Collective-sale fever cools for large residential sites

Three condominium sites at different stages of collective sales: (From left)  Chuan Park condo could not get an 80 per cent mandate for a $900 million collective sale by an Oct 13 deadline; Windy Heights’ tender closed on Oct 10 without a taker at
Three condominium sites at different stages of collective sales: (From left) Chuan Park condo could not get an 80 per cent mandate for a $900 million collective sale by an Oct 13 deadline; Windy Heights’ tender closed on Oct 10 without a taker at $806.2 million and its owners are in the process of lowering the price to $750 million; and Cairnhill Astoria was relaunched for sale at $196 million.PHOTOS: ST FILE PHOTO, KNIGHT FRANK, COLLIERS INTERNATIONAL

While such deals remain strong, more sites have been unable to find buyers, analysts say

Even before new rules to raise the minimum average unit size for condominium and private apartment projects outside the central area were announced last Wednesday, the collective-sale fever was abating for larger sites, as owners at Chuan Park condo know all too well.

The 99-year leasehold estate of 446 units in Lorong Chuan has failed in its second attempt to secure an 80 per cent mandate for a $900 million collective sale.

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A version of this article appeared in the print edition of The Straits Times on October 22, 2018, with the headline 'Collective-sale fever cools for large residential sites'. Print Edition | Subscribe