Laguna Park condo looking to get majority vote to push through en bloc sale

http://www.channelnewsasia.com/stori...395683/1/.html

Laguna Park condo looking to get majority vote to push through en bloc sale

By Wong Siew Ying, Channel NewsAsia | Posted: 11 December 2008 2021 hrs


SINGAPORE: Laguna Park condominium along Marine Parade Road could be up for collective sale. It's not yet a done deal but about 77 per cent of tenants there have agreed to it.

The sales committee could expect a few more signatures in the coming days to cross the 80 per cent trigger which will move the en bloc process forward.

Laguna Park has already engaged an agent to market the 99-year leasehold property, which has 528 units.

Channel NewsAsia understands the asking price is about S$1.2 billion.

Each owner stands to pocket between S$1.8 million and S$2.1 million if the deal goes through.

It works to about S$633 per square foot of gross floor area.

Nicholas Mak, director, Consultancy and Research, Knight Frank, said: "I think the figure of S$1.2 billion was derived somewhere in 2007 when the en bloc sale market was still very buoyant. In today's market, the owners will probably have to lower their expectation, easily by 20 per cent or so."

The en bloc market has slowed significantly.

Last year, there were 104 successful collective sales transactions. This year, it's just seven and the trend will likely continue next year.

Given the sheer size of the development, the bidder for Laguna Park will likely need several partners to join in as well.

Laguna Park condominium sits on 667,000 square feet of land with a plot ratio of 2.8.

Analysts said that based on the plot ratio and land area of Laguna Park, a developer will be able to build between 1,200 and 1,500 units of new homes there. That could pose a challenge as the developer may have to phase out its marketing efforts over a year incurring a fair amount of cost in the process.

Mr Mak added: "Another challenge facing the en bloc market is actually difficulty in raising financing from the banks because the banks are in a tight situation and they would also be looking at any sort of massive borrowing very conservatively."

Observers said given the quiet market, developers could have little appetite for collective sales.

But some may still grab a good bargain if the price is right. - CNA/vm

Interesting... people still thinking of en-block during this time. Maybe too many old folks stay there and have nothing to do.

this is the one that enbloc dreamer "vandal" cars..etc to force resident sign for enbloc rite?

Those big developers all stuck with many unsold projects now.

dreamers wanna pocket $1.8M onwards at this time?? :scared-4:

Ideal price should be $1-1.2M lah..

[quote=kal]this is the one that enbloc dreamer "vandal" cars..etc to force resident sign for enbloc rite?

Those big developers all stuck with many unsold projects now.

dreamers wanna pocket $1.8M onwards at this time?? :scared-4:

You are right. It was also reported in the media that the Chairman of the Management Committee (MC) was arrested for gluing peoples' gates etc.

Heard that the SC members together with some MC members who also sit in the SC have been trying all tactics disturbing the peace of the home lovers in the estate to reach 80% which includes the 3% (12 units) of HDB shops. Don't understand why HDB wants to be part of the en bloc exercise.

http://www.businesstimes.com.sg/sub/...11940,00.html?

Published December 12, 2008

Laguna Park for en bloc sale?


LAGUNA Park condominium along Marine Parade Road could be up for collective sale, with about 77 per cent of tenants so far agreeing to it, Channel NewsAsia reported.

The sales committee could expect a few more signatures in the coming days to cross the 80 per cent trigger point which will move the en bloc process forward. Channel NewsAsia understands that the asking price is about $1.2 billion. Each owner stands to pocket between $1.8 million and $2.1 million. It works out to about $633 per square foot of gross floor area, Channel NewsAsia said.

Nicholas Mak, director, consultancy and research, Knight Frank, said: 'In today's market, the owners will probably have to lower their expectation, easily by 20 per cent.'

Laguna Park condominium sits on 667,000 sq ft of land with a plot ratio of 2.8.

http://www.todayonline.com/articles/292124.asp

Friday, December 12, 2008

Laguna Park moves closer to collective sale

Process marked by acrimony and vandalism may finally have a happy ending for owners

Wong Siew Ying

[email protected]


THE owners of homes at Laguna Park condominium at Marine Parade are inching closer to a collective sale, after securing approval from owners representing 76 per cent of the share values at the property.

The owners have been working on a collective sale since last year, and the process has been marked by acrimony and vandalism. The chairman of the management committee was even arrested in August on suspicion of gluing shut two residents’ apartment doors.

Residents say they are optimistic that they will be able to secure a few more signatures backing the sale to cross the 80 per cent trigger that would bring the sales process forward.

If this takes place, the 99-year leasehold property, which has 528 units, will come onto the market at a very tough time. Last year, there were 104 successful collective sales transactions. This year, there have been just seven, and analysts expect the trend to continue into next year.

Channel NewsAsia understands the asking price is about $1.2 billion. Each owner stands to pocket between $1.8 million and $2.1 million if the deal goes through.

Laguna Park condominium sits on 667,000 square feet of land with a plot ratio of 2.8.

Given the sheer size of the development, the bidder for Laguna Park will likely need partners. The 1,200 and 1,500 units of new homes that the site could yield could also pose a challenge as the developer may have to spread out its marketing efforts over a year, incurring a fair amount of cost in the process, said analysts.

“Another challenge facing the en bloc market is actually difficulty in raising financing from the banks, because the banks are in a tight situation, and they would also be looking at any sort of massive borrowing very conservatively,” said Nicholas Mak, director of consultancy and research at Knight Frank.

CHANNEL NEWSASIA

Quote:

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Originally Posted by mr funny

http://www.todayonline.com/articles/292124.asp

Friday, December 12, 2008

Laguna Park moves closer to collective sale

Process marked by acrimony and vandalism may finally have a happy ending for owners

Wong Siew Ying

[email protected]


THE owners of homes at Laguna Park condominium at Marine Parade are inching closer to a collective sale, after securing approval from owners representing 76 per cent of the share values at the property.

The owners have been working on a collective sale since last year, and the process has been marked by acrimony and vandalism. The chairman of the management committee was even arrested in August on suspicion of gluing shut two residents’ apartment doors.

Residents say they are optimistic that they will be able to secure a few more signatures backing the sale to cross the 80 per cent trigger that would bring the sales process forward.

If this takes place, the 99-year leasehold property, which has 528 units, will come onto the market at a very tough time. Last year, there were 104 successful collective sales transactions. This year, there have been just seven, and analysts expect the trend to continue into next year.

Channel NewsAsia understands the asking price is about $1.2 billion. Each owner stands to pocket between $1.8 million and $2.1 million if the deal goes through.

Laguna Park condominium sits on 667,000 square feet of land with a plot ratio of 2.8.

Given the sheer size of the development, the bidder for Laguna Park will likely need partners. The 1,200 and 1,500 units of new homes that the site could yield could also pose a challenge as the developer may have to spread out its marketing efforts over a year, incurring a fair amount of cost in the process, said analysts.

“Another challenge facing the en bloc market is actually difficulty in raising financing from the banks, because the banks are in a tight situation, and they would also be looking at any sort of massive borrowing very conservatively,” said Nicholas Mak, director of consultancy and research at Knight Frank.

CHANNEL NEWSASIA

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In yesterday's CNA, the reporter interviewed Lee Kok Leong. But he does not know that Lee is the ex-chairman of the Management Committee (MC), in which most of the members are the Sales Committee (SC)members,the pro-en-bloc group. Lee, who was arrested for gluing peoples' gates and currently on bail, will be charged in court very soon.

In order to have a true and balance story, the reporter should interview more residents, including the non-en-bloc home lovers.

Heard that the figures quoted has not reached 80% including the 4-5% (not 3%) HDB share, on the dead line date of 14 December 08.

http://www.channelnewsasia.com/stori...396272/1/.html

Laguna Park residents confident of reaching S$1.2b target

By Desmond Wong, Channel NewsAsia | Posted: 14 December 2008 2022 hrs


SINGAPORE: While the en bloc market may have slowed, the residents of Laguna Park are optimistic their prime location will help them get their asking price of S$1.2 billion.

The en bloc sale of the 30-year-old condominium crossed the 80 per cent threshold on Friday allowing the process to proceed to the marketing stage.

This is despite the property market softening from the economic slowdown.

With schools like Victoria Junior College nearby plus the sea view, residents feel they'll get a fair deal for their 99-year leasehold property which occupies a total land area of some 667,000 square feet.

But some are hoping to wait till the third quarter of 2009 to enter the market.

Lee Kok Leong, a Laguna Park resident, said: "Now the market is soft and when you go in, you won't get a good price. So we hope that it recovers then it will be okay. All these are condominiums, so it may fetch a higher price because the land is big."

The move to sell started in early 2007 but hit a snag as some residents held back hoping the bull market would last.

Residents currently expect S$1.8 million to S$2.3 million for their units, down from the over S$3 million some were hoping for last year.

Most of the development's 528 units are between 1,500 and 1,700 square feet.

Last year, Singapore saw 104 successful en bloc sales but in 2008 this has slowed to just seven.

There remains a five-day cooling-off period for the residents to change their minds but many expect the sale to go through. - CNA/vm

http://www.businesstimes.com.sg/sub/...09973,00.html?

Published December 15, 2008

Laguna Park clears hurdle


APPROVAL for an enbloc sale by owners of Laguna Park apartments crossed the 80 per cent threshold on Friday, Channel News Asia reported yesterday. This allows the owners of the 30-year-old condominium to proceed to market the site, which has a total land area of about 667,000 sq ft.

The asking price is $1.2 billion - or $1.8 million to $2.3 million per unit, down from the more than $3 million some owners were hoping for last year.

The move to sell started in early 2007 but hit a snag as some residents held back in the hope that the bull market would last, CNA reported. Most of the development's 528 units are between 1,500 and 1,700 square feet.

Figures from property consultancy group CB Richard Ellis released last week show that only seven collective sales worth a total $371 million have been sealed this year, against the record $12.4 billion from 111 transactions in 2007. The collective sales market was dormant this year as developers remained mindful of the lukewarm response to new residential launches, rising construction costs and tighter credit measures, CBRE observed.

Get realistic LP owners, it will be a task to sell at half that price....

fyi, look back at saturday classified, found LP selling at only slightly above $1M leh... So...:doh: