En bloc sale – the good, the bad and the ugly
September 22, 2017
Spring Grove is the latest condominium jumping on the en bloc sale bandwagon.
Almost every week, there is an announcement of a new privatized HUDC estate or old project putting up for sale.
Recent candidates joining the collective sale craze include Braddell View, Pine Grove, Changi Garden, Amber Park, Jervois Gardens, Florence Regency and Normanton Park. Developers are simply spoiled for choice!
Collective sale hopefuls are probably inspired by the recent successful deal at Tampines Court.
The ex-HUDC deal managed to be closed at S$970 million after two failed attempts in the past. This is no doubt a heartwarming winback for the owners who stand to pocket $1.71 million to $1.75 million each for their unit.
It sends encouragement and positive signals to home owners who have failed to sell en bloc that it’s time to try again.
The Good, the Bad and the Ugly
I have covered the collective sale topic in my book No B.S. Guide to Property Investment.
“Like many hopefuls in an en bloc sale, it all started with excitement and greed, then gradually there were resistance and quarrels, and finally things ended in a mediated consensus. It turned out that the majority of the residents agreed to sign, not because of a better offer, but because of the fear of ‘missing the boat’.”
It reminds me of the famous 1966 movie The Good, the Bad and the Ugly. Fortune seekers are trying their luck to bag their pot of gold, but this time from selling their home.... read more