With a reserve price of S$18.6 million, the freehold residential complex Ji Liang Gardens in Marine Parade is placed up for collective tender through the tender offer according to the property’s developer.
After deducting the development costs, this equates to a site value of S$935 psf ppr, according to marketing agency PropNex. It went on to say that all of the landowners had authorized to sell the property.
The property, which consists of six residential units, is situated on a plot of about 14,289 sq ft.
The property is situated in District 15 with an address at 21- 21E Lorong K Telok Kurau, and it is a mixed-use development. There are many MRT stations in the vicinity, including the Eunos MRT station, as well as the future Marine Parade and Marine Terrace MRT stations on the Thomson-East Coast Line. East Coast Park and Parkway Parade Mall are just a few of the local attractions.
This is the first time that Ji Liang Gardens has been offered for collective sale via a tender, and PropNex Singapore is overjoyed with the outcome of the tender, which was revealed by their marketing agency.
A selling order from the strata title board is not required since the transaction has received unanimous approval from all six owners.
The effort to sell Ji Liang Gardens as part of a communal sale takes place at a time when there is a lot of good momentum developing around collective sales, according to the chief mortgage officer of iCompareLoan, Mr. Paul Ho.
Alternatively, Mr. Ho advised that, if a homeowner’s property is in danger of being en bloc, the owner should consider taking out a home loan with no locked-in fee, but which would result in increased housing interest costs. The next best alternative is to search for packages that include a waiver of the locked-in fee related to the sale of real estate. Such property owners should speak with a mortgage broker who can help them in locating mortgage packages that do not include a lock-in penalty.
According to him, a buyer who obtains the proper financing may save hundreds, albeit not thousands of dollars on their purchase. “That is why they’ll have to engage with reputable brokers who can offer them with free service,” Mr. Ho continues.
The sale tender concluded on June 15th, 2021, at 10:30 in the morning.