Paul Ho, chief mortgage consultant at iCompareLoan, said the en bloc sale Mandarin Gardens failed because it is so big that given the current market conditions, even the big boys may not have a risk appetite for it.
Mandarin Gardens failed in its en bloc attempt reported Today online. Mandarin Gardens failed despite raising its reserve price to $2.93 billion just weeks ago.
According to the newspaper, Mr Two added that the condo’s homeowners could attempt another en bloc sale without having to wait for the two-year lapse period if market sentiment permits and enough owners are in agreement. “As the validity of the CSA ends on March 24, 2019, we appeal to all who are still considering, to make an immediate decision to sign the CSA,” the CSC said.
“Developers interested in bidding for collective sales of Mandarin Gardens would be mindful of other cost factors like development charge and Additional Buyers’ Stamp Duty, which may push up the actual costs for them even higher,” Mr Ho said. Adding: “With the upgrading premium, the actual bill for the developer could be pushed to be in the region of $3 – $4 billion.”
“Previously, it was a case of too many developers and too few Government land sales plots. As no developer want to wind down their business, they bid increasingly higher to win land bids. The ability to price higher depends on whether there is a recession or not and whether people have sufficient choices of units to choose from. This is like 3 or 4 projects worth of condominium in 1 deal.
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