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Thread: Collective sale: Pine Grove gets nod at latest attempt

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    Default Collective sale: Pine Grove gets nod at latest attempt

    http://www.channelnewsasia.com/stori...020061/1/.html

    Pine Grove owners make 3rd attempt to sell their property in collective sale
    By Esther Fung, Channel NewsAsia | Posted: 23 November 2009 2226 hrs

    SINGAPORE: Some homeowners at the Pine Grove estate along Ulu Pandan Road are making another attempt to sell their properties in a collective sale.

    This will be their third bid since 2005.

    MediaCorp understands that the minimum reserve price for the 660-unit unit estate is S$1.33 billion.

    Depending on the size of the unit and the development charge that is payable, owners stand to pocket an average of S$2 million per unit.

    The former HUDC estate has a land area of more than 893,000 square feet.

    Farrer Court, another former HUDC estate along Farrer Road, was sold for a record S$1.34 billion in 2007.

    Pine Grove's reserve price is higher than the S$1.2 billion price tag that the Laguna Park estate in Marine Parade had expected in its first tender in September.

    Even after the price was reduced later to S$967 million, the Laguna Park collective sale was called off last week.

    At Pine Grove, there have already been three sessions to collect signatures for the possible enbloc sale since 15 November.

    A fourth session is coming up next Thursday.

    At the upcoming session, representatives from property consultancy Jones Lang Lasalle and law firm Lee & Lee will be present to answer homeowners' questions. - CNA/vm

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    Quote Originally Posted by august
    http://www.channelnewsasia.com/stori...020061/1/.html

    Pine Grove owners make 3rd attempt to sell their property in collective sale
    By Esther Fung, Channel NewsAsia | Posted: 23 November 2009 2226 hrs

    SINGAPORE: Some homeowners at the Pine Grove estate along Ulu Pandan Road are making another attempt to sell their properties in a collective sale.

    This will be their third bid since 2005.

    MediaCorp understands that the minimum reserve price for the 660-unit unit estate is S$1.33 billion.

    Depending on the size of the unit and the development charge that is payable, owners stand to pocket an average of S$2 million per unit.

    The former HUDC estate has a land area of more than 893,000 square feet.

    Farrer Court, another former HUDC estate along Farrer Road, was sold for a record S$1.34 billion in 2007.

    Pine Grove's reserve price is higher than the S$1.2 billion price tag that the Laguna Park estate in Marine Parade had expected in its first tender in September.

    Even after the price was reduced later to S$967 million, the Laguna Park collective sale was called off last week.

    At Pine Grove, there have already been three sessions to collect signatures for the possible enbloc sale since 15 November.

    A fourth session is coming up next Thursday.

    At the upcoming session, representatives from property consultancy Jones Lang Lasalle and law firm Lee & Lee will be present to answer homeowners' questions. - CNA/vm
    about same age as LP. What are their chances. Last few transactions seems to have gone up significantly.

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    Quote Originally Posted by andy
    about same age as LP. What are their chances. Last few transactions seems to have gone up significantly.
    I think they got to lower the price ....

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    Quote Originally Posted by august
    I think they got to lower the price ....
    The developers should hire xebay11 to go around and give them a lecture ... that will help get the en bloc gravy train going again.

    Quote Originally Posted by xebay11

    Tender for Laguna Park closes with no winner

    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.

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    mr funny is offline Any complaints please PM me
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    http://www.straitstimes.com/Money/St...ry_458751.html

    Nov 25, 2009

    Pine Grove residents keen to sell en bloc again


    PINE Grove residents are looking to sell their sprawling Ulu Pandan estate en bloc, after failing to do so in previous attempts during the 2007 boom.

    They are not alone. Industry sources say there is a growing group of other estates that previously failed to sell en bloc but is now looking for reruns.

    The collection of signatures at Pine Grove, a 660-unit former HUDC estate on 893,178 sq ft of land, started on Nov 15. If successful, this latest attempt will net each unit owner at least $1.6 million to $2.05 million, depending on unit size.

    Many units are about 1,754 sq ft and will achieve a price of about $1.95 million each, according to an owner who declined to be named. Prices are based on a reserve level of $1.246 billion, he added.

    The total price works out to at least $740 per sq ft per plot ratio, estimated a property expert. This is because the buyer of the site will have to pay an upgrading premium, plus a differential premium on top of the asking price to cover the cost of bringing the land tenure up to 99 years and site redevelopment.

    Marketing agent Jones Lang LaSalle declined to comment.

    Pine Grove's collective sale attempts in 2007 failed to bear fruit, even though the average payout was eventually raised to about $2 million per unit.

    At Tulip Garden in Holland Road, Bravo Building Construction failed to complete a $516 million collective sale purchase last year due to funding issues.

    Residents of Chin Swee Road's Landmark Tower were unable to attract a buyer in their collective sale attempts in 2007 and last year, but are keen to try again.

    The sale processes at Tulip Garden and Landmark Tower are still in the preliminary stage and The Straits Times understands both have yet to officially appoint a marketing agent.

    The estates are understandably eager to try again now that the economic outlook has improved and private home prices have risen, said DTZ South-east Asia research head Chua Chor Hoon.

    The recent market slowdown has yet to significantly hamper owners' expectations, given that the process of collecting signatures and launching the sale may take a while, said an expert.

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    xebay11 is offline New Launch Project Specialist
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    So many enbloc sales falling through, looks like 99LH now not popular with developers, as more developers may change strategy and start a new trend of seeking FH land and developing them to sell as LH.

    FH property owners, hold on tight.

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    Pine Grove enbloc results came out a couple of days ago, iirc only 30.3% of units (representing abt same % of land) signed the CSA.

    I'm not familiar with enbloc activities, but I'm surprised at the low percentage. Wouldn't there have been some informal survey to determine the level of interest? Instead money had to be spent on a formal exercise to fall so far off the mark. I had thought maybe they would at least get 50-60%.

    In any case, admit to being somewhat interested in a unit there. So failure of the CSA is a plus for me!

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    Quote Originally Posted by fimo
    Pine Grove enbloc results came out a couple of days ago, iirc only 30.3% of units (representing abt same % of land) signed the CSA.

    I'm not familiar with enbloc activities, but I'm surprised at the low percentage. Wouldn't there have been some informal survey to determine the level of interest? Instead money had to be spent on a formal exercise to fall so far off the mark. I had thought maybe they would at least get 50-60%.

    In any case, admit to being somewhat interested in a unit there. So failure of the CSA is a plus for me!
    sometimes u can get certain residents dead set on enbloc, and when these ppl also sit on the management council or whatever it is called, they can push for the enbloc.

    most of the time half the residents are quite apathetic & dun bother about what's going on...

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    Another 2 signing sessions scheduled at Pine Grove. One already past, another to come. Given the 50pct pt gap, I don't think it'll be possible to get anywhere near 80% even with these additional sessions.

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    imagine these people getting sme shitty deal like gillman enblocers.
    Quote Originally Posted by fimo
    Another 2 signing sessions scheduled at Pine Grove. One already past, another to come. Given the 50pct pt gap, I don't think it'll be possible to get anywhere near 80% even with these additional sessions.

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    Quote Originally Posted by Regulators
    imagine these people getting sme shitty deal like gillman enblocers.
    Over 600 units. 1.2bsgd. Do you think it will happen this time similar to Farrer Court?

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    Quote Originally Posted by andy
    Over 600 units. 1.2bsgd. Do you think it will happen this time similar to Farrer Court?
    unlikely... considering farrer court launch still nowhere in sight

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    It's not that fantastic a location and 99LH - and with no future MRT, I don't see how this can enbloc at the ask price. Farrer Court is at a much better location and still no news of launch.

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    lets make a guess

    which condo will be enbloc-ed next ..


    condos only ...not HUDC

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    Default which condo will be enbloced next ?

    lets make a guess

    which condo will be enbloc-ed next ..


    condos only ...not HUDC

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    Quote Originally Posted by Wild Falcon
    It's not that fantastic a location and 99LH - and with no future MRT, I don't see how this can enbloc at the ask price. Farrer Court is at a much better location and still no news of launch.
    How come Farrer don't want to launch? Why capital land sit on a $1.3B land for 3 years. Do they think the market is going to higher if they wait longer?

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    Quote Originally Posted by andy
    How come Farrer don't want to launch? Why capital land sit on a $1.3B land for 3 years. Do they think the market is going to higher if they wait longer?
    this is the problem when developer overpaid for enbloc... i hear that to breakeven they have to sell at $1700 to 1800psf. This is tough considering freehold waterfall garden only now selling near 1800psf. So developer probably not feeling confident to sell

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    Quote Originally Posted by august
    this is the problem when developer overpaid for enbloc... i hear that to breakeven they have to sell at $1700 to 1800psf. This is tough considering freehold waterfall garden only now selling near 1800psf. So developer probably not feeling confident to sell
    anyone got the actual figures? becoz i tot breakeven 1300-1400psf?

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    Quote Originally Posted by devilplate
    anyone got the actual figures? becoz i tot breakeven 1300-1400psf?
    dats probably the price paid to owners...

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    Quote Originally Posted by devilplate
    anyone got the actual figures? becoz i tot breakeven 1300-1400psf?
    1300-1400psf breakeven is correct. See CNA report on 17 jul 2008:

    http://forums.condosingapore.com/sho...?t=8482&page=4

    Capital land very deep pockets, they won't launch until they are sure to sell at $1600-1700psf in few phases; likely closer when circle line run thu farrer and holland v mrt station. $3bil proj, they already hv $2bil loan, can "tong" since landbank is depleting for all developers. 1500 new units on old Farrer Court; I guess mayb 4 phases, slowly release and try to max out profits.

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    Quote Originally Posted by land118
    1300-1400psf breakeven is correct. See CNA report on 17 jul 2008:

    http://forums.condosingapore.com/sho...?t=8482&page=4

    Capital land very deep pockets, they won't launch until they are sure to sell at $1600-1700psf in few phases; likely closer when circle line run thu farrer and holland v mrt station. $3bil proj, they already hv $2bil loan, can "tong" since landbank is depleting for all developers. 1500 new units on old Farrer Court; I guess mayb 4 phases, slowly release and try to max out profits.
    if tats the case, buy during 1st phase bao huat?

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    xebay11 is offline New Launch Project Specialist
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    Quote Originally Posted by devilplate
    if tats the case, buy during 1st phase bao huat?
    Provided they launch good units at first phase, normal practice is they don't.

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    http://www.channelnewsasia.com/stori...093895/1/.html

    $1.7B. Does anyone think there will be any takers for the largest residential collective sale in Singapore?

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    Quote Originally Posted by andy
    http://www.channelnewsasia.com/stori...093895/1/.html

    $1.7B. Does anyone think there will be any takers for the largest residential collective sale in Singapore?
    quite unlikely ....

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    This location is quite ulu (along ulu pandan road) and the developer can only target those who wants to stay near NUS, Biopolis or Science Park. But NUS & Biopolis already have its own condo developments, and Science Park tenants are usually located west coast. Amenities are lacking. Hmm... not sure who will actually bite given the high psf. If they slice up the land parcels, maybe...

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    No train services anywhere. Nearest is SP Dover station and even that needs some cutting through the monsoon canal of Ghim Moh track. Some more nearby already have a hostel for SIM students (ex-sch of medic camp) so that is one large targeted audience for rental gone. Its quiet though; but then again that's because its ulu. Light sleepers may like this place but will enough of them pay a premium for it??

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    Quote Originally Posted by hyenergix
    This location is quite ulu (along ulu pandan road) and the developer can only target those who wants to stay near NUS, Biopolis or Science Park. But NUS & Biopolis already have its own condo developments, and Science Park tenants are usually located west coast. Amenities are lacking. Hmm... not sure who will actually bite given the high psf. If they slice up the land parcels, maybe...
    Dun slice land, slice SIZE. Give a free shuttle to mrt will solve the problem, dover station is . Good

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    Location not bad what... quiet environment, within 1 km of Henry Park Pri School, Next to canal (can blade, cycle run), short distance to Holland V, amenities can get from Clementi. Only thing is a bit far from MRT...

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    heard in jan 2011 next year,laguna park will be making another attempt for en bloc..currently they are getting signatures to make up the 80% of owners approval required..this will be another mega en bloc attempt after pine grove..

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    Quote Originally Posted by fiat500
    heard in jan 2011 next year,laguna park will be making another attempt for en bloc..currently they are getting signatures to make up the 80% of owners approval required..this will be another mega en bloc attempt after pine grove..

    Heard Tampines Court as well...

    The Greed of Man...

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