Breaking all records, Mandarin Graden is set for en bloc sale at S$ 2.5 billion asking price
The owners of Mandarin Graden condominium is all set to reach a new high for its en-bloc sale, which is by far going to be the largest collective sale recorded till date. At a whopping asking price of S$ 2.5 billion. As per the document viewed by Channel News Asia, the owners of the 99-year-old leasehold development in the East Coast will attempt to have this new price tag by collective sale.
To approve this sale condition, an extraordinary general meeting will be conducted within two weeks and a marketing agent is appointed to conduct this process.
An analyst expressed his surprise over this price reserved and will have a close watch of this whole process, as it can raise the ceiling for collecting sales attempt in Singapore properly market.
Mr. Ku Swee Yong, chief executive of International Property Advisor quoted that this will be probably the highest land price sale in terms of absolute quantum that has ever happened in Singapore. He also added that this incredible price rise owes to its piece of land which is around one million Square feet which can accommodate 3 million square feet of the residential plot.
C and H realty have been appointed as the marketing agent for the en-bloc sale according to report. The agreement also states that the condo unit of 1006 owners will earn something between $1.58 million to $5.07 million.
Although the territory is an unchartered one and the previous failed attempt by the owners can add some worry to the condos sale but being located near to Siglap Road, alongside the upcoming Thomson-East Coast rail network, this new launch property will have all the best neighborhood facilities that one could ask for. The property will create a major attraction for the future residents, as the location homes two major schools Victoria Junior College and Tao Nan School.
The recent update in the buyer’s stamp duty and additional buyer’s stamp duty will also pile on the cost. This means the total cost of the condos for purchase will get something to around S$3 billion to S$4 billion. The current record of selling condominium belongs to Farrer Court at S$1.3 billion in 2007.
Also last year there was 37 en-bloc tenders which worth more than S$8.7 billion including Amber Park having largest freehold collective sale by dollar value at S$906.7 million. Now it is a matter of time to see the final result that will give Singapore property market a new sale record.
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