{"id":120287,"date":"2021-02-10T02:21:57","date_gmt":"2021-02-09T19:21:57","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/freehold-development-off-east-coast-to-go-en-bloc-via-auction\/"},"modified":"2021-02-10T11:02:51","modified_gmt":"2021-02-10T04:02:51","slug":"freehold-development-off-east-coast-to-go-en-bloc-via-auction","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/freehold-development-off-east-coast-to-go-en-bloc-via-auction\/","title":{"rendered":"Freehold development off East Coast to go en bloc via auction"},"content":{"rendered":"


\nFreehold development off East Coast to go en bloc via auctionCollective sales via auction is a rarity in Singapore since most are done via tender. This will be the first since 1997.
\nA three-storey apartment building off East Coast Road is set to be put up for en bloc sale via a public auction on 24 February \u2013 the first since 1997, reported The Business Times (BT).
\nCollective sales via auction is a rarity in Singapore since most are done via tender.
\nIn fact, this is just the second collective sale that will be held via a public auction, with the first done in January 1997, when DBS Land was outbidded by Far East Organization for Scotts Tower.
\nJoy Tan, Head of Auction and Sales at Edmund Tie, described a public auction as a more transparent process for the prospective buyers and the owners in a collective sale.
\nShe revealed that redevelopment sites in Hong Kong are usually sold at public auctions.
\n\u201cIf successful, we will have more alternative modes of sale for en bloc sites,\u201d she said as quoted by BT.
\nRecommended article:\u00a0En Bloc to Make a Comeback in 2021: A Look at 74 Past Unsuccessful En Bloc Sales
\nLocated at Marshall Road, the freehold building houses six walk-up apartments and comes with eight car park lots.
\nAll six unit owners of the building consented to the collective sale via an auction, believing that it would be a faster and more transparent process, said Tan.
\nThe building carries a guide price of $12 million.
\nIn the event the bids were below the guide price, \u201cwe will get mandate or instructions from the owners\u201d, said Tan.
\nOne of the owners, S. Lee, told BT that one of the six owners broached the idea of selling via collective sale sometime last year since this would usually yield a higher price than when selling individually.
\n\u201cOne or two of us are retired and want to downgrade to a smaller flat,\u201d said Lee, who has lived there for around 30 years.
\nThe land occupied by the development is zoned residential under the 2019 Masterplan with a plot ratio of 1.4. With an area of 7,418 sq ft, the squarish site has a 23.4m frontage and 29.2m depth.
\nGenerally, consultants advise sellers on the mode of sale after taking into account factors like the quality of assets and owners\u2019 expectations, said Ian Loh, Head of Capital Markets for Land and Building, Collective Strata Sales at Knight Frank Singapore.
\n\u201cAt auctions, people can see who\u2019s bidding and what the price is, but if there is no bid, everyone would know; the negotiating power of the seller may be weakened,\u201d said Loh as quoted by BT.
\nSuggested read:\u00a09 Condos To Watch For Fire Sales As They Approach ABSD Deadline in 2020\/2021
\n\u201cGenerally speaking, I feel not all properties are suitable for en bloc sale \u2013 (and this is) if prices are too high, for instance.\u201d
\nHe noted that buyers at a tender exercise are \u201cat liberty to submit offers for owners\u2019 consideration; these may be below the reserve price, and owners can then think through and decide\u201d.
\nGovernment land sales, for instance, are conducted by tender.
\nIn January 1997, Knight Frank handled Scotts Tower\u2019s en bloc sale by public auction amid a collective sales boom.
\nExpected to fetch around $90 million, the property was sold for $96.8 million to Far East following lively bidding.
\nIt was then reported by BT that each of the 32 apartment owners pocketed slightly over $3 million, which was way higher than the estimated price of $1.2 million had they sold their units individually.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s Listings, Project Reviews and Guides.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Freehold development off East Coast to go en bloc via auction<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Freehold development off East Coast to go en bloc via auctionCollective sales via auction is...<\/p>\n","protected":false},"author":1,"featured_media":120288,"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-120287","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/02\/property-auction.jpg?fit=820%2C411&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vi7","jetpack-related-posts":[{"id":84132,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-fever-spreads-to-property-auction-market\/","url_meta":{"origin":120287,"position":0},"title":"En bloc fever spreads to property auction market","date":"March 29, 2018","format":false,"excerpt":"\r More properties being sold at auction. 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