Published July 20, 2007

[B]LETTER TO THE EDITOR[/B]

[SIZE="5"][B]Pacific Mansion reserve price rise explained[/B][/SIZE]


I REFER to the report, 'Reserve prices raised to beat rule change in en bloc sales' (BT, July19) where Pacific Mansion was mentioned in the second last paragraph. We have received many calls from owners of the estate that expressed their unhappiness with the mention.

The general view was that, in the context of the report, it was written in a manner that suggested the Sale Committee and the marketing consultant of Pacific Mansion had raised their reserve price to entice owners to sign the collective sale agreement expediently with a view to achieving the requisite 80 per cent mandate before any new en bloc legislations are introduced.

We wish to state that this was not the case for Pacific Mansion. The reserve price had been raised in line with market developments and transactions and not to meet any deadlines at all.

Steven Ming
Director, Investment Sales
Savills (Singapore) Private Limited