View Full Version : Condo that tried but NEVER got enbloc...
Wonder whats the fate of apts like laguna park and lagoon view...i know they tried but were unsucessful to enbloc...so what lies ahead....people just continue stay/rent out their apts...:rolleyes:
Just curious cos was browsing propertyguru and saw NUMEROUS apts there for sale...but at RIDICULOUS price for 99 yer old property that is 20 to 30 years old....:eek:
http://www.propertyguru.com.sg/listing/5852008/for-sale-lagoon-view
this one is a classic...1.7 million selling rented at $3600 a MTH:doh:
http://www.propertyguru.com.sg/listing/9114801/for-sale-lagoon-view
The owners of such developments would usually set a price close to the price they would get if the en bloc is successful. They are likely to ignore the 16% duty buyer will have to pay if the en bloc is successful within one year. They are also likely to ignore the fact that their en bloc sales were not successful because they priced them too high. Most of these owners would continue to rent out their flats and wait for better time to sell collectively. They will only sell if the offer is too good to reject and/or they need to cash out for other reasons.
The owners of such developments would usually set a price close to the price they would get if the en bloc is successful. They are likely to ignore the 16% duty buyer will have to pay if the en bloc is successful within one year. They are also likely to ignore the fact that their en bloc sales were not successful because they priced them too high. Most of these owners would continue to rent out their flats and wait for better time to sell collectively. They will only sell if the offer is too good to reject and/or they need to cash out for other reasons.
yup seems that way all living a life of hope....:D...every night before sleep pray for enbloc....but now kena roadbloc:doh:
yup seems that way all living a life of hope....:D...every night before sleep pray for enbloc....but now kena roadbloc:doh:
For the original owners, the ppty already paid up after 20 to 30 years, especially since the purchase price was much lower years ago. Cannot enbloc, just continue to stay lor. Even if enbloc, also cannot get same size, same location, same price wat. Probably need to downgrade.
Ya, you probably say clock is ticking. But, your life clock is ticking faster than this development. It will still outlive you. Even if freehold and no enbloc,building also will get older and older as the years go by.
For the original owners, the ppty already paid up after 20 to 30 years, especially since the purchase price was much lower years ago. Cannot enbloc, just continue to stay lor. Even if enbloc, also cannot get same size, same location, same price wat. Probably need to downgrade.
Ya, you probably say clock is ticking. But, your life clock is ticking faster than this development. It will still outlive you. Even if freehold and no enbloc,building also will get older and older as the years go by.
But some mid-joiners who bought during high times will have less profit margin. I believe there are many original owners who have sold off their units?
Based on URA data, only 19 transactions for Lagoon View and 28 transactions for Laguna park since Apr 2010. Not much activity. Prices still holding steady.
Was looking at Lagoon View back in the mid 90s and it was going for $500K:doh:
Was looking at Lagoon View back in the mid 90s and it was going for $500K:doh:
yup i remember neptune court 400k...:doh::doh:
Newbie Homebuyer
22-03-12, 10:58
Can see that its quite risky for a new buyer to go in to places like Laguna. If later the development decide to enbloc at a lower price, the new buyer may not be able to break even. The majority who bought 20 years ago would still make money at lower prices.
Also, if it doesn't go enbloc immediately after the new buyer comes in and need to top up sinking fund for maintenance. Nowadays, maintenance is pretty costly, especially for older developments.
The way i see it, the only way out for these developments remains en bloc-ing but at much lower price. Which means the new buyer got to be careful how he pays for the unit.
speculator
24-04-12, 21:38
Thomson View has to be on this list. :scared-1:
Tulip Garden is the most jialat. They managed to en-bloc. Then the buyer backed out. Further attempts to en-bloc since then have been unsuccessful. Not helped that D'Leedon next door isn't selling well. Spanish Village also tried to en-bloc but this round didn't get the required % of signatures. Looks like the owners there would prefer to hold on.
In the end Tulip Garden owners got quite a good deal... Wait for ten years but price went up from 2.5m to 4.4m payout for the smallest unit
bargain hunter
24-04-18, 19:14
In the end Tulip Garden owners got quite a good deal... Wait for ten years but price went up from 2.5m to 4.4m payout for the smallest unit
actually, they also received some payout from the developer who tried to en bloc them last time. some deposit. "double make".
Indeed....unless one does not buy the Singapore Story, ppty will still be a sound investment choice. And for investors who were renting out their units, they were still collecting rental after their earlier failed attempts.
Actually, seeing some condos achieve success after 3/4 attempts gives me even more confidence in my older properties with enbloc potential.
PropVestor
25-04-18, 16:58
I am a living example of 2 repeated en-blocs attempts (lacking of between 1 to 4 signatures). At some point, those who voted for (like us) sort of just continued staying as we don't mind the big space. Just that everything else outside sucks. My lower floor neighbour asked for 5+mil in the resale market as he is in need of money has a whole new reason to sell quickly, en-bloc or not. Those will be the ones who will sweat.
However, I would never say 'tried but never'. No one can tell what is ahead. Frankly, if my developments hits mid 30s in a few years, I cannot imagine the maintenance fees which we still have to stomach. That is a real bummer.
2 cents,
PropVestor
Courtesy of being freehold?
In the end Tulip Garden owners got quite a good deal... Wait for ten years but price went up from 2.5m to 4.4m payout for the smallest unit
bargain hunter
26-04-18, 07:08
Courtesy of being freehold?
99 also still got chance but it may be the last chance for some.
99 also still got chance but it may be the last chance for some.
99 there will be chance as long as government allow top up of lease.
But if tulip was leasehold I think the enbloc price would not be so high coz ten-year older lease top up more...
Actually Teddy bear is not wrong to say that the difference is the minimum opportunity costs between FH and LH is the differential premium that is use to top up the lease to 99 years... This premium could have been shared amongst the owners, and still have not taken into account the premium developers tag on to FH land when they bid...
But for LH properties shoukd enbloc asap when the cycle comes coz next cycle is 10 years later
Please do not give up hope on your en bloc initiative.
I owned 2 properties that are undergoing en bloc.
One property is successfully sold to a developer after at least 3 attempts (I lost count and almost lost hope lah).
Want to encourage those among us to play a pro-active role in your en bloc project.
As for me, I’ve spent countless hours in en bloc sales matters by being involved in: Pro-Tem Committee, Collective Sales Committee, sitting through numerous presentations by Marketing Agents, organizing en bloc sales EOGMs and strategizing with en bloc sales professionals on how to garner the more than 80% support for a successful en bloc sales.
I am giving a talk on:
En Bloc Sales: Kick-start an en bloc sales initiative & garner 80% support
If you are interested to attend, please register at:
https://tinyurl.com/ya777y6d
Note:
• It is free admission.
• I am not in the real estate business
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