Based on the sale price of The Elliot, just opp at abt 950 psf ave, fair price for a new development on LP should be abt 200 psf more for the seaview premium, so averaging abt 1150 psf
Newbie
Based on the sale price of The Elliot, just opp at abt 950 psf ave, fair price for a new development on LP should be abt 200 psf more for the seaview premium, so averaging abt 1150 psf
Newbie
This one can wait long long and its not to the advantage of the owners as its only 99 years leasehold. It suffers from time decay. So the value of the development will only go down over time as the lease reduces!
Senior
my wishes for this development not to get enbloc seem to have come true. There are a lot of greedy n mentally fxxked up owners including the ex-manager.
Junior
either lower asking or they can hold till eternityOriginally Posted by Regulators
Newbie
Nothing last forever. By the way anybody knows roughly how long can a building be allowed to be left standing if less than 99 years? In any case, max is 99 years.
Senior
i think in cold countries .. buildings stand strong for centuries ..
but in hot equatorial .. rain and sun, cracks expand, water sips thru ...etc buildings tend not to last very long
and with spore govt very kiasu of bad reputation if a building collapses .. i think max 50 yr ... something will have to be done ..esp if it is a high rise
Senior
the owners may not want to move actually, most i hear are quite nicely settled in, and if they have to be paid to leave their homes, they want a premium so that they can get an equivalent nearby.
if that was your home, you'll probably behave the same way.
Newbie
Latest is LP will lower price from 1.2b to 0.9b.
Anyway 1.8m is also not bad compared to current market price of 1.3m.
Maybe after 50 years, gahmen can top up difference between developers and owners?
Does anyone has any scientific proof why buildings in hot humid climate do not last? Does the reinforce concerete rust away?
Junior
$1.8 m per unit is a more reasonable price.
Laguna Park cannot compare with Farrer Court, which is in district 10.
Now that the price has been reduced by 25%, that means the developer's breakeven cost will be around $900 psf, instead of $1,200 psf.
The Straits Times
Sep 3, 2009
The land price for the condominium, which has 67 years left on its lease, works out to about $844 per sq ft per plot ratio, including the $400million payable. At this price, the successful purchaser could break even at about $1,200 to $1,250 psf, with a view of pricing the new units at $1,400 to $1,600 psf, said Mr Tan.
Senior
i think the logistics behind trying to get a consensus to accept a 950m sale price would take too long to meet the completion by Dec 19 deadline.
Newbie
Better than nothing.. think most will go for it.
Junior
hard to say.. with the money where else comparative can they buy if don't want to downgrade in size assuming if owner need another place for own stayBetter than nothing.. think most will go for it.
New Launch Project Specialist
Plenty of FH landed for them to go for.
Junior
ok i was thinking more of D9 and 10 location ~
Junior
Laguna Park is D15 bordering on D16, cannot compare with D9/10.
They can buy a similar-sized apartment (depending on their size 1,453 sf / 1,615 sf) in nearby Costa Del Sol (average $1,050 psf), The Bayshore (average $700 psf) or Bayshore Park (average $730 psf), and have spare cash left over.
Or they can buy a freehold landed house like what xebay11 has suggested.
There are some small freehold terrace houses in nearby Sennett Estate with land area around 1,600 sf selling for around $1.2 million, again with spare cash left over.
Newbie
still think 0.9b or 900m is too much to pay for LP.....
New Launch Project Specialist
In that case, that is definitely moving up for LP residents, afterall their LP when first bought, was practically HDB (HUDC), they were not private property in the begining, and they have already stayed so long for free and theirs is LH property and so these greedy fellows should actually be grateful for what ever is being offered and stop being so greedy, if you noticed, the most greedy sellers in en bloc sales are not the private property sellers but the lowest rung HUDC sellers, Neptune Court, Gillman Heights etc, they seem to have forgotten their roots.
Newbie
Or maybe some of these staying in LP didn't buy it when it was HUDC leh ... say bout 2nd-hand? So greedy oso shouldn't come as a surprise mah ... .... But if I were the 1st owner, would take the revised price tag ... wait ask for the sky really no more takers for such an old property
Newbie
Actually the Laguna Park owners shd just take the 950m deal. 99-year leasehold is always a sinking deal. Unless it is in prime (such as Horizon Towers and Farrer Park) location, otherwise nobody knows how long this party can last. After all, there are still tonnes of FH stuffs out there.Laguna Park is D15 bordering on D16, cannot compare with D9/10.
They can buy a similar-sized apartment (depending on their size 1,453 sf / 1,615 sf) in nearby Costa Del Sol (average $1,050 psf), The Bayshore (average $700 psf) or Bayshore Park (average $730 psf), and have spare cash left over.
Or they can buy a freehold landed house like what xebay11 has suggested.
There are some small freehold terrace houses in nearby Sennett Estate with land area around 1,600 sf selling for around $1.2 million, again with spare cash left over.
Agree Sennett is good. I have been looking ard the area for the longest time but nothing reasonable (ie more than 2100sqft of land size) and ideal (translate into corner or semi-d) and well-priced (ie less than $1.5M) came up. Sigh...
Newbie
And that is provided some developer is willing to offer S$950.0 million! Any takers?Actually the Laguna Park owners shd just take the 950m deal. 99-year leasehold is always a sinking deal. Unless it is in prime (such as Horizon Towers and Farrer Park) location, otherwise nobody knows how long this party can last. After all, there are still tonnes of FH stuffs out there.
Agree Sennett is good. I have been looking ard the area for the longest time but nothing reasonable (ie more than 2100sqft of land size) and ideal (translate into corner or semi-d) and well-priced (ie less than $1.5M) came up. Sigh...
Newbie
You have to stay or visit some sea facing units in Laguna to realise how great the unblocked seaview, big layout, quite environment, easy access to East Coast Park/ECP . I hv few friends living there for more than 30 yrs and all not keen on the eb-bloc regardless of price as it is perfect place to retire.
Why LP asked for 1.2B is simply to get enough relautant ( I tio lai, Bo tio sua ) owners like my friends to sign on the doc. So I think 950M may not get enough support to sell....
Newbie
Indeed! You have to stay or visit in order to experience the noise and pollution! In order to have great seaview, you have to be at a higher floor..and that means plenty of traffic noise from the ECP.
It's 30 yrs old, poorly maintained....look worse than Marine Parade HDB blocks...peeling paint at the common areas and many units suffering from leaking pipes.
Newbie
An LP owner just posed in MYPAPER today a forum-styled question on how the clogging of the frontal waterways with ships and tankers are contributing to the air pollution that drifted to his LP house and hence his need to close doors, aircon and the air purifier!
Senior
There are older folks who are reluctant to change. They are so used to the environment. They just want to see out their remaining years and not worry about what they will leave behind. So naturally the profit won't mean much unless it's so much that'll justify their hassle to uproot themselves.
Senior
This should affect all seaview properties yeah?An LP owner just posed in MYPAPER today a forum-styled question on how the clogging of the frontal waterways with ships and tankers are contributing to the air pollution that drifted to his LP house and hence his need to close doors, aircon and the air purifier!
F01 N54 Sheer Driving Pleasure
He should be able to retain his retirement home with his posting right? I pity those who bought into Laguna Park for the enbloc (if there is any). They can't even beat this old man and his lies.
Newbie
For those that treat it as their home.. gd news.. But reckon the enbloc vultures should be pissing in their pants now..Heard a few of them have even got more than 1 unit.. Gd Luck ...
So think pressure will be for LP to mvoe ahead with the enbloc sales.. even at lower prices.. these vultures still profit a handsome gain..
Any complaints please PM me
http://www.businesstimes.com.sg/sub/...09540,00.html?
Published October 17, 2009
Tender for Laguna Park closes with no winner
The company that had submitted the higher of two bids withdraws, citing funding difficulties
By UMA SHANKARI
LAGUNA Park, which went up for collective sale last month at $1.2 billion, has failed to attract a buyer so far.
WHAT NEXT?
The majority owners of Laguna Park now have about a month to enter into any private treaty deal before the agreement expires in December
The 528-unit leasehold project at Marine Parade remains unsold after the company that submitted the higher of two bids faced funding problems.
At the close of the tender on Tuesday, two submissions were received for the property, said Credo Real Estate, which is marketing the development.
One submission was from a locally incorporated company that offered $1.728 billion - well above the owners' reserve price of $1.2 billion. The company's main shareholders are understood to be based in Indonesia.
The other submission was from a prominent local developer, which expressed an interest in negotiating.
BT understands that the developer was not willing to meet the reserve price.
Credo conducted negotiations on the terms of the sale with the Indonesian-owned company, which was to re-submit the tender deposit in the owners' prescribed format.
However, on Thursday evening, the offerer's lawyers wrote to the owners' lawyers saying that the offer had been withdrawn because the offerer faced 'difficulty in its bankers processing the funds and remitting them to Singapore'.
Credo is now conducting negotiations with the local developer, said Credo managing director Karamjit Singh.
The majority owners of Laguna Park now have about a month or so to enter into any private treaty deal before the collective sale agreement expires in December 2009.
'The tender was good in that it showed that developers are still keen on this kind of site,' said Mr Singh. The problem was with the price, he said.
A banker whom BT spoke to earlier said that even if a developer was willing to pay $1.2 billion for a site, finance for both the land and construction could be hard to come by.
Market watchers were surprised at the amount offered by the Indonesian party.
The reserve price of $1.2 billion works out to $844 per square foot per plot ratio (psf ppr), including an estimated $400 million payable to the state for an increase in intensity of the site to the plot ratio of 2.8 and topping up the lease term to fresh 99 years.
The $1.728 billion offer, on the other hand, worked out to about $1,122 psf. Laguna Park has a land area of about 677,493 sq ft. About 1,500 apartments with an average size of about 1,200 sq ft each can be built on the site.
Any complaints please PM me
http://www.straitstimes.com/Money/St...ry_443300.html
October 17, 2009 Saturday
$1.2b Laguna Park en bloc sale bid fails
$1.7b offer made, then withdrawn; price tag unrealistic, analysts say
By Jessica Cheam
OWNERS of East Coast condominium Laguna Park have failed in their bid to sell the property en bloc for $1.2 billion through a tender process.
Industry analysts say the result was not surprising, considering the high asking price.
However, in a curious twist of events, one company had submitted a bid for $1.728 billion - only to withdraw the offer on Thursday night.
The estate's marketing agent, Credo Real Estate, said yesterday in a statement that it had received two submissions at the close of the tender on Oct 13.
One of them was from a locally incorporated firm which offered the eye-popping $1.728 billion bid. The other expression of interest was from a 'local and prominent developer', which was believed to have made an offer below the reserve price.
Credo declined to name both firms, citing confidentiality agreements.
But it is understood that principal shareholders of the first firm which had offered above the reserve price are based in Indonesia, said Credo.
The firm was due to submit the tender deposit on instructions specified by the owners, but the firm's lawyers wrote in on Thursday night to withdraw the offer. They said the firm faced 'difficulty in their bankers processing the funds and remitting them to Singapore', said Credo.
Owners of the 528-unit development at Marine Parade yesterday said they had not heard any news officially from the sales committee, although a meeting for owners has been slated for tomorrow.
One owner, who declined to be named, said she was neutral as to whether the sale went through or not. 'Whether it sells or not, it doesn't really matter,' she said.
Chesterton Suntec International's research and consultancy director Colin Tan said the condo's failure to find a buyer 'simply confirms that developers are not going to pay unrealistic prices'.
'Developers are signalling to sellers that if you're not realistic, we won't be interested in putting in bids.
'They are mindful of the ability of home buyers to pay even higher prices. This is not sustainable so they're not willing to bear higher risks,' said Mr Tan.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak noted that en bloc deals have not seen much success this year.
Dragon Mansion in Spottiswoode Park, as well as Changi Garden Condominium at Jalan Mariam, have been tendered with no deals done.
'Owners are still expecting pre-crisis price levels which developers are now not prepared to pay. Either the owners wait even longer, or prepare to accept a lower price,' said Mr Mak.
This might prove difficult. As another Laguna Park resident put it: 'I don't think anybody will sell at a lower price.'
Credo said it is still in negotiations with the local developer on a possible deal. Owners have until mid-December, when the collective sales agreement expires, to sell the estate via private treaty.
The former HUDC estate has a large land area of about 677,493 sq ft and a gross plot ratio of 2.8.
The sprawling 30-year-old condominium has been in the headlines over a spate of vandalism attacks on the property of residents who were not keen on the sale.
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Senior
The case of the gillman heights owner getting under 900k is a good reminder to potential en bloc residents. Cut yourself too thin and you could potentially be priced out of a property in the area of the same size.
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