 Did
you know that more and more owners in Singapore are now opposing
collective sales and heaving a sigh of relief that their condos did
not enbloc? Tulip Gardens, Pender Court and Makeway View all failed
to go en bloc because the developer could not pay. Horzion Towers of
course found out they sold too cheap because of their two year wait
to seal the deal.
Finland Gardens called it off, Regent Gardens tried to call it off
and failed, Tulip Gardens developer decided to cut his losses in
view of the weakening property market. Kuwait Finance House decided
to pull out of a deal to buy Goodwood Residences.
The Riverwalk, Elizabeth Towers, Cairnhill Mansion, Grange Heights,
Chancery Court, Thomson View Condo, Villa delle Rose, Spanish
Village, Estoril and Vista Park all have yet to find buyers.
Amber Glades, Landmark Tower in Chin Swee Road, Pinetree Condo and
Royalville have also been relaunched at indicative prices ranging
from 10-20 per cent below what they had been offered at in Q3 or Q4
last year.
So why en bloc? Shouldn't Clementi Park stop even trying? The SC has
said "we may miss the boat". The en bloc boat that is sinking?
Whether you sell in an up or down market, beware. By the time
you are ready to buy, you may be severely short changed and end up
taking cash out of your pocket. As pro en bloc lawyer SK Phang says
"If you look at the historical maximum permissible time, you’re
looking at something about 2 years plus. And that’s a long time to
wait for the money. Given the volatile market conditions in
Singapore, if it goes up, owners get concerned with replacement. "
Out of the lion's mouth. En blocs are a win for the
developer/lawyer/agent, a loss for the seller. Win-lose. That's the
real (and often not told to you) name of the game! In any market.
Ssssshhhh!
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