En Bloc worth 334.2 Million
Raintree Gardens in Potong Pasir, is basically a well-known Housing and Urban Development Company (HUDC) development. The sale tender of the river fronting housing development attracted more than 5 bids by several reputable developers, which was keenly watched by the audience. The seal was sealed earlier this week and the development was sold to the UVD (Projects) – a joint venture among the UOL Venture Investments and the Singland Homes, which is secondary to the United Industrial Corporation (UIC) developers.
According to the facts assembled, around 80 percent of the owners of the area had consented to the sale of the en bloc. The public tender was ultimately launched on the 1st of September, 2016. The statistics declare that is the third collective sale that has been successful this year and that too, after years of relative downfall in the market. On the other hand, the reserve price, earlier this year, was around 315 million dollars. The competition intensified as more and more developers were informed about this collective sale, as most of the developers needed to restock the land in their bank.
The chief executive of International Property Advisor said that it is quite an amazing price for the sellers and for the buyers, if the buyers are interested in investing in new amenities, which are about to happen at Bidadari any time now. According to the other sales committee members, this collective sales is considered to be highly remarkable as several developers participated in the bidding session. On the other hand, the sales committee was quite surprised as they had not expected such an amazing response, after the previous conditions of the sales in the market. With the success of the sale of the en bloc, the committee members said that collective sales are surely going to make an impressive comeback.
The unit owners of the transferred 175 unit of HUDC estate would be getting around 1.9 million dollars per unit, and it is calculated to be 90 percent more than the last price of the transaction, which was about 1.1 million dollars. It is said that the site can be rebuilt in a much better way by constructing it into a waterfront condominium, which will easily comprise of 600 to around 748 units. The property developers believe that the shortage of development sites might be the cause of the amazing sale price of the Raintree Gardens en bloc.
In most cases, the market requires strong attributes and realistic prices of the developments in order to sell something, especially after such an incredible collective sale, which is far better than the collective sales of 2013.
The Shunfu Vile En Bloc was another collective sales that took place earlier this year 2016.
You might want to find out more about the Raintree Gardens Collective Sales from webpage below
http://www.straitstimes.com/business/property/raintree-gardens-sold-en-bloc-for-3342m
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