{"id":101169,"date":"2018-11-12T10:21:30","date_gmt":"2018-11-12T03:21:30","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/mandarin-gardens-eyes-new-en-bloc-record-with-2-79b-price-tag\/"},"modified":"2018-11-12T11:02:56","modified_gmt":"2018-11-12T04:02:56","slug":"mandarin-gardens-eyes-new-en-bloc-record-with-2-79b-price-tag","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mandarin-gardens-eyes-new-en-bloc-record-with-2-79b-price-tag\/","title":{"rendered":"Mandarin Gardens eyes new en bloc record with $2.79b price tag"},"content":{"rendered":"


\nThe owners increased the asking price from the previous $2.48 billion after the development was found to be undervalued by more than $300 million.\u00a0
\nMandarin Gardens condominium is set to break a new record as its owners have increased the asking price for the 1,006-unit development at East Coast to $2.79 billion from $2.48 billion previously, reported Today Online.
\nPandan Valley set the previous high with its $2.6 billion asking price.
\nMore: Pandan Valley Seeks Record $2.6b En Bloc Asking Price
\nThe move comes after the site on which the 1.07 million sq ft development is located was found to be undervalued by more than $300 million, said Mandarin Gardens\u2019 Collective Sale Committee (CSC) spokesperson Leonard Jayamohan.
\nCSC chairman Vincent Teo revealed that the disparity in land value was discovered following a check with the Urban Redevelopment Authority (URA) on Mandarin Gardens\u2019 development baseline record.
\n\u201cThe drastically increased baseline we received resulted in a corresponding reduction of the differential premium, which enables us to increase the reserve price, and at the same time reduce the per sq ft per plot ratio (psf ppr) for the developers,\u201d he said in a notice sent to residents.
\nIts managing agent C&H Properties has cut the 99-year development\u2019s price psf ppr to $1,191 from $1,236.
\nInternational Property Advisor CEO Ku Swee Yong said this is the first time he has encountered a development raising its price due to the discovery of an inaccurate land value estimation.
\nUsing nearby condominium Seaside Residences \u2013 which was launched at $2,000 psf last year as a benchmark, Mandarin Gardens\u2019 psf price of $1,191 provides developers with sufficient margins, he noted.
\nEach owner, on the other hand, stands to gain an average of $2.8 million if the sale goes through.
\nAlthough it appears to be a winning proposition for both sellers and developers, the price adjustment could prove to be a futile exercise given that $2.79 billion is an enormous price tag, explained Ku.
\n\u201cUnder the current market conditions, what is the point?\u201d he said.
\n\u201cThe single investment risk is too high for developers to take. Also, how many banks are willing to lend against such a large investment?\u201d
\nMore:\u00a0Understanding The En Bloc Process (August 2018)
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Mandarin Gardens eyes new en bloc record with .79b price tag<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The owners increased the asking price from the previous $2.48 billion after the development was...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-101169","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-qjL","jetpack-related-posts":[{"id":104953,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mandarin-gardens-raises-asking-price-to-whooping-2-9bil\/","url_meta":{"origin":101169,"position":0},"title":"Mandarin Gardens raises asking price to whooping $2.9bil","date":"March 13, 2019","format":false,"excerpt":"\r If the sale goes through, the owners would receive between $1.86 million and $5.98 million depending on their unit size. The Collective Sale Committee (CSC) of Mandarin Gardens has again raised the development\u2019s reserve price from $2.79 billion to a new record asking price of $2.927 billion, despite the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104955,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mandarin-gardens-raises-asking-price-to-whopping-2-9bil\/","url_meta":{"origin":101169,"position":1},"title":"Mandarin Gardens raises asking price to whopping $2.9bil","date":"March 13, 2019","format":false,"excerpt":"\r If the sale goes through, the owners would receive between $1.86 million and $5.98 million depending on their unit size. The Collective Sale Committee (CSC) of Mandarin Gardens has again raised the development\u2019s reserve price from $2.79 billion to a new record asking price of $2.927 billion, despite the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":105399,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mandarin-gardens-en-bloc-attempt-fails-to-take-off\/","url_meta":{"origin":101169,"position":2},"title":"Mandarin Gardens en bloc attempt fails to take off","date":"March 26, 2019","format":false,"excerpt":"\r The asking price for the development was raised after the owners discovered that the land parcel was undervalued. The en bloc sale attempt of Mandarin Gardens failed to take off even as the asking price was raised to a record high of $2.927 billion, reported the New Paper. This\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":97610,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pandan-valley-seeks-record-2-6b-en-bloc-asking-price\/","url_meta":{"origin":101169,"position":3},"title":"Pandan Valley seeks record $2.6b en bloc asking price","date":"September 11, 2018","format":false,"excerpt":"\r Each owner could receive nearly $4.2 million on average if the sale goes through. The Pandan Valley condominium has established a new record for Singapore\u2019s highest asking price in a collective sale, after its residents voted to set the reserve price at $2.6 billion during a meeting on Saturday\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102319,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/over-30-en-bloc-sites-fail-to-secure-buyers\/","url_meta":{"origin":101169,"position":4},"title":"Over 30 en bloc sites fail to secure buyers","date":"December 17, 2018","format":false,"excerpt":"\r The owners of Windy Heights in Kembangan are undergoing a re-signing process to cut the reserve price to $750 million. Singapore\u2019s en bloc residential market has slowed down, with over 30 sites failing to secure buyers after the government introduced fresh property curbs in July, reported Channel NewsAsia. \u201cAfter\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":83739,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/owners-set-2-48b-price-tag-for-mandarin-gardens\/","url_meta":{"origin":101169,"position":5},"title":"Owners set $2.48b price tag for Mandarin Gardens","date":"March 26, 2018","format":false,"excerpt":"\r The overall cost for Mandarin Gardens could shoot up to $4.09 billion, taking into account the development charge and lease top-up. Residents at Mandarin Gardens approved the $2.48 billion selling price on Sunday (26 March), but they are still currently gathering the signatures of at least 80 percent of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/101169"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=101169"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/101169\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=101169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=101169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=101169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}