Cairnhill Mansions to hit en bloc market again: Four other collective sale attempts in recent years

A woman walks past Cairnhill Mansions. -- PHOTO: EDWARD TEO FOR THE STRAITS TIMES
A woman walks past Cairnhill Mansions. -- PHOTO: EDWARD TEO FOR THE STRAITS TIMES

Cairnhill Mansions condominium is the latest to hit the en-bloc market in its fourth attempt at a collective sale.

The last two years though have been very tough on en-bloc deals as as developers shy away from adding to their stock of unsold units in a cooling market. Last year, only three in every 10 collective sale attempts were successful.

To date this year not a single one has gone through.There will always be hopeful sellers, though, willing to try despite the stagnant market.

Here are four attempts at big en-bloc sales in recent years:

1. Spring Grove

The 325-unit condominium on the site of the former residence of the US ambassador was launched in July this year with a reserve price of $1.39 billion. This includes $245 million to extend the remaining 76-year lease to 103 years, to be paid to the US government which holds the land's freehold rights. There have been no takers so far.

2. Pine Grove

Owners of the sprawling development in 660-unit development in Ulu Pandan have made three attempts. The first shot at an en bloc sale was in 2007, but residents rejected an offer which would have worked out to an average payout of $2 million per unit. Unfortunately for the owners, their second attempt was thwarted by changes to the collective sale rules which forced them to go back to the drawing board for a third failed try in 2011. The last reserve price was $1.7 billion, the highest so far for a collective sale.

3. Laguna Park

Two attempts were made by the 528-unit former HUDC estate, with an asking price of about $1.2 billion both times. The first try in 2009 failed when there was not enough time to get enough owners to agree to a proposed lower price. In the second attempt in 2012, it received a bid of S$1.73 billion but the deal fell through as a down payment could not be made in time. The asking price was later revised downwards to S$967 million - but it had no takers.

4. Tanglin Shopping Centre

The strata-titled shopping mall made the headlines in August in its second shot at an en bloc sale, but the attempt failed as not enough of its 173 owners wanted the property to go on the market. The reserve price was lowered to around $1 billion - or $3,200 per sq ft - from $1.25 billion at the first attempt.

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