Amazing Building
The Interlace (pictured) started as Gillman Heights – the initial HUDC to be privatised in 1996 which was followed by selling through en en bloc, the goal which both Florence Regency and Tampines Court wanted to realize.
After observing the cumulative sales of Eunosville and Rio Casa, another two privatised HUDC estates, Florence Regency and Tampines Court are contemplating for en bloc marketing path, said the Strait times.
The 560 units Tampines Court was anticipated to launch its marketing strategy coming month due to the 82 percent holders favored to the sale, supported by a statement in a facebook page.
The holders or owners expected to trade the 702,000 sq ft site for a price of not less than S$960 million.
Remarkably, before a property to qualify for an en bloc sale, the approval of the owner must be collected first.
Built around 1980 and was privatized in 2002 the famous Tampines Court, which consisted of 14 blocks, with a luxurious 128 apartments and 432 classy maisonettes.
This is the real estate’s third year’s joint sale, the first endeavour was in 2008 but Strata Titles Board rejected it. The second attempt flop due to inability to procure the required approval from owners.
In comparison to the Florence Regency in Hougang Avenue 2, its en bloc sale is approved and soon it will start rolling.
Tan Hong Boon, the regional director of capital markets at JLL, stressed, “An extraordinary general meeting to start the signing process would likely be in July.”
Settled down on approximately 389,000 sq ft site, Florence Regency got 71 years more to go for its lease.
Wong Xian Yang, the chair of consultancy and research at OrangeTee reiterated, “We expect more HUDC estates to start the en-bloc process, due to recent successful sales.”
The selling price of Rio Casa was only for S$575 million, compared to Eunosville in Sims Avenue which went up as high as S$765 million or over the asking amount of the holders of both real estates.
The intermediary transactions may magnify the homeowners increasing their asking prices for the coming joint sale tenders, the analysts explained.
Nonetheless, very high prices may discourage the many and big developers from joining, Wong further added.
Wong concluded by saying “Land prices are expected to rise, but I do not think we will see an accelerated rise in en-bloc values.”
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