Another record breaking en bloc site emerging from the collective sale market, the district 15 Mandarin Gardens has raised their reserve price from previous S$2.48 billion to S$2.79 billion.
Thus setting the Highest En Bloc Price in the current Market.
Previously the record price was held by Pandan Valley which set its reserved price at S$2.6 billion.
The CSC of Mandarin Gardens and Marketing Agent C&H Properties have some solid ground to make the unusual move to rise 12.5% from the previous asking price in spite of the prevailing conditions.
Findings from a background check with URA on the baseline record of this 99-year leasehold development exposed that it had been underrated by S$300 million.
On Nov. 10, amid 150 of its 1006 cheering residents, spokesperson of CSC, Mr. Leonard Jayamohan happily announced the ‘just in time discovery.’
CSC Chairman, Vincent Teo, in the newsletter dated Nov. 11 confirmed that the findings have not just enabled them to thrust the asking price, but it has reduced the psf ppr from S$1,236 to S$1,191 as advised by C&H Properties.
This balanced step is aimed to attract developers to launch their redevelopment with a profitable ROI at S$2,200 psf and more.
This dauntless decision to woo both the laid-back developers and the undecided dissenters has propelled them along with the market-watchers to look intently at the interesting developments.
Nevertheless, it has not been an easy decision for the residents of Mandarin Gardens to gear up for collective sale because for almost a quarter century, everything was enjoyed ‘extra’ by living in this condo.
Be it the space between blocks and car parking slots, anything from balconies, lawns, gymnasiums were all extra size; added to it were the joy of the gentle sea breeze and the fun of seaside living; be it the amenities within the condo, the schools within walking distances or the social life enjoyed during festivities, day to day living has been king-sized for all its residents.
Though each one of them is likely to receive an average S$2.8 million, only 62% of the owners had accepted the collective sale bid earlier.
But with the increased price tag and the exercise gathering momentum, many more residents are expected to join the move.
With the July 6 cooling measures hitting hard and the CSC’s tenure concluding by end March 2019, the expertise of Marketing Agent C&H proved timely.
When it suggested to check the baseline record with URA, the CSC shelled out S$1,605 and reckoned the DP (Differential Premium).
That exercise uncovered the underestimation, enabling the escalation of price tag by S$300 million.
The change in prices came into effect immediately without the need for the residents to cast their votes, since the CSC is empowered to increase the price of the property by representing the residents.
With all these positive developments, more and more residents are joining hands to participate in the win-win efforts.
With just a few minutes drive from the city centre yet offering a resort-style vacation life all through the year, this site is an all-inclusive luxury of fun, food, convenience and stylish accommodation.
Located in Prime District 15, it is very close to the CBD (Central Business District) and the Changi Airport.
Through an underpass, residents could walk right into the East Coast Beach, which serves as a great attraction to foreign settlers.
Surrounded by several kindergartens, Primary Schools, International Schools and Junior Colleges, residing at Mandarin Gardens property is a boon for families.
Apart from the East Coast Beach, Marina Bay Sands, 112 Katong, Parkway Parade and an extended list of amenities make life easy and fun at this place.
To top it all, the Siglap MRT station located with walking distances and set to open in 2023 would make the daily commute more pleasant and even desirable.