Q1 : About 4 months if no objection Sales Order will be issued by STB. If there is objection, STB will mediate, if fails, High Court hearing and High Court will issue Sales Order or invalidate the Sales….no timeline be guaranteed. Case Reference : Shunfu, Minton Rise at Lor Ah Soo, and Gillman Heights, Waterfront View
Q2 : Date of Sales Order
Q3. I doubt very much you can appeal even you did not consent to sell as the Sales Order is binding on all SPs. All investments come with risk. You can refer to Waterfront View case for interesting read, may be relevant.
https://www.reach.gov.sg/participate...ng-certificate
5 years to complete, and further 2 years to sell.
And only for foreign or listed developer.
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
"There is a risk that the developer may end up having to pay the 15 per cent ABSD (additional buyer's stamp duty) on the purchase price of the land, with interest of 5 per cent per annum, if it does not fulfil the conditions for upfront remission of ABSD," said a market watcher.
there is no QC but there is still a timeline for ABSD remission.
Add 15% of purchase price brings total land costs to 1.16 billion.
Most likely will already be factored into the selling price in stages. I think they are fully prepared to pay this amount even if incurred.
In any case, wait and see!
The three laws of Kelonguni:
Where there is kelong, there is guni.
No kelong no guni.
More kelong = more guni.
looks like at least 1000psf when open for sale? 1000psf is the new 400psf for OCR condo.
SL has some deep love for large pieces of land in Singapore. Vision Exchange is one and so is their KL Trillion. They are not there to fight over small pieces of land like the recent Amber plot which is odd size. Once you have large pieces of land, you can always cut them up or create something differentiating which no one else has. Its like having a bigger sandbox to play with.
Perhaps when they look ahead, there are lesser large pie going around for current prices. Also potentially safeguarding the foreign bullish developers. They might think paying $1 billion+ (with taxes and DC) is a fair deal. I think so too.
Those not vested today will just have to pay higher psf.
Earlier this year, when I mentioned closing in $2,000 for RCR prices (caveat on micro location) and there is disbelief. Not that inconceivable today. OCR properties (caveat applies) will close this gap in a matter of years as costs go up like labour, water (how else to pay for the 5th Jurong Island sea water desalination plant in 2020) and raw materials. As such is the science of inflation which usually creeps up on consumers unknowingly. We make noise but so what? We just need to see slightly further ahead as $1,500+ as the average psf for better located OCR soon. Disbelief?
2 cents,
PropVestor
The time frame depends on the conditions that SL has set for TC. Putting aside the element of "conditions", in theory, how long do you think a developer can launch from their en bloc purchase?
In recent en blocs (especially those that have tried to en bloc previously), I was under the impression that the process of collecting the signatures (i.e. ~80% threshold for older estates) have been much quicker than before, thereby reducing the overall process of launching new units.
It would take 2 months for the lawyer to serve notification to all the SPs. and minority can serve objection within 21 days of this notification. So, when can the Sales Order be obtained is uncertain. From Tampines Court enbloc blog, look like objection is highly likely if there is valid ground. The reserve price was worked out when market was quite, now they are looking at $2m an unit after EunosVille of $2.3m an unit.
Rent free period is 6-9 months.
But once the Sales Order is obtained, SL can immediately work on the planning approval.
1Q 19 more likely to launch if everything smooth
Likely there will be objections given their past history and also the failure of their strategy which I heard was to price it " low " enough to attract a bidding war. This didn't happen and given that the other HUDCs that were sold this year attracted relatively higher prices above their Reserve prices, minority owners will be displeased. Some of the majority may be disappointed too. But their site is bigger than the others and location not as good as Eunosville so this may be the best case scenario for them. There have been a lot of GLS in Tampines in recent years too so it won't be easy to sell out with so much competition on the market. Many of these projects are sizable but of your this site mega and may need to be launched in phases like the Waterfront series. Moreover I think with 1.7M they can get a comparable unit in the same dist. Resale of similar size or a smaller 3 bedroom. At this point in time anyway.
Normanton Park owners won't be able to get a replacement in the same location at the price they are asking.
https://www.tracygoh.sg/property-new...-en-bloc-2017/
I hear the Marketing Agent is arranging a meeting at their office on the 25 th for owners to be informed of details of the offer and conditions. By then I believe the decision would also have been made so we should hear about it not long after. My guess is they will accept.
Tampines Court deal confirmed done.
It is on their Facebook also
http://www.tampinescourt.net
Sweet news that Sim Lian has sealed the deal. Hopefully this is 3rd time lucky for the chaps who voted for it. Hopefully there isn't too much opposition.
Looking forward to more successful enbloc news!
Property Price going to CRASH, so many en-bloc for the BEAR only.