Laguna Park's 2nd attempt at en bloc...

[tkc2263]

I hope they succeed this time around.

If it fails again, then they will need to wait 2 more years before embarking another attempt when the new rules come into effect June 2010.

Lets hope the residents are realistic with the reserve price and not be too "greedy" in view of the bullish sentiments currently ebbing in the property market.

All the best...

[Douk]

Hope so. NC also in preparation for enbloc.


I hope they succeed this time around.

If it fails again, then they will need to wait 2 more years before embarking another attempt when the new rules come into effect June 2010.

Lets hope the residents are realistic with the reserve price and not be too "greedy" in view of the bullish sentiments currently ebbing in the property market.

All the best...

[tkc2263]

Douk, are you a resident of Neptune Court (NC)??

Maybe I should do a thread for NC..

Where did you get news about NC embarking on the en bloc wagon?

[devilplate]

Not to pour cold water...I think developers still do not have the financial muscle to swallow such a big enbloc projects yet...They may nid to pull strength and form consortium.

We have yet to see former enbloc Farrer court to launch...Farrer Court is a big indicator for Laguana, Neptune.

[tkc2263]

I fully agree with devilplate, in that you need to form a consortium of sorts to en bloc such big developments namely LP, NC, MG, LV and even BP.

Capital Land, if I remember vaguely is trying to launch the former FC site soon. The number of units to be launched is almost 2.5 times more than the number of units that were "en bloced".

LP's success will be closely monitored as it may just pave the way for the "en blocable" stretch of the East Coast stretching from NC all the way to BP, maybe The Bayshore too, since I believe its into its 10th year already..

[Douk]

no, I don't have a unit here. I saw it
in their newsletter, NC is in talk of privatizing the common area and forming comittee for enbloc.




Douk, are you a resident of Neptune Court (NC)??

Maybe I should do a thread for NC..

Where did you get news about NC embarking on the en bloc wagon?

[Regulators]

I hope these bunch of greedy folks fail in their bid for enbloc again. I do not have a good impression of the people living there

[devilplate]

I hope these bunch of greedy folks fail in their bid for enbloc again. I do not have a good impression of the people living there

When an estate is too big, bound to have some greedy fellows especially for those who bot it as an investment.

The new enbloc rules more like acting as a warning for ppl to treat enbloc sales more seriously. Hopefully, we shall not see any more enbloc disputes/saga.

[august]

the new enbloc rules suggest that if enbloc fail again there will be a 2 yr resriction period before restarting enbloc exercise... heh heh ..

[Douk]

Guys, face the reality. When come to capital gain, anyone is greedy.
We are talking about business not charity.
Enbloc is against developers, unlike owners exploiting some ignorant buyers with high psf on patio.

Willing buyers, willing sellers.

[ongmk168]

I can feel somebody are "sour" about the Laguna enbloc deal, why Calling ppI greedy or whatever...If the deal goes thr', good for the residents and investor. Else staying there is still a wonderful place:)

[proud owner]

the new enbloc rules suggest that if enbloc fail again there will be a 2 yr resriction period before restarting enbloc exercise... heh heh ..


the new rule is Pro developers ..

the 2 yr wait is a threat to the owners.. miss it this time .. your next chance will be 2 yrs later .. and if mkt FALLS ..too bad ..

hence i feel its very PRO developers

[proud owner]

Guys, face the reality. When come to capital gain, anyone is greedy.
We are talking about business not charity.
Enbloc is against developers, unlike owners exploiting some ignorant buyers with high psf on patio.

Willing buyers, willing sellers.


yes i agree

to many old folks living there ..this could be their ONLY property .. this could be their LAST and ONLY chance to make a killing .. hence they would push up the price ..

if succeed ..good ..happy for them ..take the money and move in with children ..

if fail ..they can continue to live there ...

BUT one has also to be realistic .. some of these condos are 30-40 yrs old .. there are dingy, need constant maintenance ..and an eye sore especially when surrounding are all new buildings ..

we are going thru a phase where spore gets an island wide make over .. a new face lift ..

if enbloc fails for these old condos ..the maintenance cost may go up .. some may argue that they have huge sinking funds ..but still repairing old lift models, paint job, leaking roof, rusty pipes, cracked walls and side walks ..the older it is ..the more they cost ..

enbloc is a way of renewing the life of the building on that location.. the newer the buildings ..the livier the area becomes ..and the general prices also higher ..

and if pushing the price too high (like a business) and kill the enbloc ..in the end, the cost of maintenace and inconveniece (lift break down in a condo with aging population) may bite the owners instead ..

as long as a fair value is achieved, i feel enbloc for old (30-40 yr condos) is justifiable .. to bring a fresh look to the area, and a new lease of life ..

[HP65]

yes i agree

to many old folks living there ..this could be their ONLY property .. this could be their LAST and ONLY chance to make a killing .. hence they would push up the price ..

if succeed ..good ..happy for them ..take the money and move in with children ..

if fail ..they can continue to live there ...

BUT one has also to be realistic .. some of these condos are 30-40 yrs old .. there are dingy, need constant maintenance ..and an eye sore especially when surrounding are all new buildings ..

we are going thru a phase where spore gets an island wide make over .. a new face lift ..

if enbloc fails for these old condos ..the maintenance cost may go up .. some may argue that they have huge sinking funds ..but still repairing old lift models, paint job, leaking roof, rusty pipes, cracked walls and side walks ..the older it is ..the more they cost ..

enbloc is a way of renewing the life of the building on that location.. the newer the buildings ..the livier the area becomes ..and the general prices also higher ..

and if pushing the price too high (like a business) and kill the enbloc ..in the end, the cost of maintenace and inconveniece (lift break down in a condo with aging population) may bite the owners instead ..

as long as a fair value is achieved, i feel enbloc for old (30-40 yr condos) is justifiable .. to bring a fresh look to the area, and a new lease of life ..

I recently visited a colleague's place at The Duet. He commented that he HOPED Sommerville Park never gets enbloc'd coz it will destroy his beautiful view and peace. Thus, some might just not want a more lively area around them either because the current old development might be charming to some (though an eyesore to others) and new development might blocked out exisiting views. Besides, usually a place is more lively only because with every enbloc, the new development will house more families and people than before.

Personally, I'm never in favour of enbloc and have voted nay everytime. Its never in the owner's favour imo as the replacement costs inevitably will be higher as neighboring ppties would mtm against your enbloc ppty. The only time I will say yes to enbloc is if i know the structure is unsafe.

All the arguments about unlocking value due to increase plot ratio comes at a cost, increase density which I'm not willing to trade for.

PS: How is the tension in big apple now? I'm planning a trip there next week for a conference and I'm wondering if i should call off the conference?

[proud owner]

I recently visited a colleague's place at The Duet. He commented that he HOPED Sommerville Park never gets enbloc'd coz it will destroy his beautiful view and peace. Thus, some might just not want a more lively area around them either because the current old development might be charming to some (though an eyesore to others) and new development might blocked out exisiting views. Besides, usually a place is more lively only because with every enbloc, the new development will house more families and people than before.

Personally, I'm never in favour of enbloc and have voted nay everytime. Its never in the owner's favour imo as the replacement costs inevitably will be higher as neighboring ppties would mtm against your enbloc ppty. The only time I will say yes to enbloc is if i know the structure is unsafe.

All the arguments about unlocking value due to increase plot ratio comes at a cost, increase density which I'm not willing to trade for.

PS: How is the tension in big apple now? I'm planning a trip there next week for a conference and I'm wondering if i should call off the conference?

welcome to NY bro ..
over the weekend i recvd many sms from friends in spore ..asking if i was ok ...cos the heard of car bomb at times sq ...

everything back to normal .. no big deal

but the weather is 'volatile' last week was 6 deg ..today 29 ..all of a sudden i feel i am back in spore

[HP65]

welcome to NY bro ..
over the weekend i recvd many sms from friends in spore ..asking if i was ok ...cos the heard of car bomb at times sq ...

everything back to normal .. no big deal

but the weather is 'volatile' last week was 6 deg ..today 29 ..all of a sudden i feel i am back in spore

Ok dude. Thx! Hopefully the ash in Iceland dun start drifting south again....

[august]

the new rule is Pro developers ..

the 2 yr wait is a threat to the owners.. miss it this time .. your next chance will be 2 yrs later .. and if mkt FALLS ..too bad ..

hence i feel its very PRO developers

think is a matter of interpretation,

for owners in haste to secure enbloc, there is less room to dilly dally to bargain for higher price or wait for bigger suitor to come.. but too low a price from suitor also means lesser owners enticed to pursue enbloc

probably outcome may be less enblocs initiated, less investors buying into "enbloc ptys", means prices for these ptys especially those >30yo ones will start to come down :eek:

overall it will hv a dampening effect on the enbloc euphoria and overall pty mkt which is not necessary a bad thing ~

[Douk]

yes i agree

to many old folks living there ..this could be their ONLY property .. this could be their LAST and ONLY chance to make a killing .. hence they would push up the price ..

if succeed ..good ..happy for them ..take the money and move in with children ..

if fail ..they can continue to live there ...

BUT one has also to be realistic .. some of these condos are 30-40 yrs old .. there are dingy, need constant maintenance ..and an eye sore especially when surrounding are all new buildings ..

we are going thru a phase where spore gets an island wide make over .. a new face lift ..
if enbloc fails for these old condos ..the maintenance cost may go up .. some may argue that they have huge sinking funds ..but still repairing old lift models, paint job, leaking roof, rusty pipes, cracked walls and side walks ..the older it is ..the more they cost ..

enbloc is a way of renewing the life of the building on that location.. the newer the buildings ..the livier the area becomes ..and the general prices also higher ..
and if pushing the price too high (like a business) and kill the enbloc ..in the end, the cost of maintenace and inconveniece (lift break down in a condo with aging population) may bite the owners instead ..

as long as a fair value is achieved, i feel enbloc for old (30-40 yr condos) is justifiable .. to bring a fresh look to the area, and a new lease of life ..


Right, can't wait for that to happen to marine parade.;)

[jlrx]

I feel the latest government measures are non-events, especially the two year wait.

The en blocs typically take several years to recuperate after each failed attempt. It's very emotionally draining to everyone.

So the two-year wait is nothing.

Anyway, those who sell first in a property upturn may not make much money.

It's always better to sell later than earlier.

In fact, en blocs that missed one property upturn and ended up enblocking in the next property upturn tend to make even more money! :cheers1:

[august]

I feel the latest government measures are non-events, especially the two year wait.

The en blocs typically take several years to recuperate after each failed attempt. It's very emotionally draining to everyone.

So the two-year wait is nothing.

Anyway, those who sell first in a property upturn may not make much money.

It's always better to sell later than earlier.

In fact, en blocs that missed one property upturn and ended up enblocking in the next property upturn tend to make even more money! :cheers1:
the longer it takes the worse for those who buy in hoping to make fast $$.. which is gd for genuine holding investors, again is not a bad thing at all & plug some existing loopholes ~

[Douk]

Looks like developers are desperate for land now. High bidding for Simei and lakeside... maybe this time will be successful.

[gn108]

Any update on Laguna Park process?

I heard Lagoon View privatisation has gone through.

[smallant]

wow.. now 2 huge sites in the east ..... :doh: wonder wat ah liew will say about tis one ...
anyway... :sleep: hope all huat together ! :D

[ongmk168]

Laguna just had 2nd EOGM last sunday. Smaller unit will be around $2.01 million and bigger unit $2.17m. Response was very positive from the residents.......I'm quite sure they will get the 80% very fast.

[smallant]

Hope this time they timed and marketed it properly... If Not unsucessful.... will drag the entire mkt sentiments down too !

[spikey69]

Laguna just had 2nd EOGM last sunday. Smaller unit will be around $2.01 million and bigger unit $2.17m. Response was very positive from the residents.......I'm quite sure they will get the 80% very fast.


hw big are the small units? hw much in psf?

[ongmk168]

hw big are the small units? hw much in psf?

Smaller units is 1453sqf
Bigger unit 1615sqf

[august]

the pricing a bit difficult, gd luck though ~

[tkc2263]

the pricing a bit difficult, gd luck though ~

You may be right, in that its a bit difficult, pricing wise.

I remember once when Amberville was up for en blos, residents were asking for at least $1m each, it looked impossible then but its history now. Likewise, Farrer Court's reserve price was upped at least 4 times before Capitaland and consortium clinched it.

It all depends on how hungry developers are, potential bidders can be foreign, can be JV with multiple partners...no one can tell, especially we have seen winning bidders recently from Australia and China.

Since Amberville was last en bloc, there arent that many sea facing sites left especially in the East Coast. Familiar names will be of course Laguna Park, Lagoon View, Neptune Court, Mandarin Gardens and Bayshore Park, with the latter 2 almost near impossible due to its sheer size and number of units, not forgetting the underlying strong anti en bloc sentiments there.

Like I said, Nothing is really impossible..

[eleong]

Laguna just had 2nd EOGM last sunday. Smaller unit will be around $2.01 million and bigger unit $2.17m. Response was very positive from the residents.......I'm quite sure they will get the 80% very fast.

Could you share the total price that the developer is expected to fork out? Do you also know the estimated development charge and differential premium?

Or how many big and small units there are in total?

We can probably estimate the psf ppr and breakeven cost for the new development, and perhaps get a sense of how realistic the price is.