The_King Posted December 8, 2021 Share Posted December 8, 2021 SOME owners at the sprawling Mandarin Gardens, which houses more than 1,000 units, are again eyeing an en bloc sale of the 99-year leasehold condominium as the market regains momentum. The mega development, near East Coast Park, formed a collective sale committee (CSC) on Sunday (Dec 5), and will soon select the committee chairman and other key positions, Lianhe Zaobao reported on Wednesday (Dec 8). Its previous attempt in 2018 came to naught when the CSC then failed to obtain enough signatures to launch a tender. That was despite the committee having increased the reserve price twice. It was raised from an initial S$2.48 billion to about S$2.79 billion when the CSC discovered that the 1.07 million square foot (sq ft) land parcel was undervalued by more than S$300 million, and later to around S$2.93 billion to persuade more owners to give their consent. If the deal had been successful, those eye-popping price tags would have made Mandarin Gardens the biggest en bloc transaction by dollar value in Singapore. However, when the collective sales agreement expired on Mar 24, 2019, it won the support of only 68 per cent of unit owners, less than the requisite 80 per cent mandate. The condominium's renewed en bloc bid this time round will thus tread a fine line between sweetening the reserve price sufficiently to garner support from more homeowners, and finding willing buyers for the big-ticket sale. In November 2018, The Business Times reported that market watchers were expecting interest from a consortium of developers - be it local or foreign - because it would likely be difficult for developers to take on such a hefty deal single-handedly. Lee Nai Jia, deputy director of the Institute of Real Estate and Urban Studies at the National University of Singapore, told Lianhe Zaobao this week that given the recent rise in private home prices, some Mandarin Gardens unit owners may now expect greater profits from the collective sale in order to purchase their next homes. Previously, with the final S$2.93 billion reserve price, the owners could have each received between S$1.9 million and nearly S$6 million, depending on the unit sizes, The Straits Times reported in 2019. The condominium's 1,017 units range from about 732 sq ft to 3,800 sq ft. 1 1 Link to comment Share on other sites More sharing options...
The_King Posted December 8, 2021 Author Share Posted December 8, 2021 who stay there? why so greedy. this news say it all https://theindependent.sg/singaporeans-take-back-mandarin-gardens-from-indian-expats/ 1 Link to comment Share on other sites More sharing options...
XianGe Posted December 8, 2021 Share Posted December 8, 2021 4 hours ago, The_King said: who stay there? why so greedy. this news say it all https://theindependent.sg/singaporeans-take-back-mandarin-gardens-from-indian-expats/ Abnn lo Link to comment Share on other sites More sharing options...
aaur4man Posted December 8, 2021 Share Posted December 8, 2021 10 hours ago, The_King said: who stay there? why so greedy. this news say it all https://theindependent.sg/singaporeans-take-back-mandarin-gardens-from-indian-expats/ Link to comment Share on other sites More sharing options...
Homelander Posted December 9, 2021 Share Posted December 9, 2021 15 hours ago, The_King said: who stay there? why so greedy. this news say it all https://theindependent.sg/singaporeans-take-back-mandarin-gardens-from-indian-expats/ a lot of kekleng there Link to comment Share on other sites More sharing options...
The_King Posted December 9, 2021 Author Share Posted December 9, 2021 3 billion + 60yr lease left which mean need to top up. The delvoper who buy it need to have really deep wallet Link to comment Share on other sites More sharing options...
The_King Posted December 9, 2021 Author Share Posted December 9, 2021 Best case scenario is waited until lease run out gov take back for free after 99yr Link to comment Share on other sites More sharing options...
socrates469bc Posted December 9, 2021 Share Posted December 9, 2021 u peasants diam diam, ok?????? my good friend sherman will ask his laopeh will pay the sgd3bln for him to redevelop, ok????? 2 Link to comment Share on other sites More sharing options...
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