The success of recent en bloc sales have boosted confidence all around. Developments which have previously tried their hand and failed at collective sales are mustering up courage to try again.
Many a-HUDC have been ticked up off the en bloc sales list, and private estates are following suit. Spring Grove condominium on Grange road is making a second bid at the collective sale process for $1 billion or more. Taking $1 billion as a base offer, it would work out to $1,807 psf for each owner of the 325 units. This is considerably higher than the average selling prices of $1,285 psf to $1,438 psf for units at the existing property.
Prime location pushes the property ahead in the race
With that many properties putting themselves out in the market, how do each stand out? Some may have a lead in terms of land area, some in their value-for-money, and some for their location. Situated in the prime district 10, on Grange road, Spring Grove condominium has location as its main plus point. It is nestled in the exclusive residential areas of Chatsworth road and Bishopsgate. The Orchard Road shopping belt and Central Business District is also in the vicinity.
Though property analysts consider developments with asking prices stretching beyond $1 billion as a bigger challenge and risk for developers, quite a few have entered the market above the price line. Pine Grove and Braddell View have recently entered the market with asking prices of $1.65 billion and $2 billion respectively.