All about enbloc

[camrysfe]

18 minutes ago, Lala81 said:

hahaha no scared. Jadescape already set the new launch benchmark for the area 

jadescape is expensive compared to boonview(the fh condo opp) but extremely cheap if the AMK GLS sells at 2k psf. 

 

8 minutes ago, Calinlin said:

You should google enbloc ssd first

enbloc wont happen so fast one la. even if it does, the premium will more than compensate for the ssd. 

 

Edited August 5, 2021 by camrysfe

[Lala81]

3 minutes ago, camrysfe said:

jadescape is expensive compared to boonview(the fh condo opp) but extremely cheap if the AMK GLS sells at 2k psf. 

 

enbloc wont happen so fast one la. even if it does, the premium will more than compensate for the ssd. 

 

boonview no transactions one lah. last i saw, only has one in 2020.

You mean the 2 empty plots beside grandeur 8?

Edited August 5, 2021 by Lala81

[camrysfe]

13 minutes ago, Lala81 said:

boonview no transactions one lah. last i saw, only has one in 2020.

You mean the 2 empty plots beside grandeur 8?

yeah there are very few transactions in boonview but recently prices crept up to the 14xx psf  level(though still low compared to jadescape) which may spur more people to sell.

 

 

 

amk site was referring to the one near mayflowers
 

Edited August 5, 2021 by camrysfe

[Lala81]

12 minutes ago, camrysfe said:

yeah there are very few transactions in boonview but recently prices crept up to the 14xx psf  level(though still low compared to jadescape) which may spur more people to sell.

amk site was referring to the one near mayflowers
 

Ah ok. So some people did sell. I looked at there few times over the years but the lack of units available. Lol can't even view the development.

Oh ok there. Saw the empty plot when running along bishan park. That unusual HDB building there is interesting. Block 259

 

[camrysfe]

2 hours ago, Lala81 said:

Ah ok. So some people did sell. I looked at there few times over the years but the lack of units available. Lol can't even view the development.

Oh ok there. Saw the empty plot when running along bishan park. That unusual HDB building there is interesting. Block 259

 

U familiar with boonview?

[Throttle2]

4 hours ago, Lala81 said:

Yes you're totally right. 
My estate is old style. But i personally don't mind old style. But most people rather live in a cramped new one but nicely landscaped. And i can appreciate the new modern layouts. Lots of water/greenery. Rooms the size of a HDB bomb shelter but they like it.

I'm well aware of this fact. People now want new things.
That's why I don't plan to resell. I will keep this place until it eventually enblocs just from sheer disrepair. When i bought it, i only considered the land size to be worth the enbloc potential. And a small plot ratio increase years ago. 
I gauge it more like buying an older landed rather than buying a condo. Other than it meets my family's immediate needs.

 

 

Old style is good for living in.  Can enoy the space and comfort for less money too.

new ones, many a time is good only as a conversation topic…. Everything looks nice but everything about the unit is small.  
horh kwa boh horh jiak

 

[Meanmachine]

Chuan Park failed few times, main reasons are too many objections from minority owners who are retired or semi-retied who has agenda or fond memory of the area. Thy rather stay till they passed off thill the inheritance has been willed to their children or grand-children.

Anyone can just call SLA to speak to an opicer on the land for sale, what are the land is succession to a collection sale, in view of few occasion of a said failed enbloc? The office is obliged to answer your query, proved you are polite and humble in the asking, not banging of table.

[Meanmachine]

Few generation ago, many owners has become millionaires over successful collection sales, by now it is known as progressive freehold owner ( usually Grandfather / Grandmother ) who owned it, grants life estate to 2nd gen, by then the 3rd gen will inherited fm his father, ( right of possession ) of land

If i were some of you, I would not recommend buying a big block of old apartments and wait for Collective Sale, the bull run is over? Not exactly, it would be better to park your funds on a smaller shop spaces or either HDB or Private apt of mixed development project whereby lower floor is leased out and upper floor is rented out for 2+2 years at relatively 3.3% ROI- It will be easier to manage the residential tenancies here in Singapore as compared to a much larger apartment, who needs 80% Majority owners in favour of Collective sale, My 0.02cts. U may also buy various part of Singapore in East and Central or Northern and Southern part of Singapore. 

[Lala81]

1 hour ago, camrysfe said:

U familiar with boonview?

No it's one of my short listed projects. Though I never found any unit to view when the time i was looking.
Since so few people selling, even if unit come up onto the market, u don't know whether it's a good unit cos can't compare with the other stacks.
Lol.
 

[DOBIEMKZ]

2 hours ago, Throttle2 said:

Old style is good for living in.  Can enoy the space and comfort for less money too.

new ones, many a time is good only as a conversation topic…. Everything looks nice but everything about the unit is small.  
horh kwa boh horh jiak

 

And new projects those common bedroom only spaced for a single bed or at most a super-single bed, cannot accommodate queen-sized bed at all. ://

[camrysfe]

Baode Building sold for S$27m in collective sale
TUE, MAR 01, 2022 - 3:37 PM
MEGAN CHEAH
[email protected]


The sale price of S$27 million matches the owners' asking price, which translates to a land rate of S$1,007 per square foot per plot ratio (psf ppr). PHOTO: COLLIERS
FREEHOLD property Baode Building has been sold via a private treaty for S$27 million, after a relaunch of tender on Dec 14, 2021, real estate agency Colliers announced on Tuesday (Mar 1).

The 8-storey residential building on 8 Lorong 35 Geylang, which comprises 14 apartment units on a site area of 1,031.4 square metres (sq m) (around 11,102 square feet), was acquired by Amitabha Buddhist Society (Singapore), as part of its expansion plans.

The buyer currently occupies the nearby 2 Lorong 35 Geylang and 693 Geylang Road, and placed a 5 per cent deposit for the sale on Monday.


 

The sale price of S$27 million matches the owners' asking price, which translates to a land rate of S$1,007 per square foot per plot ratio (psf ppr).

Depending on the size of their unit, each unit owner will receive estimated gross sale proceeds of S$1.92 million to S$1.94 million upon the successful sale of the property, which is subject to approval from the Strata Titles Board.

The unit sizes in the property are either 113 sq m or 115 sq m.

 

[camrysfe]

Euro-Asia Apartments up for en bloc sale at S$218m guide price

WED, JUN 01, 2022 - 12:59 PM

 

 UPDATED WED, JUN 01, 2022 - 12:59 PM

CORINNE [email protected]

 

THE 84-unit Euro-Asia Apartments, a District 12 freehold residential development on Serangoon Road, has been put up for collective sale via public tender at a guide price of S$218 million.

Completed in 1990, Euro-Asia Apartments is a 10-storey block of apartments comprising units ranging from 840 to 2,443 square feet (sq ft) in size.

According to sole marketing agent SRI Capital Market, the guide price works out to a land rate of about S$1,288 per square foot per plot ratio, inclusive of bonus balcony area, with no development charge payable.

 

Euro-Asia Apartments was previously put up for en bloc sale in 2018 by another agent, at a lower reserve price of S$200 million.

The 56,476 sq ft site is zoned for residential use under the 2019 Master Plan, with an allowable plot ratio of 2.8. The maximum permissible gross floor area is approximately 158,132 sq ft, which could potentially yield 173 new dwelling units based on the latest URA guidelines and subject to the relevant authorities’ approval, said SRI Capital Market.

Noting that Euro-Asia Apartments is situated within the mature estates of Boon Keng and Bendemeer and not far from “the growing catchment” of Farrer Park, Low Choon Sin, SRI Capital Market’s managing partner, expects interest from developers to be strong. It is also in a sweet spot in terms of both a palatable price quantum and potential number of new residential units that can be built, he said.


 

“There is limited supply of land sale opportunities in District 12 and recent new launches in the Rest of Core Region have shown the growing confidence in the buyers’ market, with healthy take-up rates of new sales during the various projects’ weekend launches,” he said. “The launch of Euro-Asia Apartments is timely to enable developers to replenish their land bank.”

Located along the main arterial road, Serangoon Road, off Boon Keng, Euro-Asia Apartments is approximately 380 metres from the Boon Keng MRT station. Within a 5-minute drive are amenities including Bendemeer Shopping Mall, Bendemeer Market & Food Centre, City Square Shopping Mall, Connexion at Farrer Park and Mustafa Centre.

Schools within 1 km include St Andrew Junior School, Hong Wen School and Bendemeer Primary School. The site is also close to the Pan Island Expressway and Central Expressway, while the Central Business District is a 15-minute drive away.

The tender exercise for Euro-Asia Apartments will close on Jul 25 at 2.30 pm.

[camrysfe]

Jansen Mansions at Kovan in third collective sale attempt at S$18.9m reserve price

WED, JUN 01, 2022 - 11:40 AM

 

 UPDATED WED, JUN 01, 2022 - 11:40 AM

LISA [email protected]@klisa_BT

 

KOVAN’S Jansen Mansions will be put up for collective sale for the third time with an increased reserve price of S$18.9 million on Jun 2, marketing agency PropNex Realty announced on Wednesday (Jun 1).

Located at 25 Jansen Road, the 12-unit development sits on about 16,592.7 square feet (sq ft) of land with a plot ratio of 1.4 and with a gross floor area (GFA) of about 23,229.8 sq ft. It is zoned for residential use, with a 999-year leasehold tenure starting from Sep 1, 1876.

After factoring in the 7 per cent bonus balcony space, the new reserve price translates to a land rate of S$855 per square foot per plot ratio inclusive of development charges.


 

“The Jansen Mansions collective sale site can be redeveloped to offer 21 dwelling units with an average size of 100 square metres,” said Tracy Goh, head of investment and collective sales at PropNex.

The owner’s second collective sale attempt early last year saw a reserve price of S$19.8 million – which was subsequently reduced to S$18.5 million in a tender relaunch in August 2021. The first time Jansen Mansions was launched for collective sale was in 2018 with a reserve price of S$22 million.

More than 80 per cent of of the owners at the boutique condominium have given their consent for this latest collective sale exercise, PropNex added.

[Mooose]

17 hours ago, camrysfe said:

Jansen Mansions at Kovan in third collective sale attempt at S$18.9m reserve price

WED, JUN 01, 2022 - 11:40 AM

 

 UPDATED WED, JUN 01, 2022 - 11:40 AM

LISA [email protected]@klisa_BT

 

KOVAN’S Jansen Mansions will be put up for collective sale for the third time with an increased reserve price of S$18.9 million on Jun 2, marketing agency PropNex Realty announced on Wednesday (Jun 1).

Located at 25 Jansen Road, the 12-unit development sits on about 16,592.7 square feet (sq ft) of land with a plot ratio of 1.4 and with a gross floor area (GFA) of about 23,229.8 sq ft. It is zoned for residential use, with a 999-year leasehold tenure starting from Sep 1, 1876.

After factoring in the 7 per cent bonus balcony space, the new reserve price translates to a land rate of S$855 per square foot per plot ratio inclusive of development charges.


 

“The Jansen Mansions collective sale site can be redeveloped to offer 21 dwelling units with an average size of 100 square metres,” said Tracy Goh, head of investment and collective sales at PropNex.

The owner’s second collective sale attempt early last year saw a reserve price of S$19.8 million – which was subsequently reduced to S$18.5 million in a tender relaunch in August 2021. The first time Jansen Mansions was launched for collective sale was in 2018 with a reserve price of S$22 million.

More than 80 per cent of of the owners at the boutique condominium have given their consent for this latest collective sale exercise, PropNex added.

actually enbloc "windfall" is a windfall only from the perspective of someone who bought it many many years ago for possibly a few hundred thousand and now getting a much higher price ..

but if this is your home, this development, with 12 units and $18+ million reserve, each owner is looking at just past $1.5 million .. which honestly is not much to get a replacement unit .. unless one "downgrades" to an HDB flat .. 

a quick check with google seem to suggest that a typical unit in jansen mansion is 1259/1260 sq ft likely 3 bedroom .. to get a replacement private flat of this size for $1.5 million, not to say that much choice or that easy really ..

[camrysfe]

7 hours ago, Mooose said:

actually enbloc "windfall" is a windfall only from the perspective of someone who bought it many many years ago for possibly a few hundred thousand and now getting a much higher price ..

but if this is your home, this development, with 12 units and $18+ million reserve, each owner is looking at just past $1.5 million .. which honestly is not much to get a replacement unit .. unless one "downgrades" to an HDB flat .. 

a quick check with google seem to suggest that a typical unit in jansen mansion is 1259/1260 sq ft likely 3 bedroom .. to get a replacement private flat of this size for $1.5 million, not to say that much choice or that easy really ..

You are right. The windfall amount seems quite little for Jansen mansion 

[Windwaver]

Moral of story is don't buy boutique condominium.

[mersaylee]

Euro Asia is still so new...only 32 years...it replaced the row of shop houses near the Sinaco plant...

There are many more much older condos and apartments further into St Michael's road...any enbloc from those? 

[camrysfe]

Chuan Park gets $860m offer, below $938m en bloc reserve price

UPDATED 15 MINS AGO
FacebookTwitter
SINGAPORE - The collective sale committee (CSC) of Chuan Park condominium, a 99-year leasehold project in Lorong Chuan, has received an expression of interest (EOI) from a developer for $860 million, below its reserve price of $938 million.

Marketing agent ERA Realty, in a June 17 letter seen by The Straits Times, urged owners of the 446-unit condo to sign the supplemental joint agreement by June 26 so that the CSC will have the mandate to start negotiations with the developer.

“The earlier we can achieve the 80 per cent mandate, the earlier the CSC can enter into negotiations with the developer on the terms and conditions of the sale and purchase (S&P) agreement for the estate,” ERA Realty said. 

The deadline for the CSC to sign the S&P agreement is July 5.

The July 5 deadline is “the last day of the 10 weeks’ window period after close of tender for a private treaty, hence the urgency to secure the mandate by June 26,” it added in the letter.

ERA declined to comment when contacted.

Based on the EOI offer price, owners now stand to receive $1.12 million for a 710 square foot (sq ft) residential unit to about $2.45 million for a 2,045 sq ft unit.

Commercial unit owners can receive about $1.05 million for a 474 sq ft unit and $1.94 million for a 1,238 sq ft unit.

Previously, under the $938 million reserve price, owners of the 710 sq ft units stood to get $1.22 million each, while owners of the 2,045 sq ft units would pocket as much as $2.66 million each.

Chuan Park was relaunched for sale in March this year at the same reserve price of $938 million, and went into private treaty negotiations after the tender closed on April 26. 

Prior to that, it was put up for tender from Oct 5 to Nov 18, 2021, just before the latest property cooling measures in December. 

At $938 million and with no development charge payable, the land rate, which includes an upgrading premium of $192.62 million, worked out to $1,256 per square foot per plot ratio (psf ppr). 

The 37,216 square metre site has a gross plot ratio of 2.1, with a proposed gross floor area (GFA) of 78,153 sq m. The site, located near Lorong Chuan MRT, can be redeveloped into 900 units.

Chuan Park had failed in its 2018 sale bid with a guide price of $900 million, and subsequently lowered the price to $820 million. 

According to Cushman & Wakefield, five residential developments were sold en bloc for $447.7 million in the first six months this year, compared with four deals totalling just $93 million in the same period last year.

For the whole of 2021, eight residential collective sale deals totalling $1.17 billion were done. 

Mr Wong Xian Yang, head of research at Cushman & Wakefield, cited the $273.89 million sale of Lakeside Apartments for the increase in residential collective sale deal value so far this year.

He said that the robust response to new private home launches in the face of declining unsold inventory and continued growth in home prices could drive more developers to landbank via the en bloc market. 

“In May, new home sales reached 1,356 units, double that of April. More projects are expected to launch for collective sale to ride on current sentiment,” he added.

Meanwhile, 160-unit Park View Mansions in Yuan Ching Road is trying its luck for a second time at a collective sale at a guide price of $260 million. The tender will close on July 27 at 2pm. 

Owners stand to get $1.5 million for the 1,119 sq ft units, $1.58 million for the 1,313 sq ft units and $1.6 million for the 1,335 sq ft units. 

The 99-year leasehold condo’s previous en bloc attempt at $320 million failed in 2018 without a sale.

At $260 million, the land rate works out to $1,023 psf ppr, including the estimated differential premium and lease top-up to a fresh 99 years.

Built in the 1970s, the development sits on a land area of 191,974 sq ft and is zoned for residential use with a gross plot ratio of 2.1. It can be redeveloped up to a GFA of 403,145 sq ft.