View Full Version : Collective sale: Pine Grove gets nod at latest attempt
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1020061/1/.html
Pine Grove owners make 3rd attempt to sell their property in collective sale
By Esther Fung, Channel NewsAsia | Posted: 23 November 2009 2226 hrs
SINGAPORE: Some homeowners at the Pine Grove estate along Ulu Pandan Road are making another attempt to sell their properties in a collective sale.
This will be their third bid since 2005.
MediaCorp understands that the minimum reserve price for the 660-unit unit estate is S$1.33 billion.
Depending on the size of the unit and the development charge that is payable, owners stand to pocket an average of S$2 million per unit.
The former HUDC estate has a land area of more than 893,000 square feet.
Farrer Court, another former HUDC estate along Farrer Road, was sold for a record S$1.34 billion in 2007.
Pine Grove's reserve price is higher than the S$1.2 billion price tag that the Laguna Park estate in Marine Parade had expected in its first tender in September.
Even after the price was reduced later to S$967 million, the Laguna Park collective sale was called off last week.
At Pine Grove, there have already been three sessions to collect signatures for the possible enbloc sale since 15 November.
A fourth session is coming up next Thursday.
At the upcoming session, representatives from property consultancy Jones Lang Lasalle and law firm Lee & Lee will be present to answer homeowners' questions. - CNA/vm
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1020061/1/.html
Pine Grove owners make 3rd attempt to sell their property in collective sale
By Esther Fung, Channel NewsAsia | Posted: 23 November 2009 2226 hrs
SINGAPORE: Some homeowners at the Pine Grove estate along Ulu Pandan Road are making another attempt to sell their properties in a collective sale.
This will be their third bid since 2005.
MediaCorp understands that the minimum reserve price for the 660-unit unit estate is S$1.33 billion.
Depending on the size of the unit and the development charge that is payable, owners stand to pocket an average of S$2 million per unit.
The former HUDC estate has a land area of more than 893,000 square feet.
Farrer Court, another former HUDC estate along Farrer Road, was sold for a record S$1.34 billion in 2007.
Pine Grove's reserve price is higher than the S$1.2 billion price tag that the Laguna Park estate in Marine Parade had expected in its first tender in September.
Even after the price was reduced later to S$967 million, the Laguna Park collective sale was called off last week.
At Pine Grove, there have already been three sessions to collect signatures for the possible enbloc sale since 15 November.
A fourth session is coming up next Thursday.
At the upcoming session, representatives from property consultancy Jones Lang Lasalle and law firm Lee & Lee will be present to answer homeowners' questions. - CNA/vm
about same age as LP. What are their chances. Last few transactions seems to have gone up significantly.
about same age as LP. What are their chances. Last few transactions seems to have gone up significantly.
I think they got to lower the price ....
I think they got to lower the price ....
The developers should hire xebay11 to go around and give them a lecture ... that will help get the en bloc gravy train going again.
Tender for Laguna Park closes with no winner
In that case, that is definitely moving up for LP residents, afterall their LP when first bought, was practically HDB (HUDC), they were not private property in the begining, and they have already stayed so long for free and theirs is LH property and so these greedy fellows should actually be grateful for what ever is being offered and stop being so greedy, if you noticed, the most greedy sellers in en bloc sales are not the private property sellers but the lowest rung HUDC sellers, Neptune Court, Gillman Heights etc, they seem to have forgotten their roots.
http://www.straitstimes.com/Money/Story/STIStory_458751.html
Nov 25, 2009
Pine Grove residents keen to sell en bloc again
PINE Grove residents are looking to sell their sprawling Ulu Pandan estate en bloc, after failing to do so in previous attempts during the 2007 boom.
They are not alone. Industry sources say there is a growing group of other estates that previously failed to sell en bloc but is now looking for reruns.
The collection of signatures at Pine Grove, a 660-unit former HUDC estate on 893,178 sq ft of land, started on Nov 15. If successful, this latest attempt will net each unit owner at least $1.6 million to $2.05 million, depending on unit size.
Many units are about 1,754 sq ft and will achieve a price of about $1.95 million each, according to an owner who declined to be named. Prices are based on a reserve level of $1.246 billion, he added.
The total price works out to at least $740 per sq ft per plot ratio, estimated a property expert. This is because the buyer of the site will have to pay an upgrading premium, plus a differential premium on top of the asking price to cover the cost of bringing the land tenure up to 99 years and site redevelopment.
Marketing agent Jones Lang LaSalle declined to comment.
Pine Grove's collective sale attempts in 2007 failed to bear fruit, even though the average payout was eventually raised to about $2 million per unit.
At Tulip Garden in Holland Road, Bravo Building Construction failed to complete a $516 million collective sale purchase last year due to funding issues.
Residents of Chin Swee Road's Landmark Tower were unable to attract a buyer in their collective sale attempts in 2007 and last year, but are keen to try again.
The sale processes at Tulip Garden and Landmark Tower are still in the preliminary stage and The Straits Times understands both have yet to officially appoint a marketing agent.
The estates are understandably eager to try again now that the economic outlook has improved and private home prices have risen, said DTZ South-east Asia research head Chua Chor Hoon.
The recent market slowdown has yet to significantly hamper owners' expectations, given that the process of collecting signatures and launching the sale may take a while, said an expert.
So many enbloc sales falling through, looks like 99LH now not popular with developers, as more developers may change strategy and start a new trend of seeking FH land and developing them to sell as LH.
FH property owners, hold on tight.
Pine Grove enbloc results came out a couple of days ago, iirc only 30.3% of units (representing abt same % of land) signed the CSA.
I'm not familiar with enbloc activities, but I'm surprised at the low percentage. Wouldn't there have been some informal survey to determine the level of interest? Instead money had to be spent on a formal exercise to fall so far off the mark. I had thought maybe they would at least get 50-60%.
In any case, admit to being somewhat interested in a unit there. So failure of the CSA is a plus for me!
Pine Grove enbloc results came out a couple of days ago, iirc only 30.3% of units (representing abt same % of land) signed the CSA.
I'm not familiar with enbloc activities, but I'm surprised at the low percentage. Wouldn't there have been some informal survey to determine the level of interest? Instead money had to be spent on a formal exercise to fall so far off the mark. I had thought maybe they would at least get 50-60%.
In any case, admit to being somewhat interested in a unit there. So failure of the CSA is a plus for me!
sometimes u can get certain residents dead set on enbloc, and when these ppl also sit on the management council or whatever it is called, they can push for the enbloc.
most of the time half the residents are quite apathetic & dun bother about what's going on...
Another 2 signing sessions scheduled at Pine Grove. One already past, another to come. Given the 50pct pt gap, I don't think it'll be possible to get anywhere near 80% even with these additional sessions.
Regulators
02-01-10, 16:08
imagine these people getting sme shitty deal like gillman enblocers.
Another 2 signing sessions scheduled at Pine Grove. One already past, another to come. Given the 50pct pt gap, I don't think it'll be possible to get anywhere near 80% even with these additional sessions.
imagine these people getting sme shitty deal like gillman enblocers.
Over 600 units. 1.2bsgd. Do you think it will happen this time similar to Farrer Court?
Over 600 units. 1.2bsgd. Do you think it will happen this time similar to Farrer Court?
unlikely... considering farrer court launch still nowhere in sight
Wild Falcon
15-08-10, 00:47
It's not that fantastic a location and 99LH - and with no future MRT, I don't see how this can enbloc at the ask price. Farrer Court is at a much better location and still no news of launch.
proud owner
15-08-10, 11:32
lets make a guess
which condo will be enbloc-ed next ..
condos only ...not HUDC
proud owner
15-08-10, 11:39
lets make a guess
which condo will be enbloc-ed next ..
condos only ...not HUDC
It's not that fantastic a location and 99LH - and with no future MRT, I don't see how this can enbloc at the ask price. Farrer Court is at a much better location and still no news of launch.
How come Farrer don't want to launch? Why capital land sit on a $1.3B land for 3 years. Do they think the market is going to higher if they wait longer?
How come Farrer don't want to launch? Why capital land sit on a $1.3B land for 3 years. Do they think the market is going to higher if they wait longer?
this is the problem when developer overpaid for enbloc... i hear that to breakeven they have to sell at $1700 to 1800psf. This is tough considering freehold waterfall garden only now selling near 1800psf. So developer probably not feeling confident to sell :p
devilplate
15-08-10, 16:42
this is the problem when developer overpaid for enbloc... i hear that to breakeven they have to sell at $1700 to 1800psf. This is tough considering freehold waterfall garden only now selling near 1800psf. So developer probably not feeling confident to sell :p
anyone got the actual figures? becoz i tot breakeven 1300-1400psf?
anyone got the actual figures? becoz i tot breakeven 1300-1400psf?
dats probably the price paid to owners...
anyone got the actual figures? becoz i tot breakeven 1300-1400psf?
1300-1400psf breakeven is correct. See CNA report on 17 jul 2008:
http://forums.condosingapore.com/showthread.php?t=8482&page=4
Capital land very deep pockets, they won't launch until they are sure to sell at $1600-1700psf in few phases; likely closer when circle line run thu farrer and holland v mrt station. $3bil proj, they already hv $2bil loan, can "tong" since landbank is depleting for all developers. 1500 new units on old Farrer Court; I guess mayb 4 phases, slowly release and try to max out profits.
devilplate
15-08-10, 17:29
1300-1400psf breakeven is correct. See CNA report on 17 jul 2008:
http://forums.condosingapore.com/showthread.php?t=8482&page=4
Capital land very deep pockets, they won't launch until they are sure to sell at $1600-1700psf in few phases; likely closer when circle line run thu farrer and holland v mrt station. $3bil proj, they already hv $2bil loan, can "tong" since landbank is depleting for all developers. 1500 new units on old Farrer Court; I guess mayb 4 phases, slowly release and try to max out profits.
if tats the case, buy during 1st phase bao huat?:D
if tats the case, buy during 1st phase bao huat?:D
Provided they launch good units at first phase, normal practice is they don't.
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1093895/1/.html
$1.7B. Does anyone think there will be any takers for the largest residential collective sale in Singapore?
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1093895/1/.html
$1.7B. Does anyone think there will be any takers for the largest residential collective sale in Singapore?
quite unlikely .... :beats-me-man:
This location is quite ulu (along ulu pandan road) and the developer can only target those who wants to stay near NUS, Biopolis or Science Park. But NUS & Biopolis already have its own condo developments, and Science Park tenants are usually located west coast. Amenities are lacking. Hmm... not sure who will actually bite given the high psf. If they slice up the land parcels, maybe...
No train services anywhere. Nearest is SP Dover station and even that needs some cutting through the monsoon canal of Ghim Moh track. Some more nearby already have a hostel for SIM students (ex-sch of medic camp) so that is one large targeted audience for rental gone. Its quiet though; but then again that's because its ulu. Light sleepers may like this place but will enough of them pay a premium for it??
kingkong1984
18-11-10, 07:32
This location is quite ulu (along ulu pandan road) and the developer can only target those who wants to stay near NUS, Biopolis or Science Park. But NUS & Biopolis already have its own condo developments, and Science Park tenants are usually located west coast. Amenities are lacking. Hmm... not sure who will actually bite given the high psf. If they slice up the land parcels, maybe...
Dun slice land, slice SIZE. Give a free shuttle to mrt will solve the problem, dover station is . Good
Location not bad what... quiet environment, within 1 km of Henry Park Pri School, Next to canal (can blade, cycle run), short distance to Holland V, amenities can get from Clementi. Only thing is a bit far from MRT...
heard in jan 2011 next year,laguna park will be making another attempt for en bloc..currently they are getting signatures to make up the 80% of owners approval required..this will be another mega en bloc attempt after pine grove..:scared-1:
heard in jan 2011 next year,laguna park will be making another attempt for en bloc..currently they are getting signatures to make up the 80% of owners approval required..this will be another mega en bloc attempt after pine grove..:scared-1:
Heard Tampines Court as well...
The Greed of Man... :2cents:
moneyspinner
18-11-10, 21:58
Really doubt if any of these mega enblocs with the sky high asking prices will go through. Let's see.:tsk-tsk:
http://www.businesstimes.com.sg/sub/news/story/0,4574,413591-1290023940,00.html?
Published November 17, 2010
Pine Grove to en bloc, $1.7b reserve price: report
THE 99-year leasehold Pine Grove in Ulu Pandan could be up for collective sale again with an estimated reserve price of $1.7 billion, said Channel NewsAsia yesterday.
The deal, if successful, would be the largest in the collective sales market since Farrer Court changed hands for $1.34 billion in 2007.
Channel NewsAsia said that property agents have been gathering residents' signatures since November last year, and they have amassed 80 per cent of votes for the collective sale to start. A cooling period is now in place in case residents change their minds.
The 660-unit Pine Grove is a former HUDC estate. Several discussions had taken place between agents and residents to sell the estate in the last few years. The en bloc fever was particularly strong in 2007 as the property market heated up and developers snapped up several estates.
But not all residents in Pine Grove were keen on a deal then. A 'Save The Pine Grove' group was even formed to stop the sale process.
The collective sales market took a breather during the financial crisis and has revived recently, but deals have involved mostly smaller estates with more affordable price tags.
http://www.straitstimes.com/Money/Story/STIStory_604147.html
Nov 17, 2010
Collective sale: Pine Grove gets nod at latest attempt
Reserve price of $1.7b beats record set by Farrer Court in 2007
By Esther Teo
PINE Grove residents have successfully obtained the crucial 80 per cent approval needed to embark on a collective sale of their sprawling Ulu Pandan estate.
This follows failed attempts to do so last year and during the 2007 boom.
The reserve price has been set at $1.7 billion, which means Pine Grove could become Singapore's largest residential collective sale, beating the $1.34 billion record set by Farrer Court in 2007.
The Straits Times understands that the condominium's latest attempt at a collective sale crossed the requisite 80 per cent majority approval threshold last Saturday. Jones Lang LaSalle is the marketing agent.
The process, however, is now going through a five-day 'cooling off' period during which home owners may change their minds. The period begins after a collective sale agreement is signed. The measure was introduced this year.
The collection of signatures at the 660-unit former Housing and Urban Development Company (HUDC) estate on 893,178 sq ft of land started on Nov 15 last year. Many units are 1,754 sq ft in size.
The reserve price of $1.7 billion could work out to be between $2.1 million and $2.75 million per unit, depending on the apartment size and development charge.
Resident Sing Tien Foo, who has been living at the estate since 2003, said it would be good to have the place redeveloped.
But the associate professor at the National University of Singapore added that there were many residents who have strong attachments to the estate.
'I have mixed feelings about the sale as well. While we will get a higher price than if we sell the units individually, I like this place very much,' he said.
Mr Colin Tan, research and consultancy director of property firm Chesterton Suntec International, said Pine Grove was likely to be redeveloped into a high-end to luxury development.
It is in a good location, he said, in an established expatriate area near an international school and close to an area of good-class bungalows.
Mr Tan added that bigger property players or joint ventures formed to mitigate the level of risk are likely to bid as the reserve price of $1.7 billion is a very large sum to stump up.
'The luxury market hasn't quite recovered yet, so if we are targeting developers who plan to launch such luxury condos, then maybe it isn't the right time to launch the sale yet... although the market is likely to pick up in the future.'
Pine Grove's collective sale attempt in 2007 failed to bear fruit, even though the average payout was eventually raised to about $2 million a unit.
The current record for a collective sale is held by Farrer Court located along Farrer Road, also a former HUDC estate. It was sold to CapitaLand and had a development charge of about $500 million.
[email protected]
http://www.straitstimes.com/Money/Story/STIStory_604912.html
Nov 19, 2010
PINE GROVE COLLECTIVE SALE
$1.7b reserve price: Will builders bite?
Joint bids likely, say analysts, pointing to cautious mood
By Francis Chan & Yasmine Yahya
PINE Grove is set to be put up for collective sale but its high $1.7 billion reserve price - the same carrot that enticed residents to support the sale - may put off potential bidders, say market experts.
But most still think there would be no lack of interest from developers, which could submit joint bids for the sprawling site off Ulu Pandan Road, home to 660 units.
'I wouldn't say the price would turn them away, but it's very likely that they will form consortiums to bid for it,' said Ms Tay Huey Ying, Colliers' director of research and advisory.
Mr Colin Tan, research and consultancy director of Chesterton Suntec International, was more optimistic, saying that with the world flush with liquidity at the moment, 'anything can happen'.
But he pointed out that developers may be cautious since other projects launched between 2007 and 2008 in the area have not been fully sold yet.
'Projects like The Interlace, Farrer Court... these are huge projects that are still not fully sold,' said Mr Tan. 'So who would build a similar project when you have other existing projects that have not been fully sold?'
Jones Lang LaSalle has been appointed the marketing agent of the estate, which sits on 893,178 sq ft of land.
News broke earlier this week that the requisite 80 per cent of residents from the estate had given their support for the collective sale. This, said some Pine Grove residents yesterday, was after the reserve price had been revised upwards to $1.7 billion earlier this month.
'Some of my neighbours were still undecided, but changed their minds after they received the notice about the latest price revision,' said a 47-year-old resident from Block 1B.
At $1.7 billion, owners could receive between $2.1 million and $2.75 million per unit, depending on the size of the apartment and development charge. Most of the units are 1,754 sq ft in size.
If the sale does go through, Pine Grove would become Singapore's largest residential collective sale, beating the previous record of $1.34 billion paid for Farrer Court in 2007.
The collection of signatures from residents started on Nov 15 last year, said a resident from Block 1C.
This latest collective sale attempt by Pine Grove residents follows at least two previous failed attempts - one in 2007 and another last year. This time, collective sale committee members and property agents went door-to-door to seek support for the sale in the days leading up to the Nov 14 deadline.
'They were very proactive this time and my parents thought it was a good price, so they have agreed to it,' said a resident from Block 1P.
Residents who do not want to sell their homes, however, said they felt harassed and pressured to put pen to paper.
'Where else can I get such a spacious home?' said a semi-retired woman who has been living in Block 1B for 15 years. 'Here, I don't even close my windows and main door.'
Residents are in for a nervous few weeks as they wait for the official confirmation that an 80 per cent mandate to start the sale has been received.
[email protected]
[email protected]
Does anybody here happens to know the apportionment method for Pinegrove?
Powered by vBulletin® Version 4.2.2 Copyright © 2024 vBulletin Solutions, Inc. All rights reserved.