$1.3388 billion – the highest price paid for a collective sale in Singapore yet.
But $4 billion could certainly break that record should Mandarin Gardens find success in its en bloc attempt.
The former figure was for Farrer Court which was sold in 2007 to a consortium and redeveloped into D’Leedon.
Massive size and a high asking price of Mandarin Gardens huge hurdles to cross
Mandarin Gardens currently consists of 1,006 units and sits on a 1 million sq ft plot of land. The sheer size of the plot would likely mean bids coming from consortiums.
Though the asking price is estimated to be $2.48 billion, there is an estimated $325.4 million top-up to renew the lease and also an estimated $1.28 billion in differential premium payable to the Government.
The owners of Mandarin Gardens have approved the collective sale agreement last week and the process of collecting signatures from owners have begun. 80% consent is required for the site to be launched for en bloc sale.
Site’s location is ideal
The site is near the exclusive landed and East-side enclave in Siglap, near schools such as Victoria School, Tao Nan Primary School, St. Andrew’s Autism School, CHIJ Katong, St. Patrick’s Secondary School, Victoria Junior College, and Temasek Junior College. It is also near East Coast Park and the upcoming Siglap MRT station which is part of the Thomson-East Coast Line.
One of the more familiar condominium nearby which have also tried going en bloc is Laguna Park. It was launched for en bloc sale last May but the tender closed without a successful bid. It is expected to make another attempt at the collective sale process again this year.