Mandarin Garden En Bloc failed! $2.9B profit unfulfilled!

[micromachine]

SINGAPORE: Mandarin Gardens has failed in its en bloc attempt, about a month after raising its asking price to a record S$2.9 billion.


The leasehold condominium managed to gather around 68 per cent of signatures as of Mar 24 when its collective sales agreement expired - about 12 per cent shy of the 80 per cent mandate required to launch a tender.

In a message to owners on Sunday (Mar 24), the site's collective sale committee (CSC) said: "This being our first attempt at collective sales, we have learned valuable lessons which will certainly be very helpful in our next journey.


"A similar attempt in 2008 came to a close, as we were about to appoint the marketing agent and lawyer. At that point of time, the worldwide financial crisis was triggered by the collapse of the Lehman Brothers.

"The general feeling is that the current market sentiment for en bloc sales is heading south as evidenced by the non-bidders in the tender process of several large estates."


More at https://tinyurI.com/y3sxpvwq

 

[bobby]

How many more years of lease left for Mandarin Gardens...60 years ?

 

[laksaboy]

Good. Stand up against the jackals from SLA and property developers. Preserve your heritage.

Normanton Park is being demolished now, you can see for yourself as you travel westwards along the AYE.

Those en bloc whores are also heaping pressure on the residents of the iconic Pearl Bank apartments, on top of the Pearl Hill.

 

[whoami]

Nothing special abt MG. But i hope they preserve Golden mile complex. Hope it wont bite the dust

 

[zhihau]

waiting for input from @Merl Haggard

 

[rushifa666]

Have they learnt to be not so greedy?

 

[krafty]

mandarin garden is not even in marine parade crescent and even further from the parkway. why 2.9 billion??

 

[Leckmichamarsch]

Nothing special abt MG. But i hope they preserve Golden mile complex. Hope it wont bite the dust

Lots abnn FT owners...wtf

 

[Leckmichamarsch]

mandarin garden is not even in marine parade crescent and even further from the parkway. why 2.9 billion??

ABNN OWNERS FT HERE TO HARVEST

 

[FuckOttoke]

Fuck ceca abnn .

 

[eatshitndie]

should have been renamed mumbai gardens.

 

[Hypocrite-The]

Sad that the enbloc did not go through. the ones that rejected it must be retards. The land is leasehold and not freehold. if they dont enbloc now want to wait till the lease its up? they get nothing than. Its just as bad as HDB when the lease is up and the 'owners' get nothing

 

[JustLikeThis]

Lots abnn FT owners...wtf

Most residents want enbloc. According to the press, an indian and local bank control many units in the project and together, both control the bulk of the non-supporting votes.

 

[Damien-Mystic]

En blocs are just another way to generate economic activity so our GDP can be sustained.

Homeowners sell and buy. Developers, architects and engineers tear down and build. Property agents, banks, insurers and interior designers all tag along.

If given choice, some homeowners may not want to sell their homes even though they would vote for en bloc.

 

[laksaboy]

En blocs are just another way to generate economic activity so our GDP can be sustained.

Homeowners sell and buy. Developers, architects and engineers tear down and build. Property agents, banks, insurers and interior designers all tag along.

If given choice, some homeowners may not want to sell their homes even though they would vote for en bloc.

And on a smaller scale: new MRT lines, lift upgrading, overhead bridge lift upgrading, home improvement upgrading, sheltered walkways, new suburb malls, constant digging and then filling up of roads.

I played tennis a number of times at Normanton Park back in the day. It's a nice place, a former HUDC apartment. Can't wait to find out what mixed use monstrosity replaces it in a few years time.

 

[cocobobo]

And on a smaller scale: new MRT lines, lift upgrading, overhead bridge lift upgrading, home improvement upgrading, sheltered walkways, new suburb malls, constant digging and then filling up of roads.

I played tennis a number of times at Normanton Park back in the day. It's a nice place, a former HUDC apartment. Can't wait to find out what mixed use monstrosity replaces it in a few years time.

normanton park, pine grove and ivory heights are really worth it for en-blocs. Can probably build a stadium within their plots.
can understand why many don't want to sell. You don't find these rare gems in sg no more with seemingly unlimited roaming space.

 

[whoami]

ABNN OWNERS FT HERE TO HARVEST

1000 over units. Hw to avoid them.

 

[Hypocrite-The]

normanton park, pine grove and ivory heights are really worth it for en-blocs. Can probably build a stadium within their plots.
can understand why many don't want to sell. You don't find these rare gems in sg no more with seemingly unlimited roaming space.

Don't sell than wat happens when the lease is up? It's not 999 or freehold land. Another 10 or 20 years it will be worth Zero. Stupid idiots. Sacrificing the forest for the tree. Look at the predicament HDB leases are facing n multiply tat several times for private 99 year properties

 

[cocobobo]

private is different than hdb. even 1 year left you or developer just top up and get back 99 years. Thats why i tell my kids buy new hdb, upgrade within 10 years and move to condo then sell and move to nz.

 

[Leckmichamarsch]

private is different than hdb. even 1 year left you or developer just top up and get back 99 years. Thats why i tell my kids buy new hdb, upgrade within 10 years and move to condo then sell and move to nz.

Now mozzies are special specie in NZ