The record largest collective sale in Singapore is on the verge of being broken as the new agreement of collective sales of Mandarin Gardens condominium has been approved.
An Extraordinary General Meeting was held on 25th March (Sunday) by the owners of this property. In this meeting, which lasted for more than 4 hours, they approved the collective asking price of S$2.48 billion.
As per the Chief Investment Officer and Executive Director of the ZACD Group Nicholas Mak, this collective sales price is going to break all the previous records. In addition to that, she believes that there is no probability of this particular record to be broken anytime soon, at least in the next two decades. However, she is of the view that this particular record will promote other larger estates to take bold steps.
It is also said that there is a possibility of developers facing a bill of over S$4 billion in case they are willing to purchase this property and construct a new one on it. This particular process and costs were revealed by the marketing agent of this project. They also revealed that the work on fulfilling the basic requirement i.e. getting the signatures of the owners of this project has already started. It is expected that consent from 80% of owners will be received by June. Furthermore, the collective sale of Mandarin Gardens condominium is also expected to be launched in June. However, bidding for developers is expected to open earlier next month.
The former Farrer Court currently holds the record of highest collective sales, which as S$1.3 billion in the year 2007. However, it was earlier predicted by the Channel NewsAsia that the property located along Siglap Road that has 1006 residential units will break this particular record and become the highest collective sale earner property in Singapore.
In the particular meeting that took place on 25th March, it was also discussed that potential buyers of this property may also be asked to pay a top-up for a new lease, apart from the reserve amount of S$2.5 billion, which they are already required to pay. The estimated amount of fresh lease could amount to S$325.4 million (approximate value).
All in all, the total cost for buyers could amount to S$4.09 billion (approximate value) as they will also be charged development charges. It is estimated that development charges will be S$1.28 billion. In a nutshell, the amount per square foot of each plot will be roughly S$1,236.
The existing residents of mandarin Gardens are noted to be optimistic about this agreement. They are of the view that it will turn out be a good and profitable option and help to boost the economy. However, there are certain concerns with those people who have recently acquired a unit in this property. The concerns are arising due to the seller’s stamp duty. They believe that the authorities must give some consideration to the new owners of units in Mandarin Gardens as they have paid the stamp duty twice in the last year.
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