{"id":87439,"date":"2018-05-09T11:16:59","date_gmt":"2018-05-09T04:16:59","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-condominiums-attempt-en-bloc-sale\/"},"modified":"2018-05-09T12:03:00","modified_gmt":"2018-05-09T05:03:00","slug":"more-condominiums-attempt-en-bloc-sale","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-condominiums-attempt-en-bloc-sale\/","title":{"rendered":"More condominiums attempt en bloc sale"},"content":{"rendered":"


\nElias Green in Pasir Ris is expected to be launched for collective sale at a reserve price of $780 million.
\nThe 419-unit Elias Green condo in Pasir Ris is expected to be launched for collective sale by marketing agent PropNex Realty at a reserve price of $780 million, with over 80 percent of the homeowners likely to give their consent, reported the Business Times.
\nIn fact, 83 percent of the owners have already contributed to expenses necessary for the sale to proceed, such as the lawyer\u2019s fee and property valuation, said its collective sale committee chairman Alan Loh, adding that they will start collecting signatures on Saturday (12 May).
\nIf it secures a buyer at a reserve price of $780 million, each unit owner could pocket between $1.7 million and close to $2 million.
\nMore: Kemaman Point Up For En Bloc Sale With $143.8m Reserve Price
\nBuilt in 1994, the 99-year leasehold project measures 516,877 sq ft and has an allowable gross floor area (GFA) of 723,627 sq ft. It has a plot ratio of 1.4, which works out to $1,078 psf per plot ratio (psf ppr).
\nThe buyer is unlikely to pay a development charge if it follows the existing plot ratio, but it will need to fork out a lease top up premium of about $60 million.
\n\u201cThe reserve price is set high taking into consideration that the developer will likely want to increase the plot ratio,\u201d noted Loh. This is because nearby projects have plot ratios of 2.1 or more.
\nWhile Loh thinks Elias Green\u2019s large area and proximity to amenities like Pasir Ris Park and Changi Airport will help attract a purchaser, some experts reckon the reserve price could dissuade potential buyers.
\n\u201cThe price seems high, given that it is right next to a very busy highway,\u201d said International Property Advisor CEO Ku Swee Yong, adding that the winning developer may sell the units at a minimum price of $1,450 psf.
\nBut ZACD Group executive director Nicholas Mak revealed that this is pricier than the average selling price of $1,094 psf at the nearby Coco Palms.
\n\u201cThere has been a lack of new supply in the vicinity since Coco Palms\u2019 launch in 2014, but the asking price of Elias Green may turn off some potential developers,\u201d he noted.
\nMeanwhile, the Straits Times reported that Ava Towers will be launched for collective sale via tender next Wednesday at a reserve price of $248 million.
\nLocated at Ava Road in Balestier, the 124-unit freehold condominium has a land area of 64,471 sq ft and a gross plot ratio of 2.8, at which it could be redeveloped up to a GFA of 180,519 sq ft.
\nMarketing agent ERA Realty said the reserve price works out to a land rate of around $1,374 psf ppr, and there is no development charge payable for a gross plot ratio of up to 2.8. But if a 10 percent bonus GFA for balconies is included, the land rate will drop to $1,274 psf ppr, after taking into account a development charge of around $5.03 million.
\nERA added that the Land Transport Authority will not require a pre-application feasibility study on traffic impact for the site.
\nThe tender exercise for Ava Towers will close on 2 July.
\nFor the latest property news, trends, resources and expert opinions, visit our\u00a0Property News\u00a0page. Home buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\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…More condominiums attempt en bloc sale<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Elias Green in Pasir Ris is expected to be launched for collective sale at a...<\/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-87439","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-mKj","jetpack-related-posts":[{"id":107587,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/braddell-views-failed-en-bloc-attempt-unsurprising-analysts\/","url_meta":{"origin":87439,"position":0},"title":"Braddell View\u2019s failed en bloc attempt unsurprising, analysts","date":"May 30, 2019","format":false,"excerpt":"\r Analysts attributed the property\u2019s failure to attract bidders to its size and the cooling measures rolled out last July. Launched for collective sale at a record price of $2.08 billion, Braddell View\u2019s failure to receive any bids at the close of its tender came as no surprise to market\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121146,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/flynn-park-makes-second-attempt-at-collective-sale\/","url_meta":{"origin":87439,"position":1},"title":"Flynn Park makes second attempt at collective sale","date":"July 29, 2021","format":false,"excerpt":"\r Located at 18-22 Yew Siang Road, the 72-unit condominium\u00a0is\u00a0up for sale via public tender with a reserve price of $365 million. Flynn Park, a 72-unit freehold condominium at 18-22 Yew Siang Road, has been put up for sale via public tender\u2014its second collective sale attempt \u2014with a reserve price\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/Flynn-Park-crop.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":36196,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-projects-to-go-en-bloc-in-2017\/","url_meta":{"origin":87439,"position":2},"title":"More projects to go en bloc in 2017","date":"November 28, 2016","format":false,"excerpt":"\r Raintree Gardens was one of the successful en bloc properties this year. Market watchers expect more residential properties to go en bloc in 2017, following the success of three collective sales this year, reported The Business Times. \u201cNext year, I expect more \u2014 \u00a0and a wider range of \u2014\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":92702,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-to-release-14-sites-yielding-a-total-of-8040-homes\/","url_meta":{"origin":87439,"position":3},"title":"Govt to release 14 sites yielding a total of 8,040 homes","date":"June 28, 2018","format":false,"excerpt":"\r \u00a0 The Urban Redevelopment Authority said on Wednesday (27 June) that it intends to release six confirmed list sites and nine reserve list sites under the second half 2018 Government Land Sales (GLS) programme. These sites could yield up to 8,040 private homes, including 1,210 executive condominiums (ECs). Specifically,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102740,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/flynn-park-choon-kim-house-lower-prices-for-another-en-bloc-attempt\/","url_meta":{"origin":87439,"position":4},"title":"Flynn Park, Choon Kim House lower prices for another en bloc attempt","date":"January 7, 2019","format":false,"excerpt":"\r Most of the owners at Flynn Park off Pasir Panjang Road have agreed to a lower asking price. (Photo: JLL) Two freehold developments \u2013 Flynn Park and Choon Kim House \u2013 have relaunched their en bloc sale tenders at lower reserve prices, revealed marketing agent JLL on Friday (4\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":88551,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/8-more-properties-launched-for-en-bloc-sale\/","url_meta":{"origin":87439,"position":5},"title":"8 more properties launched for en bloc sale","date":"May 17, 2018","format":false,"excerpt":"\r Cairnhill Astoria (the red building) in prime District 9 has joined a growing list of properties launched for en bloc sale. (Photo: Colliers International) Singapore\u2019s red-hot collective sales market continues to sizzle with more homeowners jumping on the en bloc bandwagon. Cairnhill Astoria in Cairnhill Rise and Trendale Tower\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\/87439"}],"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=87439"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/87439\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=87439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=87439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=87439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}