Tender for Laguna Park en bloc sale closes unsuccessfully
SINGAPORE : Owners of the Laguna Park estate along Marine Parade Road have failed to sell their properties in a collective sale.
According to the marketing agent, Credo, only two bids were
received when the tender closed on Tuesday, but none were to the
satisfaction of the sales committee.
The Laguna Park's collective sale tender raised many eyebrows when
it was launched a month ago, because the owners wanted a whopping S$1.2
billion for their estate. Many analysts thought the price was too high.
As it turned out, the marketing agent said one local company, whose
shareholders are based in Indonesia, more than matched the reserve
price. The unnamed company, in fact, bid S$1.7 billion.
But Credo said by Thursday evening, the firm decided to pull out
because it could not get its bankers to provide the funds for the bid.
Credo said the second expression of interest came from a prominent
local developer. MediaCorp understands the developer is now expected to
further negotiate with the majority owners before settling on a firm
price.
For now, there is no deal from the tender process which has closed.
Reactions from residents have been mixed.
"I'm indifferent. It's God's will. It doesn't matter to me... I'm
not disappointed, neither am I ecstatic," said Laguna Park resident Ng
Beng Hong.
"I'm very (upset) because we wasted so much time putting together the
sales committee... And we'll have to redo this whole effort again the
next time round again," said Mrs Liew, another Laguna Park resident.
Laguna Park owners are scheduled to meet on Sunday to discuss the failed tender.
The next step is for majority owners to enter into any private treaty
deal by December 19 before the collective sale agreement expires. If
there is no deal by then, the entire collective sales process will have
to be restarted again.
- CNA /ls
Collective sale of Laguna Park condo officially off
SINGAPORE: The closely watched collective sale of Laguna Park is now officially off.
The enbloc tender for the condominium in Marina Parade started off at an eyebrow-raising price tag of S$1.2 billion.
Although it received a bid of S$1.73 billion, the tender failed as a down payment could not be made in time.
The price was later revised downwards to S$967 million - but it still had no takers.
Marketing agent Credo Real Estate said even if an offer comes in now,
it would be too late as there is not enough time to crank-up the entire
process again in time for the December 19 deadline - when the
collective sale agreement expires.
Market watchers noted that developers have become increasingly cautious, amid the government's recent market-cooling measures.
- CNA/sc