collective sale

Will Tulip Garden mark the return of billion-dollar deals in the Singapore property market?

SINGAPORE (Apr 13): The collective sale for Tulip Garden received the top bid from Asia Radiant – a joint venture (JV) between Yanlord and Hongkong Land Holdings’ MCL Land – of $907 million, representing about 20% premium to the owners’ asking price of $753 million.

See: Yanlord-Hongkong Land JV wins Tulip Garden en bloc sale with $907 mil bid

Yanlord-Hongkong Land JV wins Tulip Garden en bloc sale with $907 mil bid

SINGAPORE (Apr 12): Asia Radiant, a joint venture entity between Yanlord Land Group and Hongkong Land Holdings’ MCL Land, has won the tender for the en bloc sale of Tulip Garden with a bid of $906.9 million.

The winning bid is approximately 20% above Tulip Garden’s reserve price of $753 million when it was put up for sale by tender in late February.

This was the fourth collective sale attempt by the owners of the 33-year-old property.

Tiong Seng-Ocean Sky JV acquires Cairnhill Heights for $72.6 mil in en bloc sale

SINGAPORE (Apr 2): TSky Development is acquiring Cairnhill Heights in a collective sale for $72.6 million.

TSky Development is a 40:60 joint venture between Ocean Sky International and Tiong Seng.

Cairnhill Heights is a 19-unit residential development located at Cairnhill Rise in prime district 9, with a site area of about 1431.4 sqm. The site may be redeveloped into a residential development with about 42 units based on an average size of 95 sqm.

TSky Development will also set up a project company to undertake the redevelopment of the site.

Bukit Sembawang acquires Katong Park Towers for $345 mil in en bloc sale

SINGAPORE (Mar 16): Bukit Sembawang Estates' subsidiary BSEL Development has submitted the winning bid of $345 million Katong Park Towers.

The 13,077 sqm property located at Arthur Road was put up for collective sale for $288 million in January.

See: $288 mil for collective sale of Katong Park Towers

The development has a tenure of 99 years from April 5, 1982.

Bukit Sembawang plans to redevelop the property into a residential condominium with full facilities.

APAC Realty appointed marketing agent for Nicon Garden en bloc sale

SINGAPORE (Mar 5): APAC Realty announced that its wholly-owned subsidiary, ERA Realty Network, has been appointed as the marketing agent for the collective sale of Nicon Garden.

The property is a 99-year leasehold strata landed development that is located in Choa Chu Kang and will be launched for tender on Mar 8 and closes on Apr 18, 3.00pm.

SingHaiyi scoops up Park West condo in en bloc sale for $841 mil

SINGAPORE (Jan 11): SingHaiyi Group’s joint-venture firm, SingHaiyi Gold, is acquiring Park West condominium along Jalan Lempeng in Clementi in a collective purchase at a price of $840.9 million.

Owners of the property accepted SingHaiyi’s bid on Thursday, the group says in a filing to SGX.

This is Park West’s third collective sale attempt, after an earlier attempt in 2007 attempt failed to achieve the requisite 80% consensus among owners, and an en bloc tender in 2011 at an indicative price of $803 million did not receive any bids.

Realty check

SINGAPORE (Dec 4): Michael Tan has been working hard over the last few weeks to get a collective sale of Leonie Gardens off the ground. He is part of the collective sale committee formed at end-September that is in the midst of preparing for the next extraordinary general meeting to announce the reserve price and facilitate the collection of signatures. “We already have quite a lot of supporters,” he says, referring to his fellow unit owners at Leonie Gardens.

Property prices tick up but developers may face difficulty raising prices by much

SINGAPORE (Nov 13): Amber Park, a 31-year-old freehold condominium in east Singapore, was snapped up at an eye-watering $906.7 million in a collective sale early last month. Real estate industry commentators have now begun to herald in earnest the return of en bloc season, a decade after the last peak, and a turn of the housing market.

All eyes on Normanton Park collective sale as en bloc market heats up

SINGAPORE (Aug 23): The collective sale of privatised housing estate Normanton Park with a reserve price of $800 million will be closely watched, says CIMB Research.

“The en bloc market is likely to remain buoyant as developers continue to restock their low land inventory,” says CIMB analyst Lock Mun Yee in a Tuesday report. “More importantly, replacement costs have risen as land bids appear to be reflecting some expectation of forward growth in end-product pricing.”

$970 mil bid for Tampines Court a ‘quantum leap of faith’ from Sim Lian

SINGAPORE (Aug 16): DBS Group Research is remaining cautious on news of property developer Sim Liam Group’s potential purchase of Tampines Court, which would represent the condominium property home owners’ third attempt for a collective sale.

To recap, the Business Times reported that Sim Lian is believed to have placed a bid of $970 million for the sale of the property, with a total sum of more than $1 billion to be paid after the inclusion of additional payments.

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