Queensway Shopping Centre not closing after S$500 million en-bloc falls through

Queensway Shopping Centre not closing after S$500 million en-bloc falls through

Queensway Shopping Centre is here to stay.

Nyi Nyi Thet | November 26, 04:11 pm


Queensway Shopping Centre (QSC) is here to stay.

Earlier this year, an en-bloc attempt was initiated for QSC.

According to a CNA report, the mixed development site, with a land area of about 100,000 sq ft, might fetch above S$500 million.

Even early on, the sale faced some backlash.

In general, the residents of Queensway Towers appeared to be more open to the en-bloc than the owners at QSC.

The committee had until April 20, 2020, to gather the signatures needed to push through the sale.

Ended the process early

On November 20, 2019 though an image celebrating the end of the en-bloc sale popped up online.

Which might at first glance appear premature, with almost six months left to the April 2020 deadline, apparently, it is very much overdue.

No chance

Mothership understands that a letter was sent on October 20 informing owners of the end of the Collective Sales Exercise (CSE).

A vocal opponent of the en-bloc sale told Mothership that the failure was expected:

“There was no chance of it ever succeeding.”

The marketing agent handling the sale was Savills Singapore.

Suzie Mok, senior director of investment at marketing agent Savills Singapore, told Mothership that they were “not actively pursuing the process unless the objecting owners have a change of mind”.

The need for a change of mind is due to the fact that if more than 20 per cent share value firmly oppose the en-bloc, that’s a wrap on that.

While “attempts were made to persuade non-supportive key stakeholders”, they ultimately proved unsuccessful. Mothership understands that only about 14.19 per cent share value had been secured when the CSE ended.

But while this attempt has fallen through, that doesn’t mean QSC is forever safe though.

As Mok tells us, all that is needed to kickstart another en-bloc attempt within two years is a 50 per cent requisition mandate.

So who knows what the future might hold, but for now, can go there buy shoes.

https://mothership.sg/2019/11/queens...e-not-closing/