Pine Grove owners expect at least S$1.65b

Pine Grove could well emerge as Singapore’s largest en bloc deal, going by its indicative reserve price of S$1.65 billion – a level that would trump the record of S$1.34 billion set in 2007 by Farrer Court, another former HUDC estate.

The owners of Pine Grove, a 660-unit estate off Ulu Pandan Road, have appointed Huttons Asia as their marketing agent, and are now hiring lawyers to work on the collective-sale agreement.

An extraordinary general meeting is to take place on Oct 29 to approve the agreement, which will require the consent of at least 80 per cent of the owners for a go-ahead to launch a public tender. Continue reading

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Singapore’s largest ex-HUDC estate Braddell View hopes to sell en-bloc for S$2 billion

SINGAPORE – Braddell View, the largest of Singapore’s 18 HUDC estates and the last to be privatised in March this year, is planning to jump on the en bloc bandwagon.

The 918-unit estate is holding an extraordinary general meeting on Oct 10 to form a collective sales committee to kick-start the process.

Sources told The Straits Times that the en bloc owners hope to sell the sprawling 1.124 million sq ft development for at least S$2 billion. If successful, this would easily eclipse Pine Grove’s S$1.65 billion en bloc attempt. Continue reading

Singapore developers seek to top up their landbank

THE recent pick-up in residential sites acquired by Singapore developers suggests that they have finally come around to the prospect of a more decisive recovery in Singapore’s residential market, and the downside of a depleting landbank.

Despite earlier concerns of gung-ho foreign developers crowding out local developers for residential sites sold by the government, Singapore developers are coming out in force in the collective-sale market and other private land deals.

So far, local developers make up seven of the top 10 developers with the largest residential landbank and leftover unsold units in launched projects, based on The Business Times’ compilation across developers. Two of the top 10 developers – MCL Land and GuocoLand – are technically foreign developers by virtue of controlling shareholding, but have operated in Singapore for a long time. More than half of all residential inventory is in the hands of the top 10 developers. Continue reading

2 more condos up for en-bloc sale: Amber Park and Jervois Gardens

SINGAPORE – The collective sale fever in Singapore just got a bit hotter with news on Monday (Aug 28) of two freehold condominiums up for sale.

Amber Park, a 200-unit freehold condominium in the East Coast, has been launched for en-bloc or collective sale at a minimum price of S$768 million, sole marketing agent JLL said.

Built in the mid-1980s, Amber Park comprises two 27-storey apartment blocks. Continue reading

Sun Rosier condo off Bartley selling en bloc

The 78-unit Sun Rosier condominium off Bartley Road is selling en bloc, joining a fast-growing list of collective sales here.

The owners are asking for $235 million, or $1,149 per sq ft per plot ratio (psf ppr), for the freehold site, marketing agent Huttons Asia said yesterday.

The 146,046 sq ft site in How Sun Drive is about five minutes from Bartley MRT station by foot. Continue reading

Tampines Court sold en bloc for $970m

Developer Sim Lian has snapped up sprawling Tampines Court for a cool $970 million as the collective sale market here continues to sizzle.

It is the largest such deal for a former Housing and Urban Development Company property in a decade since Farrer Court changed hands for $1.34 billion in 2007.

The 560-unit development, in Tampines Street 11, went on the market last month after two previous failed attempts at a collective sale. Continue reading

Yet another en bloc sale launch with ex-HUDC estate Florence Regency up for tender

SINGAPORE – Former HUDC estate Florence Regency is up for collective sale at a minimum price of S$600 million, the latest offering as en bloc fever heats up in Singapore.

Its sole marketing agent JLL announced on Tuesday (Aug 22) the launch of a tender exercise for the 336-unit estate along Hougang Avenue 2.

Just a day earlier, owners of another privatised housing estate – Normanton Park – announced its collective sale while over the weekend, came news that Park West condominum owners were making a third try to garner enough signatures. Continue reading