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Thread: Tampines Court sold en bloc for $970m

  1. #1
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    Default Tampines Court sold en bloc for $970m

    Tampines Court eyeing $960m in collective sale bid

    JUL 1, 2017

    If successful, deal would be biggest for an ex-HUDC in decade

    Wong Siew Ying


    Home owners at Tampines Court have jumped on the collective sale bandwagon, with plans to put the privatised property up for sale for $960 million.

    If successful, it would be the biggest collective sale deal for a former Housing and Urban Development Company (HUDC) property in a decade.

    Marketing agent Huttons Asia told The Straits Times that the tender will be launched on Tuesday, having secured approval from about 82 per cent of the owners for the collective sale.

    The buyer of the sprawling 560-unit development will have to pay additional charges, estimated at $348 million, for intensifying the land use and to top up the lease to a fresh 99 years. All in, the asking price and the extra charges work out to a land rate of $665 per square foot per plot ratio, Huttons added.

    Mr Terence Lian, head of investment sales at Huttons Asia, said: "The owners are upbeat about the current market sentiment. They realise that there is a small window of opportunity now for them to launch the sale."

    Tampines Court, in Tampines Street 11, sits on a 702,000 sq ft site, and has about 69 years left on its lease. It comprises 560 units - size ranging from 1,658 sq ft to 1,733 sq ft - across 14 residential blocks.

    Mr Lian said each owner stands to receive about $1.7 million from the sale. This is its third attempt at a collective sale after its $405 million first try was dismissed by the Strata Titles Board in 2008. Around 2011, it failed to obtain the level of approval that was needed from residents.

    For properties to be sold en bloc, the consent of at least 80 per cent of the owners must be obtained.

    Huttons said the large site can be redeveloped to offer 2,100 private homes with an average unit size of 900 sq ft. "The site is in a mature estate and has the potential to be redeveloped into an eco-town, with larger apartments that are suitable for families," Mr Lian said.

    Tampines Court will be the third development to hit the collective sale market in recent weeks, following the tender launch for freehold property The Albracca in Meyer Road, and former HUDC estate Serangoon Ville in Serangoon North Avenue 1. Should Tampines Court be sold at $960 million, it would be the biggest collective sale transaction for privatised HUDC estates since Farrer Court was sold for $1.34 billion in 2007.

    Mr Lian said residents are optimistic about the sale, drawing confidence from recent bullish bids, including the record $1 billion paid for a Stirling Road residential plot under a government land tender.

    The collective sale market, which has seen a resurgence since last year, is expected to turn in a stellar performance this year.

    Four deals - One Tree Hill Gardens, Goh & Goh Building, Rio Casa and Eunosville - valued at $1.5 billion have already been done so far this year, surpassing the three deals worth $1 billion for all of last year.

  2. #2
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    If I am not wrong
    Tampines Court is paying Hutton as marketing agent 1% fee (about $17,000 an unit on reserve price) and 0.28% lawyer fee.
    On top, there are lot of other fees to be paid by the SP like valuation fee and even photo-copy.

    Whereas for EunosVille, they are paying Orange Tee $5000 flat per unit and lawyer fee of 0.22%.

    So, the members of Sales Committee are very important to secure the best deal for the SPs in terms of fees.

    Anyone knows about other enbloc information?

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    Default Sim Lian tipped to have bid S$970m for Tampines Court

    Tampines Court gets a bid of S$970m that comes with conditions

    August 15, 2017

    KALPANA RASHIWALA


    THE collective sale tender for Tampines Court,which closed on Tuesday, received a bid of S$970 million, above the reserve price of S$952 million.

    "There are however conditions attached and the CSC (collective sales committee) is evaluating the same," said Terence Lian, head of investment sales at Huttons Asia, the marketing agent for Tampines Court's collective sale.

    "We hope to wrap things up, ie, make an award within two weeks," he added.

    He termed the tender result as "satisfactory", having crossed the reserve price and "considering the sprawling land size Tampines Court sits on".

    Assuming Tampines Court is sold at S$970 million, this would be the biggest collective sale of a privatised HUDC (Housing & Urban Development Company) estate since the S$1.34 billion sale of Farrer Court in 2007.

    Tampines Court has a land area of 702,164 sq ft and a 2.8 plot ratio (ratio of maximum gross floor area to land area). Mr Lian estimates that the site could be potentially redeveloped into a new project with up to 2,609 units based on an average size (gross floor area) of about 753 sq ft. The Tampines Court site has a balance lease term of about 69 years.


    Tampines Court gets $970m collective sale offer

    Aug 16, 2017

    Lee Xin En


    It is likely to be third time is the charm for home owners at Tampines Court, after an offer lodged above its reserve price of $960 million set it up for a collective sale.

    The bid could finally clinch the sale of the former Housing and Urban Development Company (HUDC) estate, which has failed in two earlier attempts to conclude a deal to sell en bloc.

    Mr Terence Lian, head of investment sales at Huttons Asia, indicated that a bid had come in at $970 million but that the collective sale committee was still evaluating the bid as there were some conditions attached to the deal.

    If it goes through, it will be the biggest collective sale of a former HUDC property since Farrer Court went for $1.34 billion in 2007.

    Each home owner at Tampines Court is likely to walk away with between $1.7 million and $1.75 million from the sale.

    The estate in Tampines Street 11 sits on a sprawling 702,000 sq ft site with about 69 years left on its lease. There are 560 units from 1,658 sq ft to 1,733 sq ft ranged across 14 blocks.

    Tampines Court attempted a collective sale in 2008 for $405 million, but it was dismissed by the Strata Titles Board. In 2011, it failed to obtain the required level of approval from 80 per cent of the owners.

    The collective sale market has been powering head amid more positive sentiment and developers' hunger for sites.

    Word on the market is that at least four former HUDC developments have started the collective sale process.

    Six collective sale transactions - Serangoon Ville, The Albracca, One Tree Hill Gardens, Goh & Goh Building, Rio Casa and Eunosville - valued at $2.1 billion have already been done so far this year, surpassing the three deals worth $1 billion for all of last year.

    http://www.straitstimes.com/business...ive-sale-offer



    Sim Lian tipped to have bid S$970m for Tampines Court

    If the sale goes through, this collective sale could be the second largest in Singapore after Farrer Court in 2007

    August 16, 2017

    Kalpana Rashiwala


    SIM Lian Development is believed to have placed a bid of S$970 million for the collective sale of Tampines Court.

    On Tuesday evening, Huttons Asia, the marketing agent for the privatised HUDC (Housing and Urban Development Company) estate, said the tender for the site, which closed at 3 pm the same day, received a bid of that sum - above the reserve price of S$952 million.

    Terence Lian, who heads investment sales at Huttons Asia, did not identify the party, but said conditions were attached to the S$970 million bid, so the collective sales committee is evaluating the bid.

    "We hope to wrap things up, that is, make an award within two weeks," he added.

    He declined to be drawn into discussing the number of bids received.

    He said that a price of S$970 million works out to around S$655 per square foot of potential gross floor area, inclusive of two payments to the state. One is a differential premium for enhancing the intensity of the site to a gross plot ratio of 2.8; the other is a lease-upgrading premium, which will top up the site's lease to 99 years.

    The site has a leftover lease of 69 years.

    Mr Lian described the tender result as "satisfactory", having crossed the reserve price and "considering the sprawling land size Tampines Court sits on".

    Assuming Tampines Court is sold at S$970 million, this would be the second largest collective sale in dollar quantum after Farrer Court, which went for S$1.3388 billion back in 2007, said JLL.

    Tampines Court has a land area of 702,164 sq ft.

    Based on a 2.8 plot ratio - which is the ratio of maximum gross floor area to land area - Mr Lian estimates that the site could be redeveloped into a project with up to 2,609 units, based on an average unit size (gross floor area) of about 753 sq ft.

    A seasoned property consultant estimates the breakeven cost at around S$1,150 psf. While this would still leave a profit margin for the developer based on the current buoyant market conditions, the development risk for this project lies in its huge size of more than 2,500 units.

    "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.

    These conditions include completing the new development on the site and selling off all its units within five years of the collective sale order granted by the Strata Titles Board (STB) or the court.

    The successful bidder of Tampines Court will also factor in an expected increase in development charge rates come Sept 1, given the recent bullish residential land bids in general. This in turn will push up the differential premium payable on the Tampines Court site and hence raise the breakeven cost for the new project.

    That said, Sim Lian, is no newbie to the Tampines area, having developed for the Housing Board two Design Build and Sell Scheme (DBSS) projects in the area - The Premier and Centrale 8 - in addition to an executive condo (a public-private housing hybrid) project, Tampines Trilliant.

    Moreover, the group has a construction arm, which, assuming it handles the building works of the new project, will result in some savings in construction cost, say analysts.

    Market watchers believe that among the conditions that the potential buyer of Tampines Court is likely to have sought from its owners would be requiring confirmation of the development baseline for the property, which will have a bearing on the quantum of differential premium.

    In addition, the deal would be subject to a lease top-up for the site. The buyer would also have stipulated a timeframe for the order of sale to be granted by the STB or court - as one of the conditions of its purchase.
    Last edited by reporter2; 23-08-17 at 23:59.

  4. #4
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    Don't tremble. Wait till many more old buildings enbloc and the windfall owners come back to market to look for properties! Showhand.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    This deal may not be that smooth as the place is having feng shui problems with enbloc.

    The buyer knows it is a single bid, so the nego is not going to be easy.

    Anyway the Sales Com is doing a very lousy job to let Huttons to charge 1% com, far above market rate

  7. #7
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    Yes yes, fengshui lah, commissions lah...

    So what better option than to keep waiting?
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    Quote Originally Posted by Kelonguni View Post
    Yes yes, fengshui lah, commissions lah...

    So what better option than to keep waiting?
    I am no longer a buyer nor seller. Just hold what I have.
    Will be out from property games in these three- four years.
    There are other better games to play

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    Quote Originally Posted by Laguna View Post
    I am no longer a buyer nor seller. Just hold what I have.
    Will be out from property games in these three- four years.
    There are other better games to play
    The message is definitely not intended for you. In terms of property, you are healthily exposed.

    It's meant for those who need property to wait together wih those who do not need property.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    i am rather bearish on the fundamental.

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    Sim Lian tipped to have bid S$970m for Tampines Court

    If the sale goes through, this collective sale could be the second largest in Singapore after Farrer Court in 2007

    August 16, 2017

    KALPANA RASHIWALA


    SIM Lian Development is believed to have placed a bid of S$970 million for the collective sale of Tampines Court.

    On Tuesday evening, Huttons Asia, the marketing agent for the privatised HUDC (Housing and Urban Development Company) estate, said the tender for the site, which closed at 3 pm the same day, received a bid of that sum - above the reserve price of S$952 million.

    Terence Lian, who heads investment sales at Huttons Asia, did not identify the party, but said conditions were attached to the S$970 million bid, so the collective sales committee is evaluating the bid.

    "We hope to wrap things up, that is, make an award within two weeks," he added.

    He declined to be drawn into discussing the number of bids received.

    He said that a price of S$970 million works out to around S$655 per square foot of potential gross floor area, inclusive of two payments to the state. One is a differential premium for enhancing the intensity of the site to a gross plot ratio of 2.8; the other is a lease-upgrading premium, which will top up the site's lease to 99 years.

    The site has a leftover lease of 69 years.

    Mr Lian described the tender result as "satisfactory", having crossed the reserve price and "considering the sprawling land size Tampines Court sits on".

    Assuming Tampines Court is sold at S$970 million, this would be the second largest collective sale in dollar quantum after Farrer Court, which went for S$1.3388 billion back in 2007, said JLL.

    Tampines Court has a land area of 702,164 sq ft.

    Based on a 2.8 plot ratio - which is the ratio of maximum gross floor area to land area - Mr Lian estimates that the site could be redeveloped into a project with up to 2,609 units, based on an average unit size (gross floor area) of about 753 sq ft.

    A seasoned property consultant estimates the breakeven cost at around S$1,150 psf. While this would still leave a profit margin for the developer based on the current buoyant market conditions, the development risk for this project lies in its huge size of more than 2,500 units.

    "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.

    These conditions include completing the new development on the site and selling off all its units within five years of the collective sale order granted by the Strata Titles Board (STB) or the court.

    The successful bidder of Tampines Court will also factor in an expected increase in development charge rates come Sept 1, given the recent bullish residential land bids in general. This in turn will push up the differential premium payable on the Tampines Court site and hence raise the breakeven cost for the new project.

    That said, Sim Lian, is no newbie to the Tampines area, having developed for the Housing Board two Design Build and Sell Scheme (DBSS) projects in the area - The Premier and Centrale 8 - in addition to an executive condo (a public-private housing hybrid) project, Tampines Trilliant.

    Moreover, the group has a construction arm, which, assuming it handles the building works of the new project, will result in some savings in construction cost, say analysts.

    Market watchers believe that among the conditions that the potential buyer of Tampines Court is likely to have sought from its owners would be requiring confirmation of the development baseline for the property, which will have a bearing on the quantum of differential premium.

    In addition, the deal would be subject to a lease top-up for the site. The buyer would also have stipulated a timeframe for the order of sale to be granted by the STB or court - as one of the conditions of its purchase.

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    I wonder the conditions are tied to pay out timing since the 2017 price is much higher than the previous.

    I am more curious about where these 560 units of millionaires will buy into. There is not much stock left around Simei MRT area. Should check with Bargain Hunter.

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    En-bloc fever is back. With a vengeance this time. Feels like 2007 all over again.

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    D18 so many stocks especially on resale markets .

    Quote Originally Posted by PropVestor View Post
    I wonder the conditions are tied to pay out timing since the 2017 price is much higher than the previous.

    I am more curious about where these 560 units of millionaires will buy into. There is not much stock left around Simei MRT area. Should check with Bargain Hunter.

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    Quote Originally Posted by PropVestor View Post
    I wonder the conditions are tied to pay out timing since the 2017 price is much higher than the previous.

    I am more curious about where these 560 units of millionaires will buy into. There is not much stock left around Simei MRT area. Should check with Bargain Hunter.
    not sure about resale stock though. and they can always move to other areas?

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    My guess is that this area where they live is not really that bad. Probably about up to 1/3 will stay around the vicinity. That will absorb some of the resale and new units. Recent launches here have been doing pretty OK too.

    I really hope this goes through just like City Plaza.

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    Actually the area around like simei, pasir ris or bedok reservoir is considered better place than tampines court.

    Quote Originally Posted by PropVestor View Post
    My guess is that this area where they live is not really that bad. Probably about up to 1/3 will stay around the vicinity. That will absorb some of the resale and new units. Recent launches here have been doing pretty OK too.

    I really hope this goes through just like City Plaza.

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    Sim Lian was reported to have submitted the only bid. Looks like developers are cautious. For the size and price, this is high risk if Sim Lian went alone.

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    Quote Originally Posted by Amber Woods View Post
    Sim Lian was reported to have submitted the only bid. Looks like developers are cautious. For the size and price, this is high risk if Sim Lian went alone.
    Yes, the risk is too high for Sim Lian.

    2500 units to be sold from date of Sales Order. i.e. when the site is cleared, planning approval given and showroom ready, and after the rent free period, it is easily one year gone. 4 years to sell 2500 units, else ABSD 15% on land price with 5% pa interest....

    very high risk

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    Between the rock and a very hard place, where would you choose?

    Developers with primarily local exposure can either choose to pay high price for durian stocks, or not have any durian stocks and close shop.

    Consumers can choose to buy current stocks of mid-priced durians, or pay very high-priced durian later or not eat durian at all.

    Don't believe? Wait it out and see.

    http://www.asiaone.com/business/loca...nish-land-bank

    You don't need 10 developers to bid for 1 enbloc site.

    You need 10 to bid for 10 sites.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    But I am surprised by the price. 405M in 2008. 960M in 2017. That is almost 2.5 times more.

    At $665 psf, let's say 300 psf to build. Breakeven slightly below 1k psf. If they sell average 1.2k psf, already 150M profit.

    Usually, they play around with A/C ledge, balcony etc. Add another 15% to 150M = 172M.

    Not fantastic but still a decent amount. If they can get 1.3k psf, then really a good deal. The same old tricks. 420sqft studio, 624 sqft 2 bedder, 750 sqft 3 bedder. And 883 sqft 4 bedder.

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    Quote Originally Posted by Amber Woods View Post
    Sim Lian was reported to have submitted the only bid. Looks like developers are cautious. For the size and price, this is high risk if Sim Lian went alone.
    wonder what are the conditions, anyway Sim Lian is not listed anymore and therefore thought they don't have to worry about QC and QC charges since it is a singapore developer.

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    That was why I had advised those who needed to buy to snatch while the price and size is right over the last 2 years. Those who have no need to buy or not ready, just sit by and watch the show.

    Once the tide turns (and some will say it has already turned), we will be staring at a new paradigm for private housing sizing and pricing.

    Lousy economy, record growth and sales (both cars and housing).

    Quote Originally Posted by thomastansb View Post
    But I am surprised by the price. 405M in 2008. 960M in 2017. That is almost 2.5 times more.

    At $665 psf, let's say 300 psf to build. Breakeven slightly below 1k psf. If they sell average 1.2k psf, already 150M profit.

    Usually, they play around with A/C ledge, balcony etc. Add another 15% to 150M = 172M.

    Not fantastic but still a decent amount. If they can get 1.3k psf, then really a good deal. The same old tricks. 420sqft studio, 624 sqft 2 bedder, 750 sqft 3 bedder. And 883 sqft 4 bedder.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    Quote Originally Posted by 2824 View Post
    wonder what are the conditions, anyway Sim Lian is not listed anymore and therefore thought they don't have to worry about QC and QC charges since it is a singapore developer.
    One possible condition could be that the owners must move out in a period of time (say 3-6 months), to allow more time for sales.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    Quote Originally Posted by 2824 View Post
    wonder what are the conditions, anyway Sim Lian is not listed anymore and therefore thought they don't have to worry about QC and QC charges since it is a singapore developer.
    its the ABSD, not QC.

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    Quote Originally Posted by thomastansb View Post
    But I am surprised by the price. 405M in 2008. 960M in 2017. That is almost 2.5 times more.

    At $665 psf, let's say 300 psf to build. Breakeven slightly below 1k psf. If they sell average 1.2k psf, already 150M profit.

    Usually, they play around with A/C ledge, balcony etc. Add another 15% to 150M = 172M.

    Not fantastic but still a decent amount. If they can get 1.3k psf, then really a good deal. The same old tricks. 420sqft studio, 624 sqft 2 bedder, 750 sqft 3 bedder. And 883 sqft 4 bedder.
    i think at this point, 3 bedders should still be from 800 sq ft and 4 bedders they should at least try to keep it above 1,000 sq ft.

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    Quote Originally Posted by Amber Woods View Post
    Sim Lian was reported to have submitted the only bid. Looks like developers are cautious. For the size and price, this is high risk if Sim Lian went alone.
    To re-hash the over-used Walter Gretzky quote “Skate to where the puck is going, not where it has been.”
    No one can tell the future. Developers see the mid to long term unlike consumers who see prices today and the next few months.

    SL analysts would have weighed in on the risks and calculate till the cows come home on the psf, profits, taxes etc. They do not draw out this amount from thin air.

    SL is no small player and has regional exposure (comes with the risks). They know what they are doing. The thing is, do consumers know what they are doing when this land is developed for launch?

    2 cents,
    PropVestor

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    I agree with you. Anyway, based on a quick calculation, they will be able to make profit easily. Question is - how much?




    Quote Originally Posted by PropVestor View Post
    To re-hash the over-used Walter Gretzky quote “Skate to where the puck is going, not where it has been.”
    No one can tell the future. Developers see the mid to long term unlike consumers who see prices today and the next few months.

    SL analysts would have weighed in on the risks and calculate till the cows come home on the psf, profits, taxes etc. They do not draw out this amount from thin air.

    SL is no small player and has regional exposure (comes with the risks). They know what they are doing. The thing is, do consumers know what they are doing when this land is developed for launch?

    2 cents,
    PropVestor

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    Quote Originally Posted by PropVestor View Post
    I wonder the conditions are tied to pay out timing since the 2017 price is much higher than the previous.

    I am more curious about where these 560 units of millionaires will buy into. There is not much stock left around Simei MRT area. Should check with Bargain Hunter.
    tanah merah, siglap, , teluk kurau or east coast lor, where else. eastenders don't like to move too far away

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    Quote Originally Posted by Kelonguni View Post
    One possible condition could be that the owners must move out in a period of time (say 3-6 months), to allow more time for sales.
    Have a few questions to the quote above and the en-bloc. They are as follows:

    (1) After a tender is being made, how long does STB usually take to approve the sale? A lawyer friend told me that it would typically take from six to eight months for approval. Is that the time frame we are looking at? Have anyone experience an en bloc to shed some light for me?

    (2) I checked the caveats for TC and noticed that there were quite a few buyers in the last three years. While it is clearly a profit for these new owners, their potential windfall would be substantially marginalised by SSD. Question here is when does the en bloc sale constitute the date of sale for SSD to be applied? Is it dated from the award of the tender? Or is it dated from the approval of the STB? For these owners, especially those who bought late last year would be nervous about the treatment of SSD associated with the timeline of the sale.

    (3) I understand that SSD continues to apply for en bloc owners even if they voted no. I am wondering if there should be more petition against that especially when the objective of SSD is to prevent speculation. I have read cases where new owners spent thousands of dollars in renovation to start their life and only be washed with uncertainty of an en bloc sale. While I understand that there is monetary gains to be made, would it not be logical for the government to grant exceptions to the rule of SSD for these new owners? From my standpoint, only the government stands to pocket these gains. The opportunity cost of uncertainty sitting through an en bloc can weigh heavily on one's family future that may "cost" more than the potential windfall an en bloc can bring.

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