The better response to a group sale at Mandarin Gardens

, ,

Grand Dunman Dunman Road floor plan

The most recent report of the Collective Sale Committee (CSC) Members of Mandarin Gardens believe they have a good likelihood of convincing around eighty% of owners of the 1,006 unit condominium at Siglap Road in prime District 15 in the east to consent to the collective sale. They are also hopeful of securing that 1.08 million square feet 99-year leasehold site will attract developer interest , despite the dimensions.

Grand Dunman Dunman Road floor plan sits in a total suite area of 25,234.3 with a Gross Maximum Area (GFA) of 88,321 square metres.

The CSC is gathering the responses of the owners of the units in order to begin the collective sale. If they are successful in gaining the 80% majority, the development could be offered for auction for sale at the price set by reserve of $2.88 billion in the coming year. The price does not include the land betterment fee.

This isn’t the only time that the Mandarin Gardens’ owners Mandarin Gardens have attempted a collective sale. The first attempt at a collective sale in 2008 failed because of the Global Financial Crisis. The second attempt came 10 years later in the year the year of 2018. Initial reserve prices were set at $2.478 billion. It was raised by $2.788 billion on November of 2018, when it was discovered that the property was overvalued by $300 million. In February of 2019, the reserve price was raised another time by $2.93 billion, however, at the time the contract for collective sales came to an end in March of 2019 the agreement was signed by there was only the 68% from the landowners had signed the agreement.

Following the failure The owners waited two years before attempting again. This is in compliance of the modified Land Titles Strata Act of 2010. The first retry needs approval of just fifty% of the shares or owners. However, for the subsequent retries, an approval of 80% is required.

The end of the two-year waiting time at the end of the two-year waiting period, some members from Mandarin Gardens who had championed the previous collective sale effort were eager to make another attempt. “We have had a more favorable response from owners this time,” says R Janardhanan who was an CSC participant in this latest attempt at a collective sale. The member was also involved with the earlier collective sale, as well.

1 reply

Trackbacks & Pingbacks

Comments are closed.