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."

SALE IS NOT CONFIRMED
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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.

Normanton Park

Normanton Park is not an ex-HUDC, it was built to house the military and their families in 1977. it is therefore 10 years older than our estate.

Reserve price: $800 million
Estimated DP: $225m (DC)  +  $226m (LUP)
488 Units
11 days to reach 80%
2 weeks to launch tender
Tender closes 5 Oct 2017



Sold for $830.1m / $969 psfppr

Number of Bids: 'several'
Buyer; Kingsford Huray Development






17 comments:

  1. 11 days to reach 80%! The RSM there runs one tight ship!

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  2. Wow if add in the DP is more than 1 billion, perhaps they are aiming for JV between developers

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  3. Routine Order - 0530 hours all ranks Lt Col. and below assemble at NP parade square in PT kit and pen to sign CSA, followed by 5BX. Above Lt Col sign at NP Snr (retired) officers mess own time own target..

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  4. their 99 years start in 1977...thats why their LUP higher...

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  5. Sold $830m with conditions...and sounds like only 1 bidder or 1 bid above RP

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  6. Their past transaction price is much higher than our TC. One transaction on July 1.3m plus ssd made so little.

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  7. Seems like what go inside our pockets more important.

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    Replies
    1. Exactly. The longer the delay the lesser money left in our pocket as we have to pay higher prices for replacement units. Quickly complete the transaction and take the money & run.

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  8. RSM of NP declares 10 days off in lieu for all SPs who signed up. remaining 15% who didnt sign up can do so now to get 100%, if they do not, then confine in NP until sign, no booking out.

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  9. several bids is useless if all are below RP.

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  10. so I don't quite understand - when enblocs report the winner, why did TC so clearly say that there were conditions attached (as in the front headlines). Now I notice that most if not all enblocs have conditions attached anyway.

    when we say "SALE NOT CONFIRMED" - then it is applicable for every enbloc that is at this stage anyway...

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    Replies
    1. The media can only report what they were told. CSC and MA are not obliged to release all details. Its up to them how much they want to disclose.

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    2. True.
      All sales are conditional on STB approval (unless there is 100% consent).
      All leasehold sales have the extra worry of the differential premiums being off the mark and may or may not have conditions attached in the SPA

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    3. So you are saying Normanton might have a DC or LUP exit clause also in the SPA? Since it is leasehold also, the news report did not disclose much too.

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  11. Normanton Park was for commissioned officers only.

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  12. Interesting turn of events I suppose. Kingsford did not win the Beach Road commercial site and its new condo (Kingsford Waterbay) in Hougang still has leftover units still unsold. Honestly, it was built next to a big canal for the Serangoon River with a foul river smell. The location in Normanton Park was the best choice for them.

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  13. Hi Edwin.Serangoon River is now Serganoon Reservoir.
    How come smelly?

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