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View Full Version : Laguna Park's en bloc ends 13/10/09....


tkc2263
13-10-09, 11:43
Hi,

If anybody out there has any info, pls let us know..

I am definitely keen to know if the en bloc goes through...

If it is successful, then a benchmark psf will be set for the other developments namely Lagoon View, Mandarin Gardens, Bayshore Park and Neptune Court.

I heard that there were some interested foreign parties but whether the sale goes through is another different matter.

My intuition is there will be submissions but unlikely to meet the reserve price..
august
13-10-09, 11:47
i share ur sentiments too
cheerful
13-10-09, 12:12
yup, sama sama ... if mr liew has learnt his lesson from FC enbloc & telling the whole world so, perhap this one can wait long long to see a miracle :)
Laguna
13-10-09, 13:29
Logoon View : 500 units of all equal size like the big units at Laguna with an enbloc price of $2.3m. As such, Logoon View owners will only be happy at min of $2.3m at least. But the land size of Lagoon View is 140,000 sq ft smaller...so u work out the numbers yourself

MG / BP : too big to collect 80% and find buyer.
Neptune Count and BP : anti enbloc too strong

BP : MC is now manned by camp of anti-enbloc.

Do your sum right, this is not an easy game to play.
condoinvestor
16-10-09, 19:45
Hi,

If anybody out there has any info, pls let us know..

I am definitely keen to know if the en bloc goes through...

If it is successful, then a benchmark psf will be set for the other developments namely Lagoon View, Mandarin Gardens, Bayshore Park and Neptune Court.

I heard that there were some interested foreign parties but whether the sale goes through is another different matter.

My intuition is there will be submissions but unlikely to meet the reserve price..

Not successful
Property_Owner
16-10-09, 19:49
http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_443012.html

OWNERS of East Coast condo Laguna Park have failed in their bid to sell the property en bloc.

Marketing agent Credo Real Estate said on Friday that athough the tender for Laguna Park's en bloc sale closed unsuccessfully, owners have until December to enter into a private treaty with any developer to sell the estate.

At the close of the en bloc sale on Oct 13, two bids were received for the 528-unit development at Marine Parade, said Credo.

One of them was from a local firm which offered $1.728 billion - well above the owners' Reserve Price of $1.2 billion.

It is understood that the principal shareholders are based in Indonesia.

The sales committee had negotiated with the first party on the terms of the sale.

The firm was due to submit the tender deposit but their lawyers wrote in on Thursday night to withdraw their offer, citing that they faced 'difficulty in their bankers processing the funds and remitting them to Singapore', said Credo in a statement.

The other bid was from a local and prominent developer who expressed interest to pursue negotiations, said Credo.
Reporter
16-10-09, 21:03
Not successful
The only bidder left - a local firm - is keen to buy Laguna Park and is now negotiating with the owners.
Property_Owner
16-10-09, 21:09
The only bidder left - a local firm - is keen to buy Laguna Park and is now negotiating with the owners.

Hey Mr Reporter. Are you a auto reply program? You park in condosingapore whole day posting non stop. SPH pay you?
Reporter
16-10-09, 21:36
Hey Mr Reporter. Are you a auto reply program? You park in condosingapore whole day posting non stop. SPH pay you?
... not whole day posting non-stop lah ... only post when I access the site ...
... it's seasonal ... this period not so busy so ...
... go vacation or busy will not access ...


I wish I can work in SPH or CONDOsingapore.com. Is there any opening?
What's the package? $188,888 OTE?
Property_Owner
16-10-09, 21:42
I wish I can work in SPH or CONDOsingapore.com. Is there any opening?
What's the package? $188,888 OTE?


Lol. You ask Mr Funny. Btw you also invest in properties too?
Reporter
16-10-09, 21:49
Lol. You ask Mr Funny. Btw you also invest in properties too?
Yes, I am an investor.
condoinvestor
17-10-09, 00:08
I find this a little silly, why would anyone put in a bid for 1.7 b for LP, 1.2b is already a crazy price to start with,

I wonder if there really was a so called first bid, or is this just a make up story to sensationalise this enbloc,

The second bid has no price attached to it, guess they are a lot wiser than the indonesians
condoinvestor
17-10-09, 00:20
At 1.2 b it works to abt 840 psf per plot ratio, which means break even at abt 1250 psf per plot ratio for new development, sale of 1500 psf, as Capitaland boss correctly pointed out, too steep

To be realistic, sale of new dev on LP should be abt 1150 psf, based on 200 psf premium over average price achieved at the The Elliot (just opp)

So working backwards, break even at 900 psf, means enbloc at 550 psf, which is abt 780 m,

Well lets see what they eventually get.....I may be in for a surprise....
hans
17-10-09, 00:27
wash black money.



I find this a little silly, why would anyone put in a bid for 1.7 b for LP, 1.2b is already a crazy price to start with,

I wonder if there really was a so called first bid, or is this just a make up story to sensationalise this enbloc,

The second bid has no price attached to it, guess they are a lot wiser than the indonesians
sealover
17-10-09, 12:45
I find this a little silly, why would anyone put in a bid for 1.7 b for LP, 1.2b is already a crazy price to start with,

I wonder if there really was a so called first bid, or is this just a make up story to sensationalise this enbloc,

The second bid has no price attached to it, guess they are a lot wiser than the indonesians

Well said!!!!!!!
Reporter
20-10-09, 16:56
Not successful
Well! At least this dragon did successfully created new millionaires.




http://www.h88.com.sg/images/h88_masthead_logo.jpg
First successful en bloc of 2009
H88
Tuesday, 20 October 2009, 13:26 hrs

http://www.h88.com.sg/images/content/2009-10-20/dragon_mansion_sold.jpg

Yes! Finally, Dragon Mansion has done what no other has done this year - a successful en bloc! Since the tender was announced way back in July 2009 there have been few takers, but now this small District 2 condo along Spottiswoode Park Road has breathed hot fire into the en bloc market!

http://www.h88.com.sg/images/content/2009-07-15/dragon_mansion.jpg

RL Developments, a unit of Roxy-Pacific Holdings (the people who own Grand Mecure Roxy Hotel and developed Balestier's Nova 48 and Nova 88), has shelled out about $100.8m for the condo. Sadly for the owners, it was much less than the $120m they were asking for. But still, under the circumstances, at least they managed to sell the place!

$100.8m for 117,247 sqft of potential residential space works out to $860 psf ppr.
xtink
20-10-09, 18:11
nice port views for some units. really nice views. But quite out of the way.
ppty
20-10-09, 23:13
Read the fine print
:doh:

EDIT: It's not a done deal yet. Still need approval from 80% of the owners. So let's not celebrate too early. The owners could still hold out for more.] http://www.h88.com.sg/index.php

:money-faced1: