Mandarin Gardens' enbloc sales committee disbands

[SpinCity]

Now we have a live example. Thomson View just enbloc. Min 1313sqf owners get $1.6m (at a later time, not now...). With $1.6m, can you find a comparable unit with the same view and size? Base on my search criteria, the sellers are unlikely to find something similiar without sacrificing view, location or size....that's my argument.

And imagine if the market continue to move up, by the time the sellers get their $1.6m then go shopping for a replacement unit, especially those with 1 ppty only, they might not even be able to get those unitws i found. Eg, now $1.3m can get a smaller 1227 sqf Bishan Point. Later, this unit might call for $1.5m by the time the sellers get their money. End of the day, enbloc sellers lose out most of the time.

It is a matter of to sell or not to sell, which has nothing to do with en bloc sale or not

If you don't want to see, don't sell

If you want to sell, to sell through enbloc can usually achieve a higher price than by individual unit, so it is more likely to find a replacement unit similar to what you've sold if you sell through en bloc
it is better off for the seller

[HP65]

It is a matter of to sell or not to sell, which has nothing to do with en bloc sale or not

If you don't want to see, don't sell

If you want to sell, to sell through enbloc can usually achieve a higher price than by individual unit, so it is more likely to find a replacement unit similar to what you've sold if you sell through en bloc
it is better off for the seller

It's an illusion that selling through enbloc is beneficial for the sellers. You have not answered my question what can the seller of a 1313 sqf be able to buy with his enbloc proceeds of $1.6m. As long as the seller can't find a replacement unit in similiar location and size, he is better off not selling at all.

Actually there are already a few estates where the majority of the owners realised that enbloc is detremental to the sellers. Eg, Clementi Park, Ridegwood to name a few....

I'm glad in some of the condos (past and present), a few of the residents and myself have successfully defended our ppty from enbloc raiders. We have even managed to keep the place well maintained and attracted new owners to the place and make it their home. Through this process, we were able to protect our homes from those who want to call it home as well as for guniue investors who cashed out high to buyers who liked a well maintained condo.

[SpinCity]

It's an illusion that selling through enbloc is beneficial for the sellers. You have not answered my question what can the seller of a 1313 sqf be able to buy with his enbloc proceeds of $1.6m. As long as the seller can't find a replacement unit in similiar location and size, he is better off not selling at all.

Actually there are already a few estates where the majority of the owners realised that enbloc is detremental to the sellers. Eg, Clementi Park, Ridegwood to name a few....

I'm glad in some of the condos (past and present), a few of the residents and myself have successfully defended our ppty from enbloc raiders. We have even managed to keep the place well maintained and attracted new owners to the place and make it their home. Through this process, we were able to protect our homes from those who want to call it home as well as for guniue investors who cashed out high to buyers who liked a well maintained condo.

Is it so difficult to understand that the argument your brought up is relating to "to sell or not to sell", which is irrelevant to "whether en bloc sale is beneficial to the seller"

If a "owner" sell now, he/she can sell 900psf individually, or 1200psf through en bloc, but the replacement unit will cause you 1300psf, so please don't sell AT ALL, "owner"

you are suggesting that people don't sell, whether through en bloc or by him/her-self


but if a "seller" want to sell, through en bloc can allow the "seller" to sell at 1200psf price than 900psf by individual unit, so en bloc is beneficial to a "seller"

[adrianmtsg]

You are partially correct. If property prices continue to move up, the agreed enbloc quantum may not be favorable to seller. But don't forget, just like thomson view condo, its reserved price was adjusted twice with respect to the rising property pricing. In short, every owner still make a 30-40% higher if they were to sell individually.

Then, what is the property market soften in the next 1-2 years time? Will they not pat their own shoulder for it?

Now we have a live example. Thomson View just enbloc. Min 1313sqf owners get $1.6m (at a later time, not now...). With $1.6m, can you find a comparable unit with the same view and size? Base on my search criteria, the sellers are unlikely to find something similiar without sacrificing view, location or size....that's my argument.

And imagine if the market continue to move up, by the time the sellers get their $1.6m then go shopping for a replacement unit, especially those with 1 ppty only, they might not even be able to get those unitws i found. Eg, now $1.3m can get a smaller 1227 sqf Bishan Point. Later, this unit might call for $1.5m by the time the sellers get their money. End of the day, enbloc sellers lose out most of the time.

[Laguna]

It's an illusion that selling through enbloc is beneficial for the sellers. You have not answered my question what can the seller of a 1313 sqf be able to buy with his enbloc proceeds of $1.6m. As long as the seller can't find a replacement unit in similiar location and size, he is better off not selling at all.

Actually there are already a few estates where the majority of the owners realised that enbloc is detremental to the sellers. Eg, Clementi Park, Ridegwood to name a few....

I'm glad in some of the condos (past and present), a few of the residents and myself have successfully defended our ppty from enbloc raiders. We have even managed to keep the place well maintained and attracted new owners to the place and make it their home. Through this process, we were able to protect our homes from those who want to call it home as well as for guniue investors who cashed out high to buyers who liked a well maintained condo.

U hv to think far ahead. (for LH)
1. There is no way the estate can top up the lease at all. This case has been tested and it is confirmed. Even u hv the money, u cannot topup. And most people don't hv the $. Hence, the land value is depreciating
2. As a result of this, u will getting more difficult to find buyers, they cannot get financing.
3. It is better to cash out and buy other better property which will also appreciate.

Don't be short-sighted.

[eng81157]

U hv to think far ahead. (for LH)
1. There is no way the estate can top up the lease at all. This case has been tested and it is confirmed. Even u hv the money, u cannot topup. And most people don't hv the $. Hence, the land value is depreciating
2. As a result of this, u will getting more difficult to find buyers, they cannot get financing.
3. It is better to cash out and buy other better property which will also appreciate.

Don't be short-sighted.

well, there were some successful cases of 99LH topping up their leases.

as for points 2 & 3, once HDB starts selling land parcels on 60yr old lease, the dynamics will change entirely. if bank can provide loans to new 60LH developments, why not resale units?

[Laguna]

well, there were some successful cases of 99LH topping up their leases.
as for points 2 & 3, once HDB starts selling land parcels on 60yr old lease, the dynamics will change entirely. if bank can provide loans to new 60LH developments, why not resale units?

Yes, provided there is an intensification of land usage, and topped up by developers but not by the SP. Case : Arcadia Garden.

You have forgotten, HDB is part of Govt.....

[auroraborealis]

Yes, I wonder why most en bloc negotiations were all disadvantaging the owners. Shouldn't they request for 40% upfront payment so that they can buy a replacement unit immediately when the en bloc sale is sealed, continued use (either rent or stay while completion is finalised), and the balance 60% payment when paperwork is completed 2-3 years later. This seems most logical to me. Really makes me wonder who are people representing residents in these deals.

You are partially correct. If property prices continue to move up, the agreed enbloc quantum may not be favorable to seller. But don't forget, just like thomson view condo, its reserved price was adjusted twice with respect to the rising property pricing. In short, every owner still make a 30-40% higher if they were to sell individually.

Then, what is the property market soften in the next 1-2 years time? Will they not pat their own shoulder for it?

[leesg123]

Gov should just let LH depreciates to $0 value and resell the land to another developer. sometimes owner too greedy and thought they are sitting on FH land. good example are those rochor hdb. what for negotiate with them, gov should wait and let it bleed to $0.

[DC33_2008]

Garment is slowly transiting from 99LH to shorter LH period. It seems to be one of the ways moving ahead rising $psf. There will be better control and opportunities in the revitalisation planning.

Gov should just let LH depreciates to $0 value and resell the land to another developer. sometimes owner too greedy and thought they are sitting on FH land. good example are those rochor hdb. what for negotiate with them, gov should wait and let it bleed to $0.

[radha08]

Gov should just let LH depreciates to $0 value and resell the land to another developer. sometimes owner too greedy and thought they are sitting on FH land. good example are those rochor hdb. what for negotiate with them, gov should wait and let it bleed to $0.

that one is PRIME land govt will loose out if they wait..our Govt very smart...got all the top talent inside thinking thinking thinking...maybe they got their own private forum to brainstorm...

[Sleepyhead]

that one is PRIME land govt will loose out if they wait..our Govt very smart...got all the top talent inside thinking thinking thinking...maybe they got their own private forum to brainstorm...

pretty sure this forum already full of gahmen ppl ....

[gn108]

I strongly suspect you're correct on this. Else pro-status quo civil servants. Thank you for highlighting this - some things now gel.

pretty sure this forum already full of gahmen ppl ....

[proper-t]

pretty sure this forum already full of gahmen ppl ....

Attempts by some estates to extend their lease have already been rejected (e.g. Arcadia) so you can see the direction they are going.

Definitely, a lot of 'white' pple around. They probably use a lot of the ideas discussed here too.