

    Relax - let market forces do the job. Even the MA doesn't need to do anything. We are at a very enviable position, and I would say, we are here not because of skill, but because of luck. Let's not waste this chance lady luck has given to us.

    GOOD LUCK EVERYONE! >900 psf ppr!

    ReplyDelete
  8. Anonymous29 July, 2017

    Other enbloc estate don't have to made ho ha yet they got higher price. Be patient.

    ReplyDelete
    Replies
    1. Anonymous31 July, 2017

      Another Enbloc I know got the best MA and Legal because their selection process was fair and open. This was evident in the professional guidance the SC received. The team were very familiar with relevant Laws and Processes. In quick time 80% was attained because CSC won the hearts and minds of SPs with their open lines of communication, timely updates and handouts.

      Negotiation rational were also explained; especially the need to quickly seal the deal and why some terms and conditions were rejected. The CSC professionalism and MAs effective marketing put the estate in the best possible light. Buyer were no doubt impressed; the result exceeded all expectations.

      TC is full of controversies, back flips, flip flops, U-turns, sackings, resignations and comeback. SCMA could do with some help to rehabilitate.

      Potential buyers must be made aware that this is TC 3rd Enbloc and SPs are aware that this is an escalating market and we know the value of our estate. Anything but a fair price will not pass muster.

      That successful Enbloc is about half the size of TC. Applying the rule of proportionality, we should have sold before Chinese New Year, passed STB vetting and received our payout about now !

      Delete
    2. Anonymous31 July, 2017

      Be careful about wishing that SCMA were more efficient. We are in an upturning market, and we will likely get more in 2 weeks than if we got enbloc and received payout now.

      Hence I say WHEN WE ARE LUCKY, WE DON'T NEED SKILL! =)

      Delete
  9. Anonymous29 July, 2017

    evolution of trust: the enemy of my friends enemy is not my enemy =)

    ReplyDelete
  10. Anonymous30 July, 2017

    one big factor that all might forget amid such bullishness is very old age of estate and old age of early owners , what is benefit of potential higher price if you do not get to enjoy fruits and when you are still in good health ?

    ReplyDelete
  11. Anonymous30 July, 2017

    Peace at last ? I wonder how long the granny on rocking chair can keep her mouth shut ? lol.

    ReplyDelete
  12. Anonymous30 July, 2017

    TC video is out. Check YouTube please.

    ReplyDelete
  13. Anonymous31 July, 2017

    TC Enbloc Video is up. It makes the blog owner's video look so amateurish. This kind of standard still want to show off. Not malu meh ? Please lah, blog owner, the more you try to show off how knowledgeable you are, the more silly you sound. You can don't post this so as not to make yrself malu. It's ok, so long everyone knows that you are a pathetic egostic person it's enough. Lol.

    ReplyDelete