The owners of Normanton Park condominium are trying again to launch a collective sale.A meeting scheduled for next Saturday will aim to form a sales committee for the 488-unit project near Kent Ridge Park, which failed at a collective sale attempt in 2015.
But at least 30 per cent of the owners must be present or send a proxy for the meeting to be valid. "The sales committee will have to shortlist some lawyers, marketing agents and property consultants, and seek their proposals, said Mr S.S. Chopra, a retired navy colonel and chairman of the Normanton Park MCST.
"The reserve price and method of apportionment has to be decided during another EOGM (extraordinary general meeting), which we plan to hold on July 29."
Once these are approved, the next step will be to finalise a collective sales agreement and get 80 per cent of owners to sign up so the tender process can start.
Normanton Park, a 99-year leasehold project, has 59 years left on its tenure. Under the Urban Redevelopment Authority's Master Plan 2014, the more than 632,000 sq ft site is zoned for residential use with a 2.1 plot ratio.
Mr Chopra told The Straits Times yesterday the estate is having a second go at a collective sale because "we received advice that the time is now right".
There have been four collective sales reaping slightly over $1.5 billion so far this year, compared with three for the whole of last year totalling about $1 billion.
Normanton Park was first put up for collective sale in October 2015. The Straits Times had reported that the reserve price was around $840 million but there were no bids.
"The feedback we got was that the sentiment was not right for a (sale) en bloc of such a large estate then. But the property remains a good buy," Mr Chopra said.