{"id":94931,"date":"2018-07-27T11:32:39","date_gmt":"2018-07-27T04:32:39","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/tee-land-cancels-en-bloc-purchase-of-freehold-condo\/"},"modified":"2018-07-28T21:03:30","modified_gmt":"2018-07-28T14:03:30","slug":"tee-land-cancels-en-bloc-purchase-of-freehold-condo","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tee-land-cancels-en-bloc-purchase-of-freehold-condo\/","title":{"rendered":"Tee Land cancels en bloc purchase of freehold condo"},"content":{"rendered":"


\nTEE Land had intended to redevelop the site into a new residential project.
\nTee Land has decided not to exercise its option to purchase Teck Guan Ville condo, which would have set the company back $60 million.
\nIn an SGX filing, the company explained that it had arrived at the decision after taking into account the new property cooling measures\u2019 impact on market sentiments and purchasers\u2019 interest.
\nMore:\u00a0Developers\u2019 En Bloc Appetite Diminishing: RHB
\nWith this, the company will forfeit its one percent deposit on the freehold condo site.
\nOn 28 June, Tee Land announced that it had entered into an option-to-purchase agreement to acquire the 3,928.8 sq m site at 338 to 364 Upper East Coast Road for $60 million.
\nThe company had revealed that it would finance the acquisition by internal funds and bank borrowings, as well as plans to build a residential development on the site.
\nTee Land \u201chas decided to adopt a more prudent and circumspect approach towards new projects in the meantime, pending clarity on the industry outlook\u201d, it said.
\nHome 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…Tee Land cancels en bloc purchase of freehold condo<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

TEE Land had intended to redevelop the site into a new residential project. Tee Land...<\/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-94931","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-oH9","jetpack-related-posts":[{"id":92861,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tee-land-to-acquire-freehold-site-at-upper-east-coast-road-for-60m\/","url_meta":{"origin":94931,"position":0},"title":"TEE Land to acquire freehold site at Upper East Coast Road for $60m","date":"June 30, 2018","format":false,"excerpt":"\r TEE Land intends to redevelop the site into a new residential project. Boutique developer TEE Land is set to acquire Teck Guan Ville condo in Upper East Coast Road for $60 million. In an SGX filing, the company revealed that it has entered into an option to purchase agreement\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":71867,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tee-land-buying-gilstead-road-condo-for-72m\/","url_meta":{"origin":94931,"position":1},"title":"TEE Land buying Gilstead Road condo for $72m","date":"November 15, 2017","format":false,"excerpt":"\r TEE Land has acquired options to purchase all the 11 units at the freehold Casa Contendere condominium at 35 Gilstead Road in District 11 near Newton MRT station for a total of $72 million. \u201cThe sellers are independent and unrelated third parties,\u201d it stated in a recent SGX filing.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":95993,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/freehold-condo-kingsley-mansion-up-for-en-bloc-sale-at-45-5mil\/","url_meta":{"origin":94931,"position":2},"title":"Freehold condo Kingsley Mansion up for en bloc sale at $45.5mil","date":"August 14, 2018","format":false,"excerpt":"\r (Photo credit: Century21) Homeowners at Kingsley Mansion has decided to put the 18-unit residential development off Balestier Road up for en bloc sale for $45.5 million. The reserve price works out to a land rate of $1,132 per square feet per plot ratio (psf ppr) based on the site\u2019s\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101492,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/freehold-condo-minbu-villa-up-for-collective-sale-again\/","url_meta":{"origin":94931,"position":3},"title":"Freehold condo Minbu Villa up for collective sale again","date":"November 21, 2018","format":false,"excerpt":"\r Completed in 1981, Minbu Villa comprises 33 apartments and a penthouse. (Photo: Savills Singapore) Minbu Villa, a 10-storey residential development comprising 33 apartments and a penthouse in Novena, is trying its luck at a collective sale again after its earlier attempt in March closed without a winning bid. While\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104261,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/boutique-condo-the-essence-launching-soon\/","url_meta":{"origin":94931,"position":4},"title":"Boutique condo The Essence launching soon","date":"February 22, 2019","format":false,"excerpt":"\r Artist\u2019s impression of The Essence, a new condominium that\u2019s close to the upcoming Springleaf MRT station. The Essence, a boutique condominium at Chong Kuo Road in District 26 is set to open its sales gallery on Saturday (23 Feb). The 84-unit development joins a number of small-scale projects that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":66792,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/tee-land-to-acquire-upper-thomson-sites-for-25-74m\/","url_meta":{"origin":94931,"position":5},"title":"Tee Land to acquire Upper Thomson sites for $25.74m","date":"September 19, 2017","format":false,"excerpt":"\r The developer intends to build a residential block on the land. Tee Land has entered into six option-to-purchase (OTP) agreements to acquire the freehold interest in six plots of land at Seraya Crescent in Upper Thomson for $25.74 million. The company intends to build a residential block on the\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\/94931"}],"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=94931"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/94931\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=94931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=94931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=94931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}