{"id":104953,"date":"2019-03-13T12:33:35","date_gmt":"2019-03-13T05:33:35","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/mandarin-gardens-raises-asking-price-to-whooping-2-9bil\/"},"modified":"2019-03-13T13:04:17","modified_gmt":"2019-03-13T06:04:17","slug":"mandarin-gardens-raises-asking-price-to-whooping-2-9bil","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mandarin-gardens-raises-asking-price-to-whooping-2-9bil\/","title":{"rendered":"Mandarin Gardens raises asking price to whooping $2.9bil"},"content":{"rendered":"


\nIf the sale goes through, the owners would receive between $1.86 million and $5.98 million depending on their unit size.
\nThe 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 likely futility of such move amidst a weak en bloc market, reported the Straits Times.
\nLast November, the CSC had increased the 1,006-unit development\u2019s reserve price from $2.48 billion to $2.79 billion, after discovering that the 1.07 million sq ft site was undervalued by more than $300 million.
\nMore:\u00a0Understanding The En Bloc Process (August 2018)
\nNow, the committee has again increased the amount by about 5.0 percent and raised the land rate from $1,191 psf per plot ratio (psf ppr) to $1,250 psf ppr, in a bid to obtain the required 80 percent consensus before a looming deadline, as only 67 percent of the owners have signed the deal as of 12 March.
\n\u201cAs the validity of the CSA ends on 24 March 2019, we appeal to all (owners) who are still considering to make an immediate decision to sign the CSA,\u201d said the CSC in a letter addressed to unit owners dated 21 February.
\n\u201cIf the 80 percent consensus is not achieved, the whole en bloc sales process will come to a halt\u2026 However, if we achieve it, we are given a 12-month period to find a developer\/buyer for our land,\u201d it noted.
\nIf Mandarin Gardens successfully finds a buyer for $2.927 billion, the owners would receive between $1.86 million and $5.98 million depending on their unit size.
\nThe massive development would also set the record for the most expensive collective sale in Singapore\u2019s history, surpassing the current record-holder \u2013 the $1.34 billion sale of Farrer Court to a CapitaLand-led consortium in 2007.
\nGet more details on the property market outlook for 2019 here
\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 raises asking price to whooping .9bil<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If the sale goes through, the owners would receive between $1.86 million and $5.98 million...<\/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-104953","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-riN","jetpack-related-posts":[{"id":104955,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mandarin-gardens-raises-asking-price-to-whopping-2-9bil\/","url_meta":{"origin":104953,"position":0},"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":101169,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mandarin-gardens-eyes-new-en-bloc-record-with-2-79b-price-tag\/","url_meta":{"origin":104953,"position":1},"title":"Mandarin Gardens eyes new en bloc record with $2.79b price tag","date":"November 12, 2018","format":false,"excerpt":"\r The 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 Mandarin 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":99490,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/la-ville-condo-relaunched-with-lower-asking-price-of-140-6m\/","url_meta":{"origin":104953,"position":2},"title":"La Ville condo relaunched with lower asking price of $140.6m","date":"October 10, 2018","format":false,"excerpt":"\r La Ville is a 40-unit freehold condominium at Tanjong Rhu Road. (JLL) $1,424 psf ppr, or $1,361 psf ppr after taking into account the 10 percent bonus balcony space. A development charge of about $7.2 million is payable as well. Marketing agent JLL revealed on Tuesday (9 Oct) that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":77930,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mega-developments-take-collective-sale-fever-to-new-level\/","url_meta":{"origin":104953,"position":3},"title":"Mega developments take collective sale fever to new level","date":"January 25, 2018","format":false,"excerpt":"\r Analysts believe that the entry of mega developments or sites with more than one million sq ft, will take the latest en bloc fever to a new level, reported The Straits Times. The most recent to get on the bandwagon is the 1,006-unit Mandarin Gardens, the owners of which\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":103483,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/two-projects-seek-to-revive-en-bloc-attempt-at-lower-prices\/","url_meta":{"origin":104953,"position":4},"title":"Two projects seek to revive en bloc attempt at lower prices","date":"January 30, 2019","format":false,"excerpt":"\r Gilstead Court, a residential development at the Novena-Newton area in District 11, has been relaunched for collective sale via tender at a potentially lower reserve price, revealed marketing agent JLL on Tuesday (29 Jan). The project\u2019s Collective Sale Committee (CSC) has proposed slashing the reserve price to $153 million\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110315,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/freehold-condominium-at-nassim-road-up-for-en-bloc-sale\/","url_meta":{"origin":104953,"position":5},"title":"Freehold condominium at Nassim Road up for en bloc sale","date":"August 29, 2019","format":false,"excerpt":"\r The four-storey condominium was completed in 2008, featuring two- and three-bedroom units as well as penthouses that range from 115 sq m to 343 sq m. The owners are asking for a reserve price of\u00a0$222.68 million or $3,508 per sq ft per plot ratio (psf ppr). Beaufort On Nassim,\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\/104953"}],"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=104953"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/104953\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=104953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=104953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=104953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}