{"id":97610,"date":"2018-09-11T11:22:08","date_gmt":"2018-09-11T04:22:08","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/pandan-valley-seeks-record-2-6b-en-bloc-asking-price\/"},"modified":"2018-09-11T12:02:53","modified_gmt":"2018-09-11T05:02:53","slug":"pandan-valley-seeks-record-2-6b-en-bloc-asking-price","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pandan-valley-seeks-record-2-6b-en-bloc-asking-price\/","title":{"rendered":"Pandan Valley seeks record $2.6b en bloc asking price"},"content":{"rendered":"


\nEach owner could receive nearly $4.2 million on average if the sale goes through.
\nThe Pandan Valley condominium has established a new record for Singapore\u2019s highest asking price in a collective sale, after its residents voted to set the reserve price at $2.6 billion during a meeting on Saturday (8 Sept), reported TODAYOnline.
\nEach unit owner would pocket nearly $4.2 million on average if they succeed in selling the 623-unit development, which sits on freehold land spanning about 865,000 sq ft.
\nMore:\u00a0Fate of en bloc bids now uncertain with new housing curbs\u00a0\u00a0
\nThe previous record was the $2.48 billion reserve price set for Mandarin Gardens, which is currently gathering signatures of at least 80 percent of the owners to proceed with the collective sale. The 99-year leasehold project comprises a total of 1,006 units and has a land area of 1,073,226 sq ft.
\nFarrer Court currently holds the record for the most expensive successful en bloc sale. The 838,488 sq ft site was purchased by a CapitaLand-led consortium in 2007, and was subsequently redeveloped into the d\u2019Leedon, a 99-year leasehold condominium with a total of 1,715 units.
\nDuring the Extraordinary General Meeting (EOGM) on Saturday, there were more than 300 residents of Pandan Valley in attendance, accounting for 40 percent of the development\u2019s total share value.
\nMore than 60 percent of those present voted to set the reserve price at $2.6 billion, 11 percent chose $2.86 billion, while 8.0 percent sought a higher selling price of $3 billion.
\nPandan Valley\u2019s collective sale committee will conduct a third EOGM by November to vote on how the proceeds from the sale will be distributed prior to gathering signatures from the owners.
\nWhile experts are divided on whether the $2.6 billion asking price is reasonable, Savills Singapore\u2019s research head Alan Cheong believes the price was set high to get the owners to consent to the collective sale.
\nSuch an amount is still high for property developers to bite, especially given the new curbs noted analysts.
\n\u201cDevelopers are being picky\u2026 They will consider several sites before going for the kill,\u201d said Chris International director Chris Koh, adding that Pandan Valley residents should be ready to receive offers below their reserve price.
\n\u201cAt $2.6 billion, I don\u2019t think one single developer will bid for something so big\u2026 In a way, it\u2019s putting a lot of eggs in one basket,\u201d added ZACD Group executive director Nicholas Mak.
\nMore:\u00a0Understanding The En Bloc Process (August 2018)
\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…Pandan Valley seeks record .6b en bloc asking price<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Each owner could receive nearly $4.2 million on average if the sale goes through. The...<\/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-97610","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-pom","jetpack-related-posts":[{"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":97610,"position":0},"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":66468,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pine-grove-to-go-en-bloc-again\/","url_meta":{"origin":97610,"position":1},"title":"Pine Grove to go en bloc again","date":"September 15, 2017","format":false,"excerpt":"\r View of the 660-unit Pine Grove, a former HUDC estate near Ulu Pandan. (Photo: Google Maps) After two failed attempts in 2008 and 2011, owners at Pine Grove near Ulu Pandan are trying their luck again at a collective sale, this time at a price of $1.65 billion, reported\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":98054,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/laguna-park-makes-third-try-at-collective-sale-with-1-48b-reserve-price\/","url_meta":{"origin":97610,"position":2},"title":"Laguna Park makes third try at collective sale with $1.48b reserve price","date":"September 18, 2018","format":false,"excerpt":"\r The 99-year leasehold condo at Marine Parade Road is near the upcoming Siglap MRT station. (Photo: Knight Frank) After two en bloc sale attempts in 2007 and 2010, owners of former HUDC estate Laguna Park are making another bid at a collective sale, reported Channel NewsAsia. Carrying a reserve\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104413,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pine-grove-tender-a-litmus-test-for-en-bloc-appetite\/","url_meta":{"origin":97610,"position":3},"title":"Pine Grove tender a litmus test for en bloc appetite","date":"February 26, 2019","format":false,"excerpt":"\r 2018 was a successful year for en bloc sale transactions until the government rolled out new property curbs in July. Pine Grove, a former HUDC project at Ulu Pandan Road, is up for collective sale carrying an asking price of $1.86 billion, reported the Business Times. Despite the cautious\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102319,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/over-30-en-bloc-sites-fail-to-secure-buyers\/","url_meta":{"origin":97610,"position":4},"title":"Over 30 en bloc sites fail to secure buyers","date":"December 17, 2018","format":false,"excerpt":"\r The owners of Windy Heights in Kembangan are undergoing a re-signing process to cut the reserve price to $750 million. Singapore\u2019s en bloc residential market has slowed down, with over 30 sites failing to secure buyers after the government introduced fresh property curbs in July, reported Channel NewsAsia. \u201cAfter\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93455,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/fate-of-en-bloc-bids-now-uncertain-with-new-housing-curbs\/","url_meta":{"origin":97610,"position":5},"title":"Fate of en bloc bids now uncertain with new housing curbs","date":"July 9, 2018","format":false,"excerpt":"\r The government\u2019s surprise release of new property cooling measures has left many homeowners jittery, especially those planning to go en bloc. This comes as the fate of their collective sale bids has now become uncertain, given that developers are expected to take a cautious stance in bidding for new\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\/97610"}],"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=97610"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/97610\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=97610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=97610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=97610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}