JLL Singapore, the marketing agent for La Ville condo has announced that most of owners are very determined to go for another en bloc sale and around 70% have agreed on a new reserve price of S$140.6 million.
This follows the previous tender for the en bloc which closed in May this year without getting potential buyers.
JLL again went ahead to negotiate with other interested parties during the private treaty period.
However, the introduction of new cooling measures on 5th July 2018 didn’t favour the talks, forcing them to stop the negotiations.
After a consultative meeting, a new proposal to reduce the reserve price to $140.6 million was arrived at by the Collective Sale Committee (CSC).
CSC cited that July cooling measures contributed highly to their decision of lowering the price.
Base on the new reserve price, the land rate will be S$1,424 psf ppr and after considering the 10% balcony bonus, it will drop to $1,361 psf ppr.
In case the owners agree with the proposal, the buyer will incur a development charge of $7.2 million.
The uphill task that remains now is to convince a required minimum 80% of shareholders by overall floor area and value to sign the supplemental agreement of reducing the property’s reserve price.
By October 9th, JLL officially said that approximately 70% of the owners by overall floor area and property value had signed this new agreement.
In case CSC gets the required minimum required percentage, bidding will be relaunched, and the tender is expected to be closed on 8th November.
La Ville Condo is located along Tanjong Rhu Road. The en bloc site has 40 condominium units and sits on an area around 47,012 sq ft.
It’s also situated about 250m from the newly proposed Katong Park MRT station. Currently, the plot ratio of this land is 2.1.
On other news, Colliers International, the appointed marketing agent for Freehold Tulip Garden which located in District 10, has strongly refuted rumours that the collective sale of the property has hit a snag.
In a statement released by Tang Wei, Collier’s managing director, he stated that the sale will proceed as planned at $906.9 million.