SINGAPORE - Normanton Park condominium owners are the latest here to jump on board the collective sale bandwagon - arranging the planned sale with stunning speed.
The owners will launch a collective sale at a minimum price of S$800 million after more than 80 per cent of them by share value and strata area approved the collective sales agreement (CSA).
This marks the second attempt by the owners of the 488-unit project near Kent Ridge Park, which failed at the previous collective sale attempt in 2015 with the same reserve price.
Mr SS Chopra, chairman of the sale committee, a retired Colonel from the Navy (SAF), noted: "It took a mere 11 days for us to reach the 80 per cent consensus and a further two weeks to launch the tender today.
"This very quick and short duration, possibly breaking some record in Singapore, and was achieved through the enthusiasm of owners and the great collaboration between the marketing agent, lawyers and the sale committee."
Based on the reserve price, each owner could receive between S$1.6 million and S$1.8 million.
The tender for Normanton Park will close on Oct 5 at 3pm.
This translates to a land rate of about S$898 per square foot per plot ratio (psf ppr), which includes a differential premium for intensification of the site of about S$225.3 million, and a lease top-up premium of S$220.6 million for a fresh 99-year lease.
So far this year, seven successful collective sales worth S$2.5 billion have been mounted, compared with just three for the whole of last year totalling about $1 billion.
Knight Frank Singapore is the exclusive marketing agent representing the interests of the owners of Normanton Park via their collective sale committee.