Why should we know what properties have gone under the en bloc chopping board, you might ask?
For the forward-thinking investor, having a good grasp of the real estate landscape is essential. The additional information will better equip him in knowing which new launches to take note of, and which to avoid.
More collective sales closed at higher prices
One of the latest deals to be sealed is Changi Garden.
Chip Eng Seng beat 8 other bidders with a $196 million bid which was 27% higher than the next highest offer. The owners of the 60 apartment units have good reason to celebrate. Each owner will receive between $2.14 million to $2.27 million. For the 12 penthouse units, each will fetch $4.03 million to $4.74 million. And for owners of the 12 shop units, each will receive $4.7 million to $7.08 million.
Though not in a prime location in terms of its proximity to the CBD or town centre, the site still has its pluses. One of which is its proximity to the Changi Business Park and Changi Airport. Another is the scarcity of new launches, or land available for redevelopment for that matter, in the area. The size of the site also warrants its high winning bid, purely for its redevelopment potential.
Some of Chip Eng Seng’s other private residential projects include Grandeur Park Residences, Nine Residences and The Parc.
A time for rejuvenation.
Just a few years shy of 2 decades into the 21st century, it seems like a time for the rejuvenation of buildings that came of the building boom of the 80’s and 90’s. Some property analysts are expecting even some older landed housing estates to consider going down the en bloc route.