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Thread: Tampines Court sold en bloc for $970m

  1. #31
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    Quote Originally Posted by PropVestor View Post
    To re-hash the over-used Walter Gretzky quote “Skate to where the puck is going, not where it has been.”
    No one can tell the future. Developers see the mid to long term unlike consumers who see prices today and the next few months.

    SL analysts would have weighed in on the risks and calculate till the cows come home on the psf, profits, taxes etc. They do not draw out this amount from thin air.

    SL is no small player and has regional exposure (comes with the risks). They know what they are doing. The thing is, do consumers know what they are doing when this land is developed for launch?

    2 cents,
    PropVestor
    Enbloc, from enbloc to moving out, to tearing down, to contruction, to TOP can take up to 8years...

    SL which is not listed, will not be subjected to the 5year rule ...

    They can take their time to sell ...

  2. #32
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    Quote Originally Posted by proud owner View Post
    Enbloc, from enbloc to moving out, to tearing down, to contruction, to TOP can take up to 8years...

    SL which is not listed, will not be subjected to the 5year rule ...

    They can take their time to sell ...
    IIRC the QC rules apply for non-listed developer, for both enbloc and govt land tender.

  3. #33
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    Quote Originally Posted by patches View Post
    Have a few questions to the quote above and the en-bloc. They are as follows:

    (1) After a tender is being made, how long does STB usually take to approve the sale? A lawyer friend told me that it would typically take from six to eight months for approval. Is that the time frame we are looking at? Have anyone experience an en bloc to shed some light for me?

    (2) I checked the caveats for TC and noticed that there were quite a few buyers in the last three years. While it is clearly a profit for these new owners, their potential windfall would be substantially marginalised by SSD. Question here is when does the en bloc sale constitute the date of sale for SSD to be applied? Is it dated from the award of the tender? Or is it dated from the approval of the STB? For these owners, especially those who bought late last year would be nervous about the treatment of SSD associated with the timeline of the sale.

    (3) I understand that SSD continues to apply for en bloc owners even if they voted no. I am wondering if there should be more petition against that especially when the objective of SSD is to prevent speculation. I have read cases where new owners spent thousands of dollars in renovation to start their life and only be washed with uncertainty of an en bloc sale. While I understand that there is monetary gains to be made, would it not be logical for the government to grant exceptions to the rule of SSD for these new owners? From my standpoint, only the government stands to pocket these gains. The opportunity cost of uncertainty sitting through an en bloc can weigh heavily on one's family future that may "cost" more than the potential windfall an en bloc can bring.
    Q1 : About 4 months if no objection Sales Order will be issued by STB. If there is objection, STB will mediate, if fails, High Court hearing and High Court will issue Sales Order or invalidate the Sales….no timeline be guaranteed. Case Reference : Shunfu, Minton Rise at Lor Ah Soo, and Gillman Heights, Waterfront View

    Q2 : Date of Sales Order

    Q3. I doubt very much you can appeal even you did not consent to sell as the Sales Order is binding on all SPs. All investments come with risk. You can refer to Waterfront View case for interesting read, may be relevant.

  4. #34
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    Quote Originally Posted by august View Post
    IIRC the QC rules apply for non-listed developer, for both enbloc and govt land tender.
    really ?

    Why then has SC Global delisted itself last yr ?? to avoid penalty

  5. #35
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    Quote Originally Posted by proud owner View Post
    really ?

    Why then has SC Global delisted itself last yr ?? to avoid penalty
    correction, not QC rules. IIRC is a requirement for all enbloc acquisitions, whether by listed or delisted developers, to complete and sell units within 5 years or there will be some charges.

  6. #36
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    https://www.reach.gov.sg/participate...ng-certificate

    5 years to complete, and further 2 years to sell.

    And only for foreign or listed developer.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  7. #37
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    Quote Originally Posted by proud owner View Post
    Enbloc, from enbloc to moving out, to tearing down, to contruction, to TOP can take up to 8years...

    SL which is not listed, will not be subjected to the 5year rule ...

    They can take their time to sell ...
    "There is a risk that the developer may end up having to pay the 15 per cent ABSD (additional buyer's stamp duty) on the purchase price of the land, with interest of 5 per cent per annum, if it does not fulfil the conditions for upfront remission of ABSD," said a market watcher.

    there is no QC but there is still a timeline for ABSD remission.

  8. #38
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    Add 15% of purchase price brings total land costs to 1.16 billion.

    Most likely will already be factored into the selling price in stages. I think they are fully prepared to pay this amount even if incurred.

    In any case, wait and see!
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  9. #39
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    Quote Originally Posted by Laguna View Post
    Q1 : About 4 months if no objection Sales Order will be issued by STB. If there is objection, STB will mediate, if fails, High Court hearing and High Court will issue Sales Order or invalidate the Sales….no timeline be guaranteed. Case Reference : Shunfu, Minton Rise at Lor Ah Soo, and Gillman Heights, Waterfront View

    Q2 : Date of Sales Order

    Q3. I doubt very much you can appeal even you did not consent to sell as the Sales Order is binding on all SPs. All investments come with risk. You can refer to Waterfront View case for interesting read, may be relevant.
    Thank you for your response. Does the "Date of Sale" refer to the official offer made by the developer after approval granted by STB?

  10. #40
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    looks like at least 1000psf when open for sale? 1000psf is the new 400psf for OCR condo.

  11. #41
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    SL has some deep love for large pieces of land in Singapore. Vision Exchange is one and so is their KL Trillion. They are not there to fight over small pieces of land like the recent Amber plot which is odd size. Once you have large pieces of land, you can always cut them up or create something differentiating which no one else has. Its like having a bigger sandbox to play with.

    Perhaps when they look ahead, there are lesser large pie going around for current prices. Also potentially safeguarding the foreign bullish developers. They might think paying $1 billion+ (with taxes and DC) is a fair deal. I think so too.

    Those not vested today will just have to pay higher psf.

    Earlier this year, when I mentioned closing in $2,000 for RCR prices (caveat on micro location) and there is disbelief. Not that inconceivable today. OCR properties (caveat applies) will close this gap in a matter of years as costs go up like labour, water (how else to pay for the 5th Jurong Island sea water desalination plant in 2020) and raw materials. As such is the science of inflation which usually creeps up on consumers unknowingly. We make noise but so what? We just need to see slightly further ahead as $1,500+ as the average psf for better located OCR soon. Disbelief?

    2 cents,
    PropVestor

  12. #42
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    Disbelief? No problem, just wait alongside those who have no need or ability to buy... yet.


    Quote Originally Posted by PropVestor View Post

    Those not vested today will just have to pay higher psf.

    Earlier this year, when I mentioned closing in $2,000 for RCR prices (caveat on micro location) and there is disbelief. Not that inconceivable today. OCR properties (caveat applies) will close this gap in a matter of years as costs go up like labour, water (how else to pay for the 5th Jurong Island sea water desalination plant in 2020) and raw materials. As such is the science of inflation which usually creeps up on consumers unknowingly. We make noise but so what? We just need to see slightly further ahead as $1,500+ as the average psf for better located OCR soon. Disbelief?

    2 cents,
    PropVestor
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  13. #43
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    Quote Originally Posted by tonymontana View Post
    looks like at least 1000psf when open for sale? 1000psf is the new 400psf for OCR condo.
    1000psf for new launches will be a thing of the past when the current stock is cleared.

    for this plot, minimum is already 12xxpsf and chances are, they will want to sell at it at at least 13xxpsf.

  14. #44
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    Quote Originally Posted by bargain hunter View Post
    1000psf for new launches will be a thing of the past when the current stock is cleared.

    for this plot, minimum is already 12xxpsf and chances are, they will want to sell at it at at least 13xxpsf.
    Given an estimated timeline of 12 months (i.e. 6 months for STB to approve and another 6 months for residents to move out), we are looking to see SL pitching this new launch from 3rd or 4th quarter in 2018?

  15. #45
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    Quote Originally Posted by patches View Post
    Given an estimated timeline of 12 months (i.e. 6 months for STB to approve and another 6 months for residents to move out), we are looking to see SL pitching this new launch from 3rd or 4th quarter in 2018?
    really depends on how quickly this can be settled. seems like en-bloc sites can't come back on the market as soon as GLS sites. GLS sites take 1 year to 15 months. looks more like a 2019 project launch to me for this tampines court.

  16. #46
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    Quote Originally Posted by bargain hunter View Post
    really depends on how quickly this can be settled. seems like en-bloc sites can't come back on the market as soon as GLS sites. GLS sites take 1 year to 15 months. looks more like a 2019 project launch to me for this tampines court.
    The time frame depends on the conditions that SL has set for TC. Putting aside the element of "conditions", in theory, how long do you think a developer can launch from their en bloc purchase?

    In recent en blocs (especially those that have tried to en bloc previously), I was under the impression that the process of collecting the signatures (i.e. ~80% threshold for older estates) have been much quicker than before, thereby reducing the overall process of launching new units.

  17. #47
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    Quote Originally Posted by patches View Post
    The time frame depends on the conditions that SL has set for TC. Putting aside the element of "conditions", in theory, how long do you think a developer can launch from their en bloc purchase?

    In recent en blocs (especially those that have tried to en bloc previously), I was under the impression that the process of collecting the signatures (i.e. ~80% threshold for older estates) have been much quicker than before, thereby reducing the overall process of launching new units.
    there could still be some disputes raised even though 80% signed. The timeframe at STB may be uncertain. A big site like this also takes more planning on SL's side. I still think its a 2019 project launch.

  18. #48
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    It would take 2 months for the lawyer to serve notification to all the SPs. and minority can serve objection within 21 days of this notification. So, when can the Sales Order be obtained is uncertain. From Tampines Court enbloc blog, look like objection is highly likely if there is valid ground. The reserve price was worked out when market was quite, now they are looking at $2m an unit after EunosVille of $2.3m an unit.

    Rent free period is 6-9 months.

    But once the Sales Order is obtained, SL can immediately work on the planning approval.
    1Q 19 more likely to launch if everything smooth

  19. #49
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    Quote Originally Posted by patches View Post
    Thank you for your response. Does the "Date of Sale" refer to the official offer made by the developer after approval granted by STB?
    Sales Order given by STB if no objection or High Court or even Court of Appeal if there is objection.
    The official offer by developer is at the tender closing and not later.

  20. #50
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    Likely there will be objections given their past history and also the failure of their strategy which I heard was to price it " low " enough to attract a bidding war. This didn't happen and given that the other HUDCs that were sold this year attracted relatively higher prices above their Reserve prices, minority owners will be displeased. Some of the majority may be disappointed too. But their site is bigger than the others and location not as good as Eunosville so this may be the best case scenario for them. There have been a lot of GLS in Tampines in recent years too so it won't be easy to sell out with so much competition on the market. Many of these projects are sizable but of your this site mega and may need to be launched in phases like the Waterfront series. Moreover I think with 1.7M they can get a comparable unit in the same dist. Resale of similar size or a smaller 3 bedroom. At this point in time anyway.
    Normanton Park owners won't be able to get a replacement in the same location at the price they are asking.
    https://www.tracygoh.sg/property-new...-en-bloc-2017/

  21. #51
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    I hear the Marketing Agent is arranging a meeting at their office on the 25 th for owners to be informed of details of the offer and conditions. By then I believe the decision would also have been made so we should hear about it not long after. My guess is they will accept.

  22. #52
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    Tampines Court deal confirmed done.

  23. #53
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    Quote Originally Posted by VS View Post
    Tampines Court deal confirmed done.
    so what were the conditions?

  24. #54
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  25. #55
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    It is on their Facebook also

    http://www.tampinescourt.net

  26. #56
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    Cheap cheap and factored into final sales prices.

    If you know you need to buy, please continue to wait.

    Quote Originally Posted by Kelonguni View Post
    Add 15% of purchase price brings total land costs to 1.16 billion.

    Most likely will already be factored into the selling price in stages. I think they are fully prepared to pay this amount even if incurred.

    In any case, wait and see!
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

  27. #57
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    Sweet news that Sim Lian has sealed the deal. Hopefully this is 3rd time lucky for the chaps who voted for it. Hopefully there isn't too much opposition.

    Looking forward to more successful enbloc news!

  28. #58
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    Property Price going to CRASH, so many en-bloc for the BEAR only.

  29. #59
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    Quote Originally Posted by HP65 View Post
    Sweet news that Sim Lian has sealed the deal. Hopefully this is 3rd time lucky for the chaps who voted for it. Hopefully there isn't too much opposition.

    Looking forward to more successful enbloc news!
    "I never believe in enbloc and will never support enbloc."

    Familiar words?

  30. #60
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    Quote Originally Posted by patches View Post
    "I never believe in enbloc and will never support enbloc."

    Familiar words?
    Welcome to the real World.

    Notice HDB going taller, for those buying resale you know what to buy right.

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