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Thread: It's wait-and-see for Pender Court, Tulip Garden home owners

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    Default It's wait-and-see for Pender Court, Tulip Garden home owners

    April 4, 2008

    [SIZE="5"][B]It's wait-and-see for Pender Court, Tulip Garden home owners[/B][/SIZE]

    [B]Several have bought new homes and await sealing of deals as sales are delayed[/B]

    By Joyce Teo, Property Correspondent and Ong Bi Hui


    THEIR collective sale deals may be in doubt - and the huge cheques due to come their way - but some owners at Pender Court and Tulip Garden are taking a wait-and-see attitude for now.

    Several told The Straits Times that they would not be fazed should the deals fall through.

    Some have already received their share of the deposit. And those who have already bought new homes in anticipation of the collective sales going through say they will be open to renting out either of their two properties.

    Both condos were bought by Bravo Building Construction last year. It agreed to pay $80 million for Pender Court and $516 million for Tulip Garden.

    The Pender Court sale was due to be completed in late February and Tulip Garden in late May, but Bravo has postponed the settlement dates of both sales.

    The firm, which works with partners on such large purchases, said it was working on a shareholders' agreement for Tulip Garden.

    Many owners at Pender Court have proceeded on the basis that their deal will go through.

    A resident at the 48-unit Pender Court, off West Coast Highway, said his parents had placed a deposit on a property near the Chinese Gardens MRT station.

    'If the deal falls through, our immediate plans would be to take up a loan, buy that Chinese Gardens flat and rent out the Pender Court apartment.'

    A man renting a Pender Court unit at $2,000 a month, and who gave his name only as William, told The Straits Times: 'For tenants, the en bloc sale is a good thing, since most owners are quite desperate to rent out their flats to help pay for their new houses. So as tenants, we have a better bargaining power.'

    Another Pender Court owner, who wants to be identified only as Mrs Lim, said her family had bought a West Bay condo, which cost less than their collective sale proceeds.

    One owner, who declined to be named, said most Pender Court owners had already bought new homes and were waiting for the money from the sale.

    Her family bought an HDB flat. 'So if the deal falls through, we might consider moving to the new flat then renting out the Pender Court residence,' she said.

    She also said the owners had already received a 10 per cent deposit from Bravo, which they would retain should the deal fail, so that was giving some consolation amid the uncertainty.

    Some residents at the 164-unit Tulip Garden near Holland Road seem untroubled by the prospect of not collecting their windfalls, which will range from $1.1 million to $4.2 million.

    Trainer Sangita Khera, 40, said she liked the estate and did not wish to move.

    But she acknowledged that other residents did not share her opinion. They are now in limbo as they have bought new properties in the hope of collecting a tidy amount from the sale.

    'It's sad for some of my friends who have bought property and had moved out already,' she said.

    Bravo has paid a 5 per cent deposit of $25.8 million for Tulip Garden. It has cancelled its $162.8 million collective deal for Makeway View after finding out that it had to pay a higher-than-expected development charge.

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  2. #2
    Unregistered
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    Default Re: It's wait-and-see for Pender Court, Tulip Garden home owners

    Now owners sue company becos cannot enbloc.Reverse Horizon Tower.

  3. #3
    Unregistered
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    Default Re: It's wait-and-see for Pender Court, Tulip Garden home owners

    Quote Originally Posted by Unregistered
    Now owners sue company becos cannot enbloc.Reverse Horizon Tower.
    No need wait, No need see. Buyer wont complete. brought too high!!!!!!!!
    if he complete, its END BLOCK for him. just watch...........................

  4. #4
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    Default Re: It's wait-and-see for Pender Court, Tulip Garden home owners

    IF ONLY I KNEW
    WHAT AWAITS MAKEWAY AND TULIP
    OH HOW HOPES WERE RUDELY DASHED
    BRAVO BRAVO EVERYONE SCREAMED
    WHEN THE DEAL WAS SIGNED THEY BEAMED
    ALAS SOME COUNTED CHICKENS BEFORE THEY HATCHED
    AND SO NOW FIND THEMSELVES THOROUGHLY BASHED

    IF ONLY I KNEW
    THAT ENBLOC WOULD FIZZLE OUT
    AND SUPPLY IN MARKET WOULD SPROUT
    I WISH I HAD SOLD IN OCTOBER
    RATHER THAN NOW GO IN DEEP SLUMBER
    WAKE ME UP FRIENDS WHEN BULLS KILL THE PROWLING BEAR
    MAY BE 5 YEARS OR 6....BUT NOW THAT I HAVE LOST I REALLY DONT CARE.

  5. #5
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    Default Re: It's wait-and-see for Pender Court, Tulip Garden home owners

    Quote Originally Posted by Unregistered
    IF ONLY I KNEW
    WHAT AWAITS MAKEWAY AND TULIP
    OH HOW HOPES WERE RUDELY DASHED
    BRAVO BRAVO EVERYONE SCREAMED
    WHEN THE DEAL WAS SIGNED THEY BEAMED
    ALAS SOME COUNTED CHICKENS BEFORE THEY HATCHED
    AND SO NOW FIND THEMSELVES THOROUGHLY BASHED

    IF ONLY I KNEW
    THAT ENBLOC WOULD FIZZLE OUT
    AND SUPPLY IN MARKET WOULD SPROUT
    I WISH I HAD SOLD IN OCTOBER
    RATHER THAN NOW GO IN DEEP SLUMBER
    WAKE ME UP FRIENDS WHEN BULLS KILL THE PROWLING BEAR
    MAY BE 5 YEARS OR 6....BUT NOW THAT I HAVE LOST I REALLY DONT CARE.
    If I Know,

    HALF OF THE SINGAPORE, IS MINE.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  6. #6
    Unregistered
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    Default Re: It's wait-and-see for Pender Court, Tulip Garden home owners

    who's pender court agent and lawyer?

  7. #7
    Unregistered
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    Default Re: It's wait-and-see for Pender Court, Tulip Garden home owners

    Its a wake-up call for those big sites who is having identity crisis with enbloc potential?

  8. #8
    Unregistered
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    Default Re: It's wait-and-see for Pender Court, Tulip Garden home owners

    Quote Originally Posted by Unregistered
    who's pender court agent and lawyer?
    not sure abt agent, but lawyer can't b same. different advice leh,..

  9. #9
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    Default Re: It's wait-and-see for Pender Court, Tulip Garden home owners

    Quote Originally Posted by Unregistered
    not sure abt agent, but lawyer can't b same. different advice leh,..
    agent is cushman & wakefield.

  10. #10
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    Default Re: It's wait-and-see for Pender Court, Tulip Garden home owners

    Quote Originally Posted by Unregistered
    Now owners sue company becos cannot enbloc.Reverse Horizon Tower.

    Yes, the owners can sue buyer in a reverse Horizon Tower drama, but the developer is as good as insolvent.

    This is a very unfair game. Developers can sue sellers because they have the land and building as security, but sellers cannot sue buyers because buyers can be hollow block.

    The law for en bloc S & P agreements should be changed to required buyers to put down at least 30% of the sales price as the initial payment, otherwise when the property market takes a down turn, the buyer can simply walk away, but when the property market goes north, the sellers end up in North Pole (High Court) like Horizon Tower.

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