Buyers deterred by high retail vacancy rates and prohibitive selling prices Some commercial buildings are facing an uphill task trying to achieve collective sales, with buyers deterred by high retail vacancy rates and prohibitive selling prices. One of the more recent candidates for such a sale is Queensway Shopping Centre, a 45-year-old freehold site known[…]
Sales committees to bear consequences for ‘unrealistic timelines for court proceedings’ Singapore’s top court has warned that collective sales committees and their advisers will have to “bear the consequences” when court rulings cannot be given in time for the sale of a property to be completed. The three-judge Court of Appeal said the courts will[…]
SINGAPORE – Debt-laden property developer Oxley Holdings announced on Tuesday morning (April 30) that it has signed a deal to sell Chevron House for up to $1.025 billion, just 16 months after acquiring the prime office building in Raffles Place for $660 million in December 2017. Oxley said that on April 29, it entered into[…]
SINGAPORE – Freehold property Le Arc Apartment off Geyland Road is up for collective sale again, with the owners now expecting a minimum offer of $18.5 million, marketing agent ERA Realty Network announced on Tuesday (April 23). The price translates to around $847 per sq ft per plot ratio (psf ppr), or $792 psf ppr[…]
Realty Centre, an office block in Tanjong Pagar, has become the first commercial block to be sold en bloc this year, but its $148 million sale price was below the reserve price. Marketing agent Cushman & Wakefield had put the freehold 12-storey building up for collective sale in January with a reserve price of $165[…]
I had the opportunity to meet up with a reader a while back who had a somewhat happy problem. A beneficiary of a recent enbloc sale meant that he had to move despite pocketing a mini-windfall. My recommendation to him was simple if you are going to purchase something for your personal use, make sure[…]
Iconic development Golden Mile Complex will today be launched for tender a second time after it closed its initial tender on its collective sale on Jan 30. Its reserve price remains unchanged at $800 million. Marketing agent Edmund Tie & Company declined to reveal details about the results of the first tender or when the[…]
Despite record $2.927b asking price, only 68% of the units signed agreement, below the 80% needed Mandarin Gardens, a sprawling leasehold condominium in Siglap, has failed in its attempt to sell en bloc, despite a record-high asking price of $2.927 billion. On Sunday, the day the collective sales agreement expired, it had been signed by[…]
Consent to sell from over 80% of owners obtained after $1.1b initial asking price raised to $1.3b Sim Lim Square, Singapore’s gadget hub in Rochor Canal Road, is set to enter the collective sale market after more than 80 per cent of its owners consented to sell. The figures, 80.82 per cent by share value[…]
Second megasite in a month trying for collective sale amid fading market prospects Braddell View is trying its luck for a collective sale via public tender of its sprawling hilltop site for $2.08 billion on March 27. The tender for the largest of Singapore’s 18 former Housing and Urban Development Company estates will close at[…]
Asking price raised a month before expiry of sales agreement, in bid to get 80% mandate Mega site Mandarin Gardens has raised its asking price to a new record of $2.927 billion, just one month before its collective sales agreement (CSA) is set to expire, in a bid to get the 80 per cent mandate[…]
Owners of shops, flats can expect to get between $1m and $12m as third bid succeeds The freehold Selegie Centre in prime District 7 has been sold en bloc at its reserve price of $120 million. This deal – the development’s third attempt at a collective sale – is at a land rate of $1,942[…]