More commercial and mixed-use projects are connecting the en bloc sales frenzy following a variety of residential improvements have successfully shifted hands, ” reported the Business Times.
For instance, three incorporated developments have been launched for collective sale.In Yio Chu Kang, owners of ICB Shopping Centre hope to market the property for $65 million to $70 million, which works out to between $1,390 psf and $1,500 psf. According to some Fox News, the upcoming GLS plot at West Coast Vale, Twin Vew is going to launch soon late October. Showflat is under construction now and will be announce probably during Nov/Dec 2017, as for the Twin Vew Pricing, it will be around Chinese New year 2018.
Owners of the 119-unit retail mall Bugis Cube, previously called North Bridge Commercial Complex, will also be in the process of starting their collective purchase.
Meanwhile, the owners of Katong Shopping Centre in Mountbatten Road and Goldhill Centre in Novena have created collective sales committees. Both groups aim to choose the book price during their forthcoming extraordinary general meetings following month, according to their marketing agent Cushman & Wakefield.
But, experts noted that en bloc sales between commercial buildings are often more complicated and requires a longer time compared to those involving housing estates.
In 2008, the 87-unit Goldhill Centre was set up for sale for $315 million or $1,496 psf according to its potential gross floor area (GFA). But the owners failed to secure a purchaser for the site comprising a mixture of freehold and 999-year leasehold starting from 1970.
As for the 425-unit Katong Shopping Centre, this marks its third attempt to discover a buyer after its next sales exercise died last April with a reserve price of $630 million or $2,248 psf per plot ratio based on its land area. For the most recent en bloc attempt, they reappointed Cushman & Wakefield as advertising representative and kept the selling price.