SINGAPORE — It has been about a year since Helen was caught up in her condominium estate's last collective sale attempt but even today, she avoids interacting with some of her neighbours.
SINGAPORE — It has been about a year since Helen was caught up in her condominium estate's last collective sale attempt but even today, she avoids interacting with some of her neighbours.The Tanamera in New Upper Changi Road failed to launch a collective sale in all three of its attempts.A once harmonious condominium community can be left in turmoil after an en-bloc sale fails to launch
"But I think I did it out of pressure because I've only been living here for and I would need to pay if I did not meet the minimum occupancy period."Mr Pooba Mahalingam served as chairman for the collective sales committee at The Tanamera condominium along New Upper Changi Road during its first twoHe said that some residents thought that he had a hidden agenda to profit from the role.
When condominium en-bloc sales fail to launch, a once harmonious residential community can be left in turmoil, with feelings of disappointment and resentment among neighbours. En-bloc sales in Singapore can be launched if a certain proportion of the owners, as measured by their property's share value and strata value, agree to put a private property on the market. This is usually 80 per cent, or 90 per cent for properties less than 10 years old.
Such repeated setbacks at various condominiums have left many residents grappling with disappointment, frustration and bitterness — turning the dream of a profitable sale by some owners into a lingering source of contention within the estate. Mar Thoma Mansions failed in its first attempt at an en bloc in 2020 due to insufficient signatures needed for approval. The latest tender garnered 80 per cent of residents' signatures, but did not attract bids to meet the reserve price of S$54.7 million.
The estate is now in the private treaty stage, where the collective sales committee and marketing agent have 10 weeks to look for prospective buyers and negotiate a deal with them. "Understandably, the en-bloc process will generate a number of opinions among residents arising from their own motivations of what they want out of the property that they paid a lot of money for.A view of Mar Thoma Mansions. It failed in its first attempt to launch a collective sale in 2020 due to insufficient signatures needed for approval. The latest tender garnered 80 per cent of residents' signatures, but did not attract bids to meet the reserve price of S$54.7 million.
Professor Sing Tien Foo, provost's chair at the department of real estate at NUS Business School, said that residents should respect the decisions and close ranks after the process, even if it is not easy to do so. "This has led to many developments not being able to achieve the required consent to launch a sale. For those that were launched, some of the asking prices were unrealistic as well."
"Developers are acutely aware that buyers nowadays are also exercising financial prudence in a high-interest-rate environment and economic uncertainties," he added.
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