Hong Kong-listed Logan Property bags Florence Regency for S$629m

FLORENCE Regency, a privatised HUDC estate in Hougang, has finally found a buyer who is willing to match the independent valuation of S$629 million – and that buyer is Logan Property.

Florence Regency’s sole marketing agent JLL said that the Singapore-incorporated subsidiary of the Hong Kong-listed Chinese developer has picked up the 336-unit development at Hougang Avenue 2 for S$629 million through a collective sale.

This marks the second land parcel in Singapore snapped up by Logan Property, which had in May tabled the top bid with Nanshan Group for a 21,109 square metre site in Stirling Road under the Government Land Sales programme at a whopping S$1.003 billion or S$1,050.7 per square foot per plot ratio (psf ppr).

The public tender for the collective sale of Florence Regency had closed on Sept 27 with three bidders refusing to raise their bid prices to match the valuation. The collective sale agreement drafted by law firm Lee & Lee required that the sale price be no lower than the valuation. Continue reading

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Foreign developers throwing lines into Singapore’s en bloc pond

FOREIGN developers – those from China in particular – sense there’s a killing to be made from Singapore’s feverish en bloc market.

Amid limited options under the government land sales (GLS) programme, a few have plunged headlong into the game while several others are sussing out information on available en bloc sites and learning how the process works. It may only be a matter of time before more will emerge with en bloc trophies in hand, market watchers say.

Before 2016, there were more sites under the GLS programme than in the en bloc market, so developers hardly considered en bloc sites back then, JLL regional director of investments Tan Hong Boon observed. Continue reading

En blocs can mean upheaval and drama for residents

It has been more than a year since Mr R. Jayakumar launched a legal fight to block the sale of privatised HUDC estate Shunfu Ville to Qingjian Realty.

Although the High Court ruled in favour of the sale in January this year, the 62-year-old management consultant, who had claimed a lack of “good faith” regarding the sale price, has no regrets spending $100,000 to fight his case for the estate in Bishan.

The Court of Appeals dismissed his case in May.

Mr Jayakumar said that he could imagine that some residents might be bitter towards him for delaying their $1.782 million payout, but he shrugged: “Who cares? Morality and legality are very important. It’s not a question about taking a long time.”

Another objector, Mr Simon Mahendran, allegedly had his car tyres punctured with nails twice. Till today, no one knows who the culprit is.

Owners eventually received their money in May. Continue reading

En bloc fever has hit Singapore’s property market – and more are jumping on the bandwagon

Three more developments – two mixed-use sites and a privatised HUDC estate- have joined the en bloc fever that hit the Singapore property market this year.

The mixed-use sites, Jalan Besar Plaza and Tai Wah Building off Orchard Road, both occupy freehold land, and are asking for S$390 million (S$2,170 psf ppr) and S$81 million (S$2,035 psf ppr) respectively, reported the Business Times.

And no development charge is payable for both. Continue reading

Sim Lim Square forms committee in first attempt

Sim Lim Square, Singapore’s gadget central, has taken the first step in its maiden collective sale attempt, with the formation of a sales committee.

The six-storey mall in Rochor Canal Road is trying for a collective sale amid declining footfall in recent years, industry observers say.

Part of that is due to the unsavoury headlines in 2014 over unscrupulous sales tactics by rogue merchants, but online retail and newer malls have also taken their toll on business at Sim Lim Square. Continue reading