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Thread: City Plaza En Bloc

  1. #41


    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.

  2. #42


    I doubt the owners would agree to a price below 1 Billion so itís 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 wonít 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.

  3. #43


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

  4. #44


    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.

  5. #45


    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.

    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!

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