{"id":83739,"date":"2018-03-26T10:26:42","date_gmt":"2018-03-26T03:26:42","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/owners-set-2-48b-price-tag-for-mandarin-gardens\/"},"modified":"2018-03-26T11:04:08","modified_gmt":"2018-03-26T04:04:08","slug":"owners-set-2-48b-price-tag-for-mandarin-gardens","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/owners-set-2-48b-price-tag-for-mandarin-gardens\/","title":{"rendered":"Owners set $2.48b price tag for Mandarin Gardens"},"content":{"rendered":"


\nThe overall cost for Mandarin Gardens could shoot up to $4.09 billion, taking into account the development charge and lease top-up.
\nResidents 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 the owners to proceed with the en bloc sale, reported Channel NewsAsia.
\nIf they fulfil the consent requirement and successfully find a buyer, the 99-year leasehold condo at Siglap Road would set the record for Singapore\u2019s most expensive collective sale.
\nMore: Mandarin Gardens eyeing $2.5 billion collective sale
\n\u201cThis will set an all-time record which will unlikely be broken in one or two decades. It would also give some encouragement to other larger ageing estates such as Pine Grove or Braddell View,\u201d said ZACD Group\u2019s executive director and chief investment officer, Nicholas Mak.
\nAt present, the record holder is the former Farrer Court, a 99-year leasehold project that was sold for $1.3 billion in 2007 and subsequently redeveloped into d\u2019Leedon.
\nHowever, marketing agent C&H Properties informed residents of Mandarin Gardens that aside from the selling price, the would-be buyer needs to pay a development charge of about $1.28 billion and another $325.4 million to top-up the lease for the site spanning one million sq ft that can be redeveloped into three million sq ft of units.
\nThis is expected to raise the overall cost to around $4.09 billion, which translates to $1,236 psf per plot ratio (psf ppr). Hence, the winning bidder could possibly sell the redeveloped units for $2,300 psf, noted C&H Properties.
\nThe marketing agent added that they aim to accomplish the 80 percent consent requirement by June, with the en bloc launch likely to happen as early as April.
\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…Owners set .48b price tag for Mandarin Gardens<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The overall cost for Mandarin Gardens could shoot up to $4.09 billion, taking into account...<\/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-83739","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-lMD","jetpack-related-posts":[{"id":82759,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mandarin-gardens-eyeing-2-5-billion-collective-sale\/","url_meta":{"origin":83739,"position":0},"title":"Mandarin Gardens eyeing $2.5 billion collective sale","date":"March 15, 2018","format":false,"excerpt":"\r The owners of Mandarin Gardens would stand to earn $1.58 million to $5.07 million based on the reserve price. Mandarin Gardens condominium is now poised to raise the bar for collective sales attempts in Singapore as owners of the 99-year leasehold development have set a $2.48 billion price tag\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":83739,"position":1},"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":104953,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mandarin-gardens-raises-asking-price-to-whooping-2-9bil\/","url_meta":{"origin":83739,"position":2},"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":83739,"position":3},"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":83739,"position":4},"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":77930,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mega-developments-take-collective-sale-fever-to-new-level\/","url_meta":{"origin":83739,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/83739"}],"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=83739"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/83739\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=83739"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=83739"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=83739"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}