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Thread: Laguna Park en bloc sale called off

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    Default Laguna Park en bloc sale called off

    http://www.channelnewsasia.com/stori...013831/1/.html

    Laguna Park could go at 20% discount to initial tender price

    By Ng Baoying, Channel NewsAsia | Posted: 26 October 2009 2123 hrs


    SINGAPORE: Home owners at the Laguna Park condominium in Marine Parade are now faced with the choice of selling their homes at an average of 20 per cent lower than their initial asking price.

    This comes after a failed tender earlier this month.

    Then, the site received a bid from an Indonesian-owned, locally incorporated company of S$1.728 billion, but a downpayment could not be made in time.

    Since then, the collective sale committee has circulated a letter informing owners of a new potential selling price of S$967 million.

    Under en bloc sale regulations, 80 per cent of owners need to vote in favour of this price tag before the sale can proceed.

    When Laguna Park opened for tender in September, most owners stood to gain around S$2.1 million to S$2.3 million each. Penthouse owners would have gotten between S$3.5 million and S$4.1 million each.

    But at the new price being considered now, owners will get almost 20 per cent less or about S$1.8 million.

    Some analysts said this price might be too low to be attractive to sellers. But they said sellers need to take into consideration some of the less positive aspects of the property.

    Nicholas Mak, property consultant, said: "They must be aware that this is an ageing development and the lease of 99 years has been run down significantly."

    He added that sellers who are planning to buy similar properties that also have a view of the sea will probably have to pay as much as SS$2 million.

    And he expects most owners to have to have to downgrade from their older, but more spacious units, to smaller new homes.

    Charges to top up the lease to a 99-year term and to increase the site's plot ratio comes up to about S$440 million.

    Earlier, buyers would have been looking at paying around S$850 per square foot per plot ratio - a price many analysts considered expensive.

    At the new prices, the cost comes down to S$700 per square foot per plot ratio for the 528-unit leasehold Marine Parade project.

    Property consultancy Colliers said S$967 million is a more realistic selling price, and could lead to some developers re-considering the tender.

    However, many analysts also noted that the total price is still very hefty for any one local developer in today's market.

    Laguna Park has a land area of 677,463 square feet, which means about 1,500 apartments can be built on the site.

    According to the development's marketing agent Credo, the sales committee has until around mid-November to strike a deal with a buyer, before the collective sale agreement expires on December 19. - CNA/vm

  2. #2
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    Take it and run, market sentiment has ground to a halt all round.

  3. #3
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    Default Run !

    Gd idea.... But if developer also run... how ?

  4. #4
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    Quote Originally Posted by smallant
    Gd idea.... But if developer also run... how ?
    Tough luck!

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    learn from Pacific Mansion saga.... news paper come out big big about potential gain and play hard to get with developer... in the end gone with the wind... now wait long long liao...

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    Not same comparison lah - LH vs FH.

  7. #7
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    They should wait till both IRs open and then put up one big "en-bloc" banner facing ECP to attract gamblers travelling airport to/fm casinos. May fetch > 2b.

  8. #8
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    Default LP - when IRs open

    Reckon when IR opens and LP still no enbloc, there might be some jumpers ! So gonna avoid those high building projects..... Even hotels are keeping their windows locked ... hehehe.. when IRs are opened.

    as a precaution. Gd luck to those... Sweet dreams...

  9. #9
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    Collective sale of Laguna Park condo officially off
    By Asha Popatlal, Channel NewsAsia | Posted: 18 November 2009 2241 hrs
    Photos 1 of 1 ">


    SINGAPORE: The closely watched collective sale of Laguna Park is now officially off.

    The enbloc tender for the condominium in Marina Parade started off at an eyebrow-raising price tag of S$1.2 billion.

    Although it received a bid of S$1.73 billion, the tender failed as a down payment could not be made in time.

    The price was later revised downwards to S$967 million - but it still had no takers.

    Marketing agent Credo Real Estate said even if an offer comes in now, it would be too late as there is not enough time to crank-up the entire process again in time for the December 19 deadline - when the collective sale agreement expires.

    Market watchers noted that developers have become increasingly cautious, amid the government's recent market-cooling measures.

    - CNA/sc

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    home stayers happy, specuvestors pek chek.

  11. #11
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    Quote Originally Posted by kane
    home stayers happy, specuvestors pek chek.
    There is only 31% consented, meaning Credo has no mandate to continue the sale. Much ado about nothing.

  12. #12
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    Quote Originally Posted by gloworm2
    There is only 31% consented, meaning Credo has no mandate to continue the sale. Much ado about nothing.
    Anyway Credo already busy with another site liao.

    Title : Jalan Ampas industrial site up for collective sale
    By : Tan Hui Leng, Channel NewsAsia Date : 18 Nov 2009 2132 hrs (GMT + 8hrs)
    SINGAPORE: Owners of a freehold industrial site at No.6, Jalan Ampas , off Balestier Road, have put their property up for collective sale.
    The property is one of the 15 industrial buildings in the Balestier area that the Urban Redevelopment Authority (URA) has said it is prepared to consider re-zoning for residential use.
    Credo Real Estate, the marketing agent for the site, is not disclosing the reserve price but said it expects offers of around S$27 million to S$30 million.
    The existing development, spanning about 28,000 square feet, holds a three-storey strata-titled development, comprising four terrace factory units built in the 1980s.
    When it is re-zoned, the site may be redeveloped into a high-rise residential development with a gross plot ratio of 2.8. This may yield some 100 apartments with an average size of 780 square feet.
    The developer will, however, have to pay a development charge of S$18.7 million for changing the use of the site. Credo said that after factoring in the development charge, the indicative price range translates to S$586 to S$625 per square foot per plot ratio.
    At this range, it said, the developer should be able to break even at about S$950 psf to S$1,000 psf.
    Credo said it is upbeat that the site can attract significant interest from developers as it is located near Shaw Plaza.
    The en bloc tender opened on Wednesday and will close at 3pm on December 10.
    - CNA/ir
    [CENTER][COLOR=#804000][B]BE CENTRED BY ALL AT THE FRINGE OF THE CITY @ [URL="http://www.eightwoodleigh.freeforums.org/index.php"][/URL][/B][/COLOR]
    [/CENTER]

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    Default Laguna Park en bloc sale called off

    http://www.businesstimes.com.sg/sub/...60213,00.html?

    Published November 19, 2009

    Laguna Park en bloc sale called off

    Over at Meyer Place, owners to start inking deal soon to lower reserve price

    By KALPANA RASHIWALA


    (SINGAPORE) The en bloc sale of Laguna Park has been called off for now as the sales committee found it a race against time to get the minimum consent level from owners at a proposed lower price - said to be $967 million or $704 psf per plot ratio, down from the original $1.2 billion or $844 psf ppr reserve price - before the Collective Sale Agreement (CSA) expires next month.

    But over at Meyer Place, owners will soon begin signing a supplemental agreement to their original CSA at a lower price of $59 million, down from the original $65 million. BT understands the sales committee is expected to sign an agreement soon for the freehold property's sale to a joint venture involving property and construction companies - subject to securing at least 80 per cent consent from owners at the lower price.

    Meyer Place's CSA expires around mid-March 2010.

    'The tender for Meyer Place closed on Oct 28 with four expressions of interest received and we are now negotiating with one of these parties,' says Christina Sim, director, investment, capital markets at Cushman and Wakefield, the marketing agent for the property.

    The lower proposed reserve price of $59 million works out to $1,048 psf ppr including an estimated $3 million development charge (DC), down about 9 per cent from the $1,150 psf ppr based on the original $65 million reserve price.

    Based on the revised price, the breakeven cost for a new development on the site could be $1,550 to $1,600 psf.

    Laguna Park's sales committee decided to call off the estate's en bloc sale last week. 'While it did begin the process of getting owners to sign a supplemental agreement to lower the reserve price, the committee felt it was a race against time as the existing CSA expires next month,' said Karamjit Singh, managing director of Credo Real Estate, the marketing agent for the property.

    Laguna Park comprises 528 units.

    'It would probably be better if owners begin a fresh en bloc initiative next year and sign a fresh CSA which will give them a new 12-month period to find buyers,' Mr Singh said.

    Laguna Park, which has a land area of 677,463 sq ft, failed to find a buyer after its tender closed last month. Although two bids were submitted, no buyer made the downpayment to seal the $1.2 billion deal at the time. Mr Singh said yesterday that although signing of a supplemental agreement at the lower price had started last month, so far no conditional agreement had been inked with any potential buyer for a sale at the lower price.

    The unit land price of $704 psf ppr based on the revised $967 million price tag includes payment to the state to intensify the site's use and top up its lease to a fresh 99-year term.

    Meyer Place has a freehold land area of 28,167 sq ft and was completed in the early 1990s, comprising 28 apartments - 24 units in a 13-storey block and four in a conservation house.

    The property is zoned for residential use with a 2.1 plot ratio - the ratio of maximum potential gross floor area to land area.

    Although Meyer Place is a relatively new development, it has redevelopment potential as its plot ratio in the 2008 Master Plan has not been fully utilised. 'The apartment block could be torn down and rebuilt into smaller units,' said Cushman's Ms Sim.

    Market watchers point out that the buyer of Meyer Place could also seek to enlarge the plot by purchasing surrounding properties. Just in front of Meyer Place, at No. 40 Meyer Road, is a small apartment block with a site area of about 6,000 sq ft. There is also another plot behind Meyer Place housing two old bungalows at 18D and 18E Fort Road - adding up to more than 20,000 sq ft of land - that could potentially be purchased and amalgamated.

    Last month, Roxy-Pacific signed an agreement to buy Dragon Mansion for $100.8 million or $863 psf ppr including DC - lower than the owners' previous asking price of $120 million or $1,020 psf ppr. Signing by owners of a supplemental agreement to the original CSA at the revised price is still in progress. The majority owners have up to January next year to make an application for a collective sale to the Strata Titles Board.

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    http://www.straitstimes.com/Money/St...ry_456262.html

    Nov 19, 2009

    Laguna Park not for sale - at least for now

    By Robin Chan & Jessica Cheam


    THE Laguna Park sales committee has voted to call off the faltering collective sale of their Marine Parade condo, after an initial bid failed.

    The on-off sale would have been one of the largest here, with an asking price of around $1 billion. But lukewarm response from developers and a fast-approaching deadline for a sale to be completed sealed its fate - for now.

    Mr Karamjit Singh, managing director of Credo Real Estate, told The Straits Times that the Laguna Park sales committee decided to let the collective sales agreement (CSA) expire next month: 'To get the 80 per cent takes time, and because it's a very big development, there was not the luxury of time.'

    Last month, owners in the East Coast estate failed to sell the property en bloc for $1.2 billion through a tender process. They were considering a lower price of between $950 million and $1 billion, below the $1.2 billion reserve price which would require them to get an 80 per cent vote of approval from owners.

    The impending expiry of the CSA left them with little time to get the required signatures. The committee thus decided that instead of pursuing the more than 400 signatures needed, it would be better to start afresh with a new CSA next year, giving them a full 12 months to pursue another sale, Mr Singh said.

    Though there had been talks with a potential buyer, nothing came of them, given the sales committee's decision not to pursue the signatures.

    It is still too early to say when a new sales committee will be nominated, but Mr Singh says it will be next year.

    Owners had not been officially informed of the development when The Straits Times called yesterday, but one who was against the sale and declined to be named was relieved: 'It's a wise move because of the present market situation. One year later, the property market might be picking up again and we would be more justified to sell.'

    The Laguna Park sale has been surrounded by drama from the word go. The development obtained the 80 per cent approval from the 500 or so owners late last year, but the $1.2 billion price was decided late 2007.

    There was still a vocal minority strongly opposed to a sale, and incidents of vandalism occurred at the condo protesting the deal.

    Laguna is a former HUDC estate with a land area of about 677,493 sq ft and a gross plot ratio of 2.8.

    If the sale of the 528-unit leasehold project had come off, it would have only been the second en bloc deal this year. The first was the smaller Dragon Mansion in Spottiswoode Park Road, which eventually sold for $100.8 million last month despite asking for $120 million.

  15. #15
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    Is any Meyer Place owner here willing to sell me his apartment for $1.5 m?

    The last transacted price was only $735,000 on 26 Feb 2007.

    I am willing to offer double of the last transacted price ...

    The Meyer Place
    Address: 2 6 Meyer Place
    No. of Units: 28
    Unit sizes: 3+1 bedrooms: 1,500 sq ft


    Business Times 19 Nov 2009
    Laguna Park en bloc sale called off

    Over at Meyer Place, owners to start inking deal soon to lower reserve price

    By KALPANA RASHIWALA

    (SINGAPORE) The en bloc sale of Laguna Park has been called off for now .

    But over at Meyer Place, owners will soon begin signing a supplemental agreement to their original CSA at a lower price of $59 million, down from the original $65 million. BT understands the sales committee is expected to sign an agreement soon for the freehold property's sale to a joint venture involving property and construction companies - subject to securing at least 80 per cent consent from owners at the lower price.

    Meyer Place's CSA expires around mid-March 2010.

    'The tender for Meyer Place closed on Oct 28 with four expressions of interest received and we are now negotiating with one of these parties,' says Christina Sim, director, investment, capital markets at Cushman and Wakefield, the marketing agent for the property.

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