http://www.straitstimes.com/business...he-green-light
Four years after the collective sale committee at Shunfu Ville was formed, the sale of the Bishan estate has finally got the green light.
Residents have to shift out by early 2018.
Senior
http://www.straitstimes.com/business...he-green-light
Four years after the collective sale committee at Shunfu Ville was formed, the sale of the Bishan estate has finally got the green light.
Residents have to shift out by early 2018.
Senior
Timeline
May 2020 - ABSD (Thanks to the objectors Developer got one more year to sell)
Jan 2018 - Shun fun Ville resident moving out
MAY 10, 2017 - The Court of Appeal yesterday dismissed an appeal filed by objectors against the sale of the 358-unit privatised HUDC estate. The sale grabbed headlines last May, when more than 82 per cent of the owners agreed to sell the estate for $638 million to property developer Qingjian Realty.
The ABSD rules require developers to build and sell all new units within five years - in this case, from the date of the collective sale order granted under the Land Titles (Strata) Act.
JULY 2016 - some owners objected to the sale last July
MAY 2016. - owners agreed to sell the estate for $638 million to property developer Qingjian Realty.
From 2015 - the sale committee had launched two public tenders, both at a reserve price of $688 million. Both tenders did not attract any formal bids, but the committee had been in talks with Qingjian, which had offered $638 million.
Last edited by Arcachon; 19-12-17 at 20:26.
Senior
Senior
Timeline
May 2020 - ABSD (Thanks to the objectors Developer got one more year to sell)
Jan 2018 - Shun fun Ville resident moving out
MAY 10, 2017 - The Court of Appeal yesterday dismissed an appeal filed by objectors against the sale of the 358-unit privatised HUDC estate. The sale grabbed headlines last May, when more than 82 per cent of the owners agreed to sell the estate for $638 million to property developer Qingjian Realty.
The ABSD rules require developers to build and sell all new units within five years - in this case, from the date of the collective sale order granted under the Land Titles (Strata) Act.
JAN 5, 2017, - Property developer Qingjian Realty yesterday obtained High Court approval for the collective purchase of Shunfu Ville estate.
The Straits Times understands that two owners who had objected to the sale were at the High Court yesterday, but were not represented by lawyers. http://www.straitstimes.com/business...ollective-sale
The Chinese developer paid $638 million for the massive 408,927 sq ft site back in May, which works out to a land cost of $747 psf per plot ratio.https://www.propertyguru.com.sg/prop...tly-for-owners
JULY 2016 - some owners objected to the sale last July
MAY 2016. - owners agreed to sell the estate for $638 million to property developer Qingjian Realty.
From 2015 - the sale committee had launched two public tenders, both at a reserve price of $688 million. Both tenders did not attract any formal bids, but the committee had been in talks with Qingjian, which had offered $638 million.
https://www.tracygoh.sg/en-bloc-feve...ews-singapore/
Last edited by Arcachon; 19-12-17 at 20:36.
Senior
Here is a hypothetical situation where you can lose money on your Condominium En bloc sale
You bought your property recently and it was En bloc against your will as the sales committee managed to obtain more than 80% of owners agreeing to sell (for developments older than 10 years). You got slapped with Seller Stamp Duty SSD as your sale is within the SSD period.
You spent $100,000 renovating your dream home and you have to move house and your renovation goes down the drain.
The developer that bought over or en bloc your property is completing the deal, 1 to 2 years down the road. You will not receive all the monies until 1 to 2 years later, upon completion.
There is a chance that the deal may not complete as there are many conditions to the deal. In an aborted deal, there will be a whole host of costs, such as Legal and consulting and other incidental costs that will have to be paid by the home owners.
You cannot afford to buy a replacement house while your funds are not in yet as the en bloc deal is not yet completed.
Bank’s bridging loan (for Mortgage loan) is generally only for traditional Selling and buying property with a funding gap of not more than 6 months, for En bloc, most banks may not want to get involved.
During this time while you wait to move house, there is a potential that the property prices have started to move up. You will have sold your property for what you thought was a good price only to realize that any potential gains is gone as you end up buying a more expensive property in the open market.
Illustration: Here is how En bloc can lose you Money
Bought a property (Completion) for $1m in 01 June 2017 to stay near parents.
Renovation spent $100,000 01 July 2017
The Enbloc deal for $1,300,000 is signed on 01 Sep 2017.
Seller Stamp Duty (SSD) is payable around 15 Sep 2017. Seller stamp Duty (SSD) of 12% = $156,000.
https://ngcheel-fx.blogspot.sg/2017/....html#comments
Date of actual completion of the deal is estimated to be 30 Aug 2018.
Sales proceeds of balance of $1,300,000 for the property to be received around 30th Aug 2018.
While you wait for your Enbloc completion, another property that you were planning to buy at $1,000,000 rose to $1,100,000 in 30 Aug 2018. This means you have to pay an extra $100,000 due to this wait.
Transaction
En bloc Sale Price = $1,300,000
Bought Price = $1,000,000
Gross Profit = $ 300,000
Costs involved
Seller Stamp Duty @ 12% = $ 156,000
Renovation Cost = $ 100,000
Waiting cost to buy new Condo = $ 100,000
Other moving costs, time and effort = $ 20,000
Penalty on Home Loan 1.5% = $ 15,000
Loss interest on SSD @ 4% = $ 6,240
Total Costs = $ 397,240
LOSS = $ 97,240
https://www.theonlinecitizen.com/201...money-from-it/
Senior
https://www.99.co/blog/singapore/hud...-en-bloc-sale/
2016 was an interesting year for the collective sale market. There has been two successful enbloc sales of privatised HUDC flats (Housing & Urban Development Company) in Singapore – Shunfu Ville and Raintree Gardens. Is this a sign that HUDC flats will be of pertinent interest to developers in the future? What are the intrinsic factors that drives this interest from developers? We take a closer look whether there may be more HUDC flats that can go en bloc from 2017 onwards.
For other prior HUDC sites which have gone through a collective sale prior to these two sites, they were also located in well positioned, niched districts. They were Amberville, Farrer Court, Gillman Heights, Minton Rise, Waterfront View Estate, redeveloped into Silversea, D’Leedon, The Interlace, The Minton as well as Waterfront Waves, Waterfront Key, Waterfront Gold and Waterfront Isle (all from Waterfront View) respectively.
In 2017, Ivory heights at Jurong East, Chancery Court at Dunearn Road, Pine Grove and Eunosville at Sims Avenue have potential to be undergoing en bloc. Out of these projects, Ivory Heights is the most likely candidate.
Newbie
Rain tree gardens residents already moved out.
Senior
October 6, 2016 - Many unit owners of the 175-unit privatised HUDC estate will walk away with about $1.9 million per unit, which is a premium of almost 90 per cent over the last transaction price of about $1.1 million this year.
http://www.straitstimes.com/business...bloc-for-3342m
1450 psf - http://propertylaunch-invest.com/pro...e-gardens.html
8 February 2017 - Strata Titles Board (“STB”) has issued an order of sale on 8 February 2017 (the “Order of Sale”)
Last edited by Arcachon; 20-12-17 at 18:57.
Senior
Senior
Rode past the river and saw the Hudc all empty. They boarded up the land also. Hopefully the rain trees by the river will not be chopped down.Originally Posted by 2824
Newbie
When will rain tree garden launch?
Newbie
Rain tree garden residents will hope launch soon.
Senior
mentioned in The Edge that it will only be launched in H2 2018. UOL is planning to launch 45 Amber in H1 2018 first then followed by Raintree in H2.
Posting Permissions
Reply With Quote