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Thread: City Plaza En Bloc

  1. #31
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    I hear the EOGM has been set for Nov 1st. Any guesses how CP will fare versus Sim Lim Sq.?

  2. #32
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    City Plaza had their EOGM today and have voted in a Collective Sales Committee.

  3. #33
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    Quote Originally Posted by Tulip09 View Post
    City Plaza had their EOGM today and have voted in a Collective Sales Committee.
    Timing is crucial. I do hope their CSC will appoint a good intermediary agent. Too bad Mr Karamjit Singh is no longer with JLL. He is one potent ingredient in successful en-bloc sales.

    2 cents,
    PropVestor

  4. #34
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    Quote Originally Posted by PropVestor View Post
    Timing is crucial. I do hope their CSC will appoint a good intermediary agent. Too bad Mr Karamjit Singh is no longer with JLL. He is one potent ingredient in successful en-bloc sales.

    2 cents,
    PropVestor
    Agreed. Mr Karamjit Singh was Mr En bloc in the last round with Credo achieving success after success. I understand CP has a CSC of 14 members and they will be looking into appointing a Marketing agent and Legal team. It seems like they have good support with almost 70% of those present voting in favour of forming the CSC. Turnout was good with Quorum met at the start of meeting with a high percentage.

  5. #35
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    Quote Originally Posted by Tulip09 View Post
    Agreed. Mr Karamjit Singh was Mr En bloc in the last round with Credo achieving success after success. I understand CP has a CSC of 14 members and they will be looking into appointing a Marketing agent and Legal team. It seems like they have good support with almost 70% of those present voting in favour of forming the CSC. Turnout was good with Quorum met at the start of meeting with a high percentage.
    Again, all the best. Am vested in PLC and its growth. I see great potential in drawing a good bid for this as timing is right. 2021 might see an influx of units due to the current en-bloc and also record bided land prices. Am betting on PPR completion in 2020 with high hopes. For better or worst, fingers crossed for you and me!

    PropVestor

  6. #36
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    Quote Originally Posted by Tulip09 View Post
    Agreed. Mr Karamjit Singh was Mr En bloc in the last round with Credo achieving success after success. I understand CP has a CSC of 14 members and they will be looking into appointing a Marketing agent and Legal team. It seems like they have good support with almost 70% of those present voting in favour of forming the CSC. Turnout was good with Quorum met at the start of meeting with a high percentage.
    Best of luck! 14 CSC members! I believe the stakeholders must have been discussing the whole time and have agreed on some salient terms. Hope it will be a success.

  7. #37
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    https://sg.finance.yahoo.com/news/ci...143924680.html

    Hopefully we should hear news soon . Since there is only one purely Commercial site released under the latest GLS this site should do well if launched in next 6 months.

  8. #38

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    I would like to see how they tackle the apportionment methods:

    1) On the residential side, sizes are 85sqm and 150sqm units (big units are almost twice as big) and if I guess correctly, the share values should be 3 and 4. Striking a balance among the residential owners are already quite difficult.
    2) On the commercial side, I believe valuation methods need to be used. Find a few valuers and take the average?
    3) Then the biggest challenge would be to apportion between the residential and commercial owners.

    I really would love to see a successful en bloc for City Plaza. I have been through one en bloc as a SC, and it really brings the worst out of some people and makes things really hard. "It" means GREED.

    Thanks Tulip09 for updating and please continue to do so if it is convenient. I heard that CDL still owns quite a few shops (could be the best main road facing ones?). Any idea if that is true? Cheers!

  9. #39
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    Quote Originally Posted by Tulip09 View Post
    https://sg.finance.yahoo.com/news/ci...143924680.html

    Hopefully we should hear news soon . Since there is only one purely Commercial site released under the latest GLS this site should do well if launched in next 6 months.
    I think the plot of land is in pretty good demand. I heard that at least one major marketing agencies agree to set the reserved price in the north of $1b, and the CSC is still listening to other proposals. Again the difficult part shall be the apportionment methods.

    The neighbouring Park Place Residence (Residential component of Paya Lebar Quarter) Phase I was doing very well. Let's see how they do in Phase II.
    http://www.parkplaceresidencesg.com/...CAAEgIKQ_D_BwE

  10. #40
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    I understand they will appoint a Marketing Agent soon, likely after Christmas or early in January. It will be interesting to see the proposed apportionment. Coming up with one that is agreeable will be quite challenging given the different interest groups. These days however it seems owners tend to sign faster. The process of getting 80% seems to not take that long.

  11. #41
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    Quote Originally Posted by Tulip09 View Post
    I understand they will appoint a Marketing Agent soon, likely after Christmas or early in January. It will be interesting to see the proposed apportionment. Coming up with one that is agreeable will be quite challenging given the different interest groups. These days however it seems owners tend to sign faster. The process of getting 80% seems to not take that long.
    From my previous en bloc experience, I believe they CSC and the marketing agents would already have a method of apportionment in mind, meaning a method that the CSC believes it will secure 80% support both in strata area and share value. If I am to make a guess, I think the apportionment method will likely be valuation based. It shall be relatively easy for the residential side because there are only two sizes and shapes, but it will mean they need to do a market valuation for every single shops for the commercial side. It will cost quite a bit, but I think it is reasonable for it to be borne by the agent - they may make a cool $10m if the sale is successful, depending on the commission rate. Once they have the apportionment method ready, the CSA shall be drafted pretty quickly and ready to be signed. I also think that the first 60-70% of signing will happen within a week or two, but it may take some time to hit the 80% required.

    A bit of hearsay.. I was told that one of the proposal was around $1.1b. I can't verify that.

  12. #42
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    I doubt the owners would agree to a price below 1 Billion so it’s likely Consultants will be working around that figure too but Valuation will be a better guide. I agree they will likely need to have a Valuation component as the Commercial units are quite varied in terms of value and yield. In terms of share value the Commercial units have a big majority so unless they get the support of enough of these owners it won’t go through. The most recent transaction was abv 4.7K psf for 3rd floor non prime units I believe so they may use that as a benchmark . Of course owners would want a premium.

  13. #43

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    plot of land are in very good demand. They will need to assign marketting agent soon in this month.

  14. #44
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    Huttons has been appointed as Marketing Agent for City Plaza. I believe they are working on a two month time frame to call the next EOGM.

  15. #45
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    There are so many en-bloc sites these days that I am getting a little confused. Developers calling the shots now.

    Casa Meyfort has zero bidders based on their reserved price. $2,600psf at Meyer Road is a tough sell when completed. Looks like they have to go back to drawing board. Thats district 15. Another joins the fray but only LH. http://sbr.com.sg/residential-proper...owers-launched

    District 14 do not have as many so slightly better chance? Speed is now as important as price for large sites like City Plaza. Again, all the best!

  16. #46
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    People hanging out in this area not exactly rich.

    Look at One KM mall, many shops cannot survive liao.

    How will the developer resell the units at a high price just to break even?

  17. #47
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    Quote Originally Posted by Lord Anus View Post
    People hanging out in this area not exactly rich.

    Look at One KM mall, many shops cannot survive liao.

    How will the developer resell the units at a high price just to break even?
    Where exactly are these people? The problem is density which PLQ will change all that. Its a growth area. You are seeing the early days of a decentralised site mentioned in URA concept plan. 55K people in that area.

    https://www.ura.gov.sg/Corporate/Pla...commercial-hub

    As investors, we need to see where the ball is going and not where it is now.

    I am vested in D14 so I am bias. Bought PPR in March 2017. Lets see....

  18. #48
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    Quote Originally Posted by PropVestor View Post
    There are so many en-bloc sites these days that I am getting a little confused. Developers calling the shots now.

    Casa Meyfort has zero bidders based on their reserved price. $2,600psf at Meyer Road is a tough sell when completed. Looks like they have to go back to drawing board. Thats district 15. Another joins the fray but only LH. http://sbr.com.sg/residential-proper...owers-launched

    District 14 do not have as many so slightly better chance? Speed is now as important as price for large sites like City Plaza. Again, all the best!
    Apart from the district,what is more crucial is the difference in zoning. City Plaza is a full commercial site and so it’s not like the residential. We haven’t had a big commercial site launched recently so we will have to see how the market responds. My guess is that this will attract the big players , more likely foreign Developers as locals don’t have deep pockets. Possibly foreign Developers will team up with local counterparts to jointly bid.

  19. #49
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    Quote Originally Posted by Lord Anus View Post
    People hanging out in this area not exactly rich.

    Look at One KM mall, many shops cannot survive liao.

    How will the developer resell the units at a high price just to break even?
    I doubt the buyer will re - sell the units. Just like One KM. Commercial units are only being leased. Holding a FH commercial building in this area will provide the developer yield for years to come. The idea of applying for approval for Medical suites has also been brought up so alternatively that may be a possibility.

  20. #50
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    Quote Originally Posted by Lord Anus View Post
    People hanging out in this area not exactly rich.

    Look at One KM mall, many shops cannot survive liao.

    How will the developer resell the units at a high price just to break even?
    There are people from dist 15 who do go to One KM and I agree that this is a growth area so with PLQ completed they will have more reason to hang out in this shopping belt. Currently retail isn’t doing well anywhere but developers think Long term so they may think differently. Anyway we will have to see how this goes.

  21. #51
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    Quote Originally Posted by Tulip09 View Post
    Huttons has been appointed as Marketing Agent for City Plaza. I believe they are working on a two month time frame to call the next EOGM.
    Thanks for sharing Tulip09

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    Quote Originally Posted by bestguitarist View Post
    Thanks for sharing Tulip09
    Anytime. Fortis Law has been appointed as legal consultant. I gather they are doing the ground work now .

  23. #53
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    Quote Originally Posted by Tulip09 View Post
    Anytime. Fortis Law has been appointed as legal consultant. I gather they are doing the ground work now .
    Hi Tulip09, any updates on the progress of City Plaza? I believe they should be in the process of finalizing the collective sales agreement and have it approved in an upcoming EOGM. Recently some more commercial projects trying their lucks in the en bloc market but none is sold so far this year. It is especially hard for strata shop owners to agree on an apportionment methods (the commonly used valuation method is quite subjective unfortunately). Hope City Plaza en bloc can go well.

  24. #54
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    Quote Originally Posted by bestguitarist View Post
    Hi Tulip09, any updates on the progress of City Plaza? I believe they should be in the process of finalizing the collective sales agreement and have it approved in an upcoming EOGM. Recently some more commercial projects trying their lucks in the en bloc market but none is sold so far this year. It is especially hard for strata shop owners to agree on an apportionment methods (the commonly used valuation method is quite subjective unfortunately). Hope City Plaza en bloc can go well.
    Hello, so far no confirmation of the EOGM date. They are working on the valuation of every unit , apportionment , Collective Sale Agreement etc. More and more commercial sites are being launched so I think we will have some idea how this will go once we see how some comparable ones do. But whether CS can get 80% will depend on whether owners are happy with the Apportionment. I gather some feel it’s better to wait for the 2020s as the height restriction may be lifted once Paya Lebar airport moves in 2030.Meanwhil I wonder why there is no news of Grandlink Sq as I be
    I heard in January that they had completed all the ground work including Apportionment. Are they still at the signing stage ?

  25. #55

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    I think there should be some update.

  26. #56
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    City Plaza EOGM has been set for 1 Sept. The Valuation report was prepared by Wilson Lim Yen Kia of Asian Assets Allianz Pte Ltd. Was wondering if anyone is familiar with this Appraiser and has he worked on other collective sales? Proposed RP is 950M which in my opinion is a bit Low but let’s see if they accept it.

  27. #57
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    Quote Originally Posted by Tulip09 View Post
    City Plaza EOGM has been set for 1 Sept. The Valuation report was prepared by Wilson Lim Yen Kia of Asian Assets Allianz Pte Ltd. Was wondering if anyone is familiar with this Appraiser and has he worked on other collective sales? Proposed RP is 950M which in my opinion is a bit Low but let’s see if they accept it.
    Thanks for sharing.

  28. #58
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    Quote Originally Posted by Tulip09 View Post
    City Plaza EOGM has been set for 1 Sept. The Valuation report was prepared by Wilson Lim Yen Kia of Asian Assets Allianz Pte Ltd. Was wondering if anyone is familiar with this Appraiser and has he worked on other collective sales? Proposed RP is 950M which in my opinion is a bit Low but let’s see if they accept it.
    In my humble opinion, the valuation report is merely to satisfy the statutory requirement - the RP has to be above the said valuation. I would imagine it is quite common that the valuation report is created backwards to match whatever RP generally accepted by the majority. I personally think that relative to the RP, the apportionment method is harder to agreed on for mixed developments like City Plaza. Thanks for the update Tulip09. May I know if this is the third EOGM which is to approve the terms in the Collective Sales Agreement? It is interesting that there is one residential unit for sale on propertyguru, asking around $1500psf. Wish this a success and hope you can hugely benefit economically from this opportunity.

  29. #59
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    Any updates Tulip09?

  30. #60
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    Quote Originally Posted by PropVestor View Post
    Any updates Tulip09?
    Hello. The turnout at the EOGM was not great. Less than 40% of share value turned up either in person or by proxy. Of these nearly 70% voted to approve the RP & Apportionment. So they have started collecting signatures. On the day of the EOGM almost 25% off owners signed.
    Those who aren’t supporting largely are in favour of en bloc but feel the RP and valuations for certain units are far too low.

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