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Thread: Makeway View en bloc deal falls through

  1. #1
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    Default Makeway View en bloc deal falls through

    Published April 1, 2008

    Makeway View en bloc deal falls through

    Development charge higher than expected, says buyer

    By KALPANA RASHIWALA


    (SINGAPORE) The $162.8 million collective sale of Makeway View in the Newton area to an associate of Bravo Building Construction has been rescinded.

    BT understands that the one per cent of purchase price paid by Bravo so far has been forfeited.

    A Bravo spokeswoman told BT yesterday that it had earlier sought payment extensions to ascertain the quantum of development charge (DC) payable.

    Confirming the move to rescind the sale, she added: 'We decided not to proceed with the Makeway deal as the actual DC turned out to be higher than what we had been told. So the breakeven price would end up being much higher than what we expected. That's why my partner (in the proposed acquisition) decided not to proceed further.'

    She confirmed that the initial information about the DC did not come from Knight Frank, which was the marketing agent representing the owners of Makeway View.

    The $162.8 million deal for Makeway View announced in early November last year, reflected a unit land price of about $1,583 psf ppr including an estimated $21.5 million DC at the time.

    Bravo group was one of the biggest buyers of collective sale sites last year, with deals like Tulip Garden for $516 million. Bravo formed separate associate companies for the acquisitions of the various collective sales sites, as the plan was to have different partners for each project.

    A Bravo associate has so far paid the initial 5 per cent deposit on Tulip Garden, amounting to about $25 million.

    Tulip Garden's collective sale was approved by STB in late February and the Bravo associate was supposed to have made the second 5 per cent payment shortly after that. However, it requested for an extension on this till early April.

    Bravo's spokeswoman said her company is seeking a further extension to early June to pay this sum and to also extend the completion deadline for the deal from late May currently to early August.

    'We need time to sort out an agreement with our partner and at the same time, sort out the financing arrangement.'

    Tulip Garden's owners are expected to meet this weekend to decide whether to give the payment extensions. Tulip Garden's price works out to $1,018 psf per plot ratio price (no DC is payable).

  2. #2
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    Default Re: Makeway View en bloc deal falls through

    Quote Originally Posted by mr funny
    Published April 1, 2008

    Makeway View en bloc deal falls through

    Development charge higher than expected, says buyer

    By KALPANA RASHIWALA


    (SINGAPORE) The $162.8 million collective sale of Makeway View in the Newton area to an associate of Bravo Building Construction has been rescinded.

    BT understands that the one per cent of purchase price paid by Bravo so far has been forfeited.

    A Bravo spokeswoman told BT yesterday that it had earlier sought payment extensions to ascertain the quantum of development charge (DC) payable.

    Confirming the move to rescind the sale, she added: 'We decided not to proceed with the Makeway deal as the actual DC turned out to be higher than what we had been told. So the breakeven price would end up being much higher than what we expected. That's why my partner (in the proposed acquisition) decided not to proceed further.'

    She confirmed that the initial information about the DC did not come from Knight Frank, which was the marketing agent representing the owners of Makeway View.

    The $162.8 million deal for Makeway View announced in early November last year, reflected a unit land price of about $1,583 psf ppr including an estimated $21.5 million DC at the time.

    Bravo group was one of the biggest buyers of collective sale sites last year, with deals like Tulip Garden for $516 million. Bravo formed separate associate companies for the acquisitions of the various collective sales sites, as the plan was to have different partners for each project.

    A Bravo associate has so far paid the initial 5 per cent deposit on Tulip Garden, amounting to about $25 million.

    Tulip Garden's collective sale was approved by STB in late February and the Bravo associate was supposed to have made the second 5 per cent payment shortly after that. However, it requested for an extension on this till early April.

    Bravo's spokeswoman said her company is seeking a further extension to early June to pay this sum and to also extend the completion deadline for the deal from late May currently to early August.

    'We need time to sort out an agreement with our partner and at the same time, sort out the financing arrangement.'

    Tulip Garden's owners are expected to meet this weekend to decide whether to give the payment extensions. Tulip Garden's price works out to $1,018 psf per plot ratio price (no DC is payable).
    DEVELOPER SMART.......

  3. #3
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    Default Re: Makeway View en bloc deal falls through

    Quote Originally Posted by mr funny
    Published April 1, 2008

    Makeway View en bloc deal falls through

    Development charge higher than expected, says buyer

    By KALPANA RASHIWALA


    (SINGAPORE) The $162.8 million collective sale of Makeway View in the Newton area to an associate of Bravo Building Construction has been rescinded.

    BT understands that the one per cent of purchase price paid by Bravo so far has been forfeited.

    A Bravo spokeswoman told BT yesterday that it had earlier sought payment extensions to ascertain the quantum of development charge (DC) payable.

    Confirming the move to rescind the sale, she added: 'We decided not to proceed with the Makeway deal as the actual DC turned out to be higher than what we had been told. So the breakeven price would end up being much higher than what we expected. That's why my partner (in the proposed acquisition) decided not to proceed further.'

    She confirmed that the initial information about the DC did not come from Knight Frank, which was the marketing agent representing the owners of Makeway View.

    The $162.8 million deal for Makeway View announced in early November last year, reflected a unit land price of about $1,583 psf ppr including an estimated $21.5 million DC at the time.

    Bravo group was one of the biggest buyers of collective sale sites last year, with deals like Tulip Garden for $516 million. Bravo formed separate associate companies for the acquisitions of the various collective sales sites, as the plan was to have different partners for each project.

    A Bravo associate has so far paid the initial 5 per cent deposit on Tulip Garden, amounting to about $25 million.

    Tulip Garden's collective sale was approved by STB in late February and the Bravo associate was supposed to have made the second 5 per cent payment shortly after that. However, it requested for an extension on this till early April.

    Bravo's spokeswoman said her company is seeking a further extension to early June to pay this sum and to also extend the completion deadline for the deal from late May currently to early August.

    'We need time to sort out an agreement with our partner and at the same time, sort out the financing arrangement.'

    Tulip Garden's owners are expected to meet this weekend to decide whether to give the payment extensions. Tulip Garden's price works out to $1,018 psf per plot ratio price (no DC is payable).
    DEVELOPER SMART.......run first

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    Default Re: Makeway View en bloc deal falls through

    Quote Originally Posted by Unregistered
    DEVELOPER SMART.......run first
    this is a no standard 3rd tier developer. period. only the first tier developers like Capitaland, CDL, Guocoland, Wing Tai can be trusted.

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    Default Re: Makeway View en bloc deal falls through

    Quote Originally Posted by Unregistered
    this is a no standard 3rd tier developer. period. only the first tier developers like Capitaland, CDL, Guocoland, Wing Tai can be trusted.
    soon you will see more smaller developers doing the same, then you will see lesser demand for homes (resale), then you will see price falling (may not be immediate though, perhaps next year when supply starts increasing at a faster rate as more TOPs).....

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    Default Re: Makeway View en bloc deal falls through

    What a poor excuse.

  7. #7
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    Default Re: Makeway View en bloc deal falls through

    I pity the home owners.

    Some of them could already have committed themselves to purchases of new replacement homes.

    My estate is also going through en-bloc although deep down my heart, I know that it is just a futile time-wasting exercise.

    I believe that as a standard clause put in place by almost all property agents, even if the buyer pulls out, the agent will still be entitled to the commission. That means the home owners will get almost next to nothing.

  8. #8
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    Default Re: Makeway View en bloc deal falls through

    #7, oh dear, this is really not good. Agree with you that any enbloc attempt now would be futile, unless owners sell real cheap. Construction costs is so high, it would be silly for any developer to want to develop any land at this point to fight with the big projects like IR, MRT, Youth Olympic Village, etc., for both manpower and materials.

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    Default Re: Makeway View en bloc deal falls through

    Quote Originally Posted by Unregistered
    #7, oh dear, this is really not good. Agree with you that any enbloc attempt now would be futile, unless owners sell real cheap. Construction costs is so high, it would be silly for any developer to want to develop any land at this point to fight with the big projects like IR, MRT, Youth Olympic Village, etc., for both manpower and materials.
    BRAVO !?!?!

  10. #10
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    Default Re: Makeway View en bloc deal falls through

    There are seldom "WINNERS" in an "ENBLOC!". Its a "GAME OF INTRIGUED!"

  11. #11
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    Default Re: Makeway View en bloc deal falls through

    Then why go enbloc? I heard that one before, no winners in enblocs.

  12. #12
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    Cool Re: Makeway View en bloc deal falls through

    Quote Originally Posted by Unregistered
    Then why go enbloc? I heard that one before, no winners in enblocs.
    Don't think the owners at Farrer Court agree with you. They have made a good killing there ....unless the developer also goes belly up.

  13. #13
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    Default Re: Makeway View en bloc deal falls through

    #12, Lol, true lah, but there is only one Farrer Court.

  14. #14
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    Default Re: Makeway View en bloc deal falls through

    Quote Originally Posted by Unregistered
    Don't think the owners at Farrer Court agree with you. They have made a good killing there ....unless the developer also goes belly up.
    Farrer Court residents collected their 2.1m & 2.2m on 12 March less 50k rentention money. Some win and some will lose in the en bloc saga!

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    Default Re: Makeway View en bloc deal falls through

    Quote Originally Posted by Unregistered
    Don't think the owners at Farrer Court agree with you. They have made a good killing there ....unless the developer also goes belly up.
    That's probably the reward for not desperately rushing to sell. FC owners set respectable reserve price and their tender period was abt 8 weeks - long enough for established well governed listed company to obtain the financing and proper approval to put in a tender bid which the company could/would honour.

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    Default Re: Makeway View en bloc deal falls through

    Quote Originally Posted by Unregistered
    There are seldom "WINNERS" in an "ENBLOC!". Its a "GAME OF INTRIGUED!"
    And the winners are :- 1) The 10 billion in UBS?

    2) The Stamp Duty?

    3)The Development Charges?

    4)The GST?

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    Smile Re: Makeway View en bloc deal falls through

    Those who are stuck in the "enbloc impotence", its just natures way of saying "no hard feelings!"

  18. #18
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    Default Re: Makeway View en bloc deal falls through

    Quote Originally Posted by Unregistered
    Those who are stuck in the "enbloc impotence", its just natures way of saying "no hard feelings!"
    What would nature be saying to those stuck in the "enbloc drudgery?

  19. #19
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    Default Re: Makeway View en bloc deal falls through

    Quote Originally Posted by Unregistered
    And the winners are :- 1) The 10 billion in UBS?

    2) The Stamp Duty?

    3)The Development Charges?

    4)The GST?
    Why are enblocs filled with dazzling suspense and breathtaking actions?

    Because the winners earn their money through thick and thin.

  20. #20
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    Default Re: Makeway View en bloc deal falls through

    Quote Originally Posted by Unregistered
    What would nature be saying to those stuck in the "enbloc drudgery?
    Nature's way of saying, enjoy your stay in the nursing home.

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    Default Re: Makeway View en bloc deal falls through

    IF ONLY I KNEW
    WHAT AWAITED MAKEWAY AND TULIP
    AND THE MANY WHO THOUGHT THEY COULD FLIP
    BRAVO BRAVO EVERYONE SCREAMED
    WHEN THE DEAL WAS SIGNED THEY BEAMED
    ALAS SOME COUNTED CHICKS BEFORE THEY WERE HATCHED
    AND SO NOW FIND THEMSELVES THOROUGHLY THRASHED

    IF ONLY I KNEW
    THAT ENBLOC WOULD FIZZLE OUT
    AND SUPPLY IN MARKET WOULD SPROUT
    I WISH I HAD SOLD IN OCTOBER
    RATHER THAN NOW GO IN DEEP SLUMBER
    WAKE ME UP FRIENDS WHEN BULLS KILL THE PROWLING BEAR
    MAY BE 5 YEARS OR 6....BUT NOW THAT I HAVE LOST I REALLY DONT CARE.

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    Default Re: Makeway View en bloc deal falls through

    Old Wife> ' Oh Gawd, I'm convince my mind is almost gone'


    Old Husband> ' I'm not surprised. You've been giving me a piece of it every day for 20 years.'

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    Default Re: Makeway View en bloc deal falls through

    Quote Originally Posted by Unregistered
    IF ONLY I KNEW
    WHAT AWAITED MAKEWAY AND TULIP
    AND THE MANY WHO THOUGHT THEY COULD FLIP
    BRAVO BRAVO EVERYONE SCREAMED
    WHEN THE DEAL WAS SIGNED THEY BEAMED
    ALAS SOME COUNTED CHICKS BEFORE THEY WERE HATCHED
    AND SO NOW FIND THEMSELVES THOROUGHLY THRASHED

    IF ONLY I KNEW
    THAT ENBLOC WOULD FIZZLE OUT
    AND SUPPLY IN MARKET WOULD SPROUT
    I WISH I HAD SOLD IN OCTOBER
    RATHER THAN NOW GO IN DEEP SLUMBER
    WAKE ME UP FRIENDS WHEN BULLS KILL THE PROWLING BEAR
    MAY BE 5 YEARS OR 6....BUT NOW THAT I HAVE LOST I REALLY DONT CARE.
    IF ONLY I KNEW
    HALF OS SINGAPORE IS MINE
    I WOULD BAN U FROM COMING TO THIS FORUM
    SO AS NOT TO HEAR UR NONSENSE

  24. #24
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    Default Re: Makeway View en bloc deal falls through

    Quote Originally Posted by Unregistered
    IF ONLY I KNEW
    HALF OS SINGAPORE IS MINE
    I WOULD BAN U FROM COMING TO THIS FORUM
    SO AS NOT TO HEAR UR NONSENSE
    IF ONLY I KNEW
    THAT FLIPPERS WOULD LOSE THEIR COOL
    ON HEARING HOW THEY WERE MADE A FOOL
    BRAVO BRAVO THEY HAD CLAPPED
    WHEN MINORITIES WERE BEING RAPPED
    FINALLY THEY LOST WHEN THE DEAL WAS SCRAPPED

  25. #25
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    Default Re: Makeway View en bloc deal falls through

    Onions for Enbloc- Peeled layer by layer for 2 horrible years, Would'nt it be nice if the goverment peeled them too?

  26. #26
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    Default Re: Makeway View en bloc deal falls through

    Do you mean you want more transparency?

  27. #27
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    Default Re: Makeway View en bloc deal falls through

    When will the next "enbloc movie of the month" be?

  28. #28
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    Default Makeway View

    Any developers eager to embark on this project in the near future?

  29. #29
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    Default

    Any En-bloc movement for this project?

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