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Laguna Park
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1. Written by News on 19-11-2009 12:13
En bloc sale called off
The en bloc sale of Laguna Park has been called off for now as the sales committee found it a race against time to get the minimum consent level from owners at a proposed lower price – said to be $967 million or $704 psf per plot ratio, down from the original $1.2 billion or $844 psf ppr reserve price – before the Collective Sale Agreement (CSA) expires next month. 
But over at Meyer Place, owners will soon begin signing a supplemental agreement to their original CSA at a lower price of $59 million, down from the original $65 million. BT understands the sales committee is expected to sign an agreement soon for the freehold property’s sale to a joint venture involving property and construction companies – subject to securing at least 80 per cent consent from owners at the lower price. 
Meyer Place’s CSA expires around mid-March 2010. 
‘The tender for Meyer Place closed on Oct 28 with four expressions of interest received and we are now negotiating with one of these parties,’ says Christina Sim, director, investment, capital markets at Cushman and Wakefield, the marketing agent for the property. 
The lower proposed reserve price of $59 million works out to $1,048 psf ppr including an estimated $3 million development charge (DC), down about 9 per cent from the $1,150 psf ppr based on the original $65 million reserve price. 
Based on the revised price, the breakeven cost for a new development on the site could be $1,550 to $1,600 psf. 
Laguna Park’s sales committee decided to call off the estate’s en bloc sale last week. ‘While it did begin the process of getting owners to sign a supplemental agreement to lower the reserve price, the committee felt it was a race against time as the existing CSA expires next month,’ said Karamjit Singh, managing director of Credo Real Estate, the marketing agent for the property. 
Laguna Park comprises 528 units. 
‘It would probably be better if owners begin a fresh en bloc initiative next year and sign a fresh CSA which will give them a new 12-month period to find buyers,’ Mr Singh said. 
Laguna Park, which has a land area of 677,463 sq ft, failed to find a buyer after its tender closed last month. Although two bids were submitted, no buyer made the downpayment to seal the $1.2 billion deal at the time. Mr Singh said yesterday that although signing of a supplemental agreement at the lower price had started last month, so far no conditional agreement had been inked with any potential buyer for a sale at the lower price. 
The unit land price of $704 psf ppr based on the revised $967 million price tag includes payment to the state to intensify the site’s use and top up its lease to a fresh 99-year term. 
Meyer Place has a freehold land area of 28,167 sq ft and was completed in the early 1990s, comprising 28 apartments – 24 units in a 13-storey block and four in a conservation house. 
The property is zoned for residential use with a 2.1 plot ratio – the ratio of maximum potential gross floor area to land area. 
Although Meyer Place is a relatively new development, it has redevelopment potential as its plot ratio in the 2008 Master Plan has not been fully utilised. ‘The apartment block could be torn down and rebuilt into smaller units,’ said Cushman’s Ms Sim. 
Market watchers point out that the buyer of Meyer Place could also seek to enlarge the plot by purchasing surrounding properties. Just in front of Meyer Place, at No. 40 Meyer Road, is a small apartment block with a site area of about 6,000 sq ft. There is also another plot behind Meyer Place housing two old bungalows at 18D and 18E Fort Road – adding up to more than 20,000 sq ft of land – that could potentially be purchased and amalgamated. 
Last month, Roxy-Pacific signed an agreement to buy Dragon Mansion for $100.8 million or $863 psf ppr including DC – lower than the owners’ previous asking price of $120 million or $1,020 psf ppr. Signing by owners of a supplemental agreement to the original CSA at the revised price is still in progress. The majority owners have up to January next year to make an application for a collective sale to the Strata Titles Board.
2. Written by News on 28-10-2009 02:15
Could go @ 20% discount to initial tende
Home owners at the Laguna Park condominium in Marine Parade are now faced with the choice of selling their homes at an average of 20 per cent lower than their initial asking price. 
This comes after a failed tender earlier this month. 
Then, the site received a bid from an Indonesian-owned, locally incorporated company of S$1.728 billion, but a downpayment could not be made in time. 
Since then, the collective sale committee has circulated a letter informing owners of a new potential selling price of S$967 million. 
Under en bloc sale regulations, 80 per cent of owners need to vote in favour of this price tag before the sale can proceed. 
When Laguna Park opened for tender in September, most owners stood to gain around S$2.1 million to S$2.3 million each. Penthouse owners would have gotten between S$3.5 million and S$4.1 million each. 
But at the new price being considered now, owners will get almost 20 per cent less or about S$1.8 million. 
Some analysts said this price might be too low to be attractive to sellers. But they said sellers need to take into consideration some of the less positive aspects of the property. 
Nicholas Mak, property consultant, said: “They must be aware that this is an ageing development and the lease of 99 years has been run down significantly.” 
He added that sellers who are planning to buy similar properties that also have a view of the sea will probably have to pay as much as SS$2 million. 
And he expects most owners to have to have to downgrade from their older, but more spacious units, to smaller new homes. 
Charges to top up the lease to a 99-year term and to increase the site’s plot ratio comes up to about S$440 million. 
Earlier, buyers would have been looking at paying around S$850 per square foot per plot ratio – a price many analysts considered expensive. 
At the new prices, the cost comes down to S$700 per square foot per plot ratio for the 528-unit leasehold Marine Parade project. 
Property consultancy Colliers said S$967 million is a more realistic selling price, and could lead to some developers re-considering the tender. 
However, many analysts also noted that the total price is still very hefty for any one local developer in today’s market. 
Laguna Park has a land area of 677,463 square feet, which means about 1,500 apartments can be built on the site. 
According to the development’s marketing agent Credo, the sales committee has until around mid-November to strike a deal with a buyer, before the collective sale agreement expires on December 19.
3. Written by News on 09-09-2009 03:33
Laguna Park ‘too expensive’
Singapore property giant CapitaLand has ruled itself out of bidding for the Laguna Park estate, which was put up for collective sale earlier this week. 
CapitaLand’s chief executive Liew Mun Leong said yesterday that the reserve price tag of some $1.2 billion for the estate is “too high to yield affordable homes”. He was speaking on the sidelines of an event to unveil the design of The Interlace, an upcoming CapitaLand project at the site of the former Gillman Heights estate. 
Laguna Park , a former HUDC estate at Marine Parade, was launched for tender two years after the idea of an enbloc sale was first mooted. Its marketing agent, Credo Real Estate, said it expects keen competition for the plot, but developer CapitaLand said the asking price is simply too high. 
“I’m not very sure that at the end of the day, after paying over $800 per plot ratio, plus construction costs, plus your cost of financing, your break-even cost would be something like $1,500 or $1,600 (per square foot). “Are buyers prepared to pay for it at that location and that price? I am less sanguine than them,” said Mr Liew. 
Two years ago, CapitaLand bought Farrer Court in a collective sale for over $1.3 billion. 
However, CapitaLand said on a per-square-foot basis, Laguna Park is more expensive. 
Farrer Court was sold at between $762 and $783 per square foot per plot ratio (ppr). Laguna Park’s reserve price works out to about $844 ppr. Mr Liew said “that is simply too high a price for it to be a good investment”. 
Mr Liew said CapitaLand has enough land in its portfolio and is not looking to buy more. He added that CapitaLand now has enough land to build some 3,000 homes, a third of which will be launched next month for The Interlace project
4. Written by News on 03-09-2009 18:42
En-bloc sale
EAST COAST condominium Laguna Park was put on en-bloc sale for $1.2 billion on Wednesday. 
The condo, which made headlines in the past year for its spate of vandalism cases due to disputes in its en bloc sale process, reached the 80 per cent consent level last December. 
Its marketing agent Credo Real Estate said the tender was put on hold until now 'as major developers have only recently returned to the land market with confidence.' 
If it succeeds in finding a buyer, Laguna Park will be the second billion-dollar en bloc deal in Singapore, after the 618- unit Farrer Court which was sold to a CapitaLand-led consortium for $1.3388 billion. 
Like Farrer Court, Laguna Park is an ex-HUDC estate in Marine Parade and was privatised in 2007. 
At the current price tag, owners of the apartment units will receive sale proceeds ranging from S$2.1 million to S$2.3 million, while the penthouses will gain between S$3.5 million and S$4.1 million. 
It is also one of the few sites that come under the amended Land Titles (Strata) Act meant to tighten the en bloc sales process, which came into effect in October 2007. 
Laguna Park has a land area of about 677,493 sq ft and a gross plot ratio of 2.8 under the current 2008 Master Plan, with a building height of up to 36 storeys, subject to relevant approval. 
Credo's deputy managing director Tan Hong Boon estimates that the buyer would be able to build close to 1.9 million sq ft of gross floor area or some 1,500 apartments with an average size of about 1,200 sq ft. 
At $1.2 billion, the land price for the condo works out to about $844 per sq ft per plot ratio. 
This includes an estimated cost of about $400 million payable to the Government for maximising the plot ratio of 2.3 and the topping up of the current 67 year lease term to 99, said Mr Tan. 
'At $844 per sq ft per plot ratio, the successful purchaser may work towards breaking even at around $1,200 to $1,250 psf, with a view of pricing the new units at $1,400 to $1,600 psf,' he added.
5. Written by News on 07-01-2009 20:46
Ex-chairman of Laguna Park charged with
hen the possibility of a collective sale for Laguna Park was announced in December 2007, some residents held back, hoping it would drive up the estate’s value. 
But matters turned ugly later at the East Coast condominium, which was hit by a spate of vandalism after several residents opposed the sale. 
Cars belonging to residents against the sale were splashed with paint or scratched, while mailboxes were found with glue in their keyholes. 
Still, many residents of the 667,000 square foot estate were shocked to learn that their estate management committee chairman, Mr Lee Kok Leong, had been arrested last August on suspicion of perpetrating these acts. 
During a brief appearance in court on Tuesday, the 62-year-old businessman - who was dressed in a white long-sleeve shirt and black jeans - stood emotionless as he was charged with two counts of mischief. 
According to court documents, Mr Lee is accused of inserting glue into the padlock, rear gate keyholes and main wooden door of a flat at Block 5000E of Laguna Park at 12.44am on August 25 last year. 
He also allegedly vandalised the front and rear wooden door keyholes of another flat on the same floor. The damage amounted to S$590. 
The case was adjourned after defence lawyer Ramesh Tiwary said he needed time to make representations. 
Mr Lee will reappear in court again on February 3. If convicted, he can be jailed for up to one year or fined, or sentenced to both on each charge. 
He made a quick exit after the hearing, avoiding residents who had turned up to witness the proceedings. The businessman also declined attempts to be interviewed, getting into a waiting car to avoid photographers. 
A spokesperson for the management committee told TODAY that new chairman Reggie Chew took over last October following Mr Lee’s resignation in August. 
While they declined to comment on the matter as the trial is still ongoing, the spokesperson said they have increased patrol around the estate and are looking into installing close-circuit television cameras (CCTV). 
Despite the gloomy economic outlook, the 528-unit condominium crossed the 80 per cent threshold last month, enabling the en bloc sales process to proceed to the marketing stage. 
Residents of the 30-year-old estate can expect to pocket between S$1.8 million to S$2.3 million for their units, down from the over S$3 million some were hoping for last year. 
Most of the units are between 1,500 and 1,700 square feet. - TODAY/ms 
Source : Channel NewsAsia - 6 Jan 2009
6. Written by News on 15-12-2008 12:15
Confident of reaching S$1.2b target
While the en bloc market may have slowed, the residents of Laguna Park are optimistic their prime location will help them get their asking price of S$1.2 billion. 
The en bloc sale of the 30-year-old condominium crossed the 80 per cent threshold on Friday allowing the process to proceed to the marketing stage. 
This is despite the property market softening from the economic slowdown. 
With schools like Victoria Junior College nearby plus the sea view, residents feel they’ll get a fair deal for their 99-year leasehold property which occupies a total land area of some 667,000 square feet. 
But some are hoping to wait till the third quarter of 2009 to enter the market. 
Lee Kok Leong, a Laguna Park resident, said: “Now the market is soft and when you go in, you won’t get a good price. So we hope that it recovers then it will be okay. All these are condominiums, so it may fetch a higher price because the land is big.” 
The move to sell started in early 2007 but hit a snag as some residents held back hoping the bull market would last. 
Residents currently expect S$1.8 million to S$2.3 million for their units, down from the over S$3 million some were hoping for last year. 
Most of the development’s 528 units are between 1,500 and 1,700 square feet. 
Last year, Singapore saw 104 successful en bloc sales but in 2008 this has slowed to just seven. 
There remains a five-day cooling-off period for the residents to change their minds but many expect the sale to go through.
7. Written by News on 12-12-2008 11:25
Moves closer to collective sale
LAGUNA Park condominium along Marine Parade Road could be up for collective sale, with about 77 per cent of tenants so far agreeing to it, Channel NewsAsia reported. 
The sales committee could expect a few more signatures in the coming days to cross the 80 per cent trigger point which will move the en bloc process forward. Channel NewsAsia understands that the asking price is about $1.2 billion. Each owner stands to pocket between $1.8 million and $2.1 million. It works out to about $633 per square foot of gross floor area, Channel NewsAsia said. 
Nicholas Mak, director, consultancy and research, Knight Frank, said: ‘In today’s market, the owners will probably have to lower their expectation, easily by 20 per cent.’ 
Laguna Park condominium sits on 667,000 sq ft of land with a plot ratio of 2.8.
8. Written by News on 28-08-2008 15:12
Condo’s MC chairman nabbed
THE chairman of the management committee at Laguna Park , recently hit by a spate of vandalism, was arrested this week on suspicion of gluing shut two residents’ apartment doors. 
No charges were brought against Mr Lee Kok Leong, 61, who has since been released on police bail.... 
The possibility of a collective sale of the units in this seaside estate arose last December. 
Residents have until the end of this year to secure an 80 per cent vote to put it up for sale. 
So far, 65 per cent have indicated their agreement to it. 
Residents have been told by a property valuer that an average unit could be worth more than $2.1 million in a collective sale, and the penthouses, almost $4m.
9. Written by News on 22-08-2008 03:42
En bloc spat
FIRST cars, now letter boxes. 
Several residents of the Laguna Park condominium in Marine Parade Road had their mailboxes vandalised last night. 
In the third such attack this month, vandals used glue to seal the keyholes of eight letter boxes - all belonging to residents who had not signed the condominium's en bloc sales agreement. 
For some victims, last night's attack was the second time they had been hit. 
Several had their cars damaged last month when vandals threw a corrosive liquid, possibly paint thinner, on them. 
Police are investigating.
10. Written by News on 28-07-2008 19:54
Car vandals strike again
THE Laguna Park car vandals have struck again: At least two more cars have been hit, including one which had already been targeted before. 
Residents of the 530-unit development in Marine Parade Road say the three latest attacks bring the total number of vandalism cases to at least nine in the last month. 
Coincidentally, all but one of the cars belong to owners who have not yet agreed to the sale. 
As of last Saturday, close to 64 per cent of home owners had voted for the proposed sale, according to notices put up around the estate. 
The sales committee has until the end of the year to garner the 80 per cent vote needed to proceed with the deal.


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