Date: 26 Mar 2018, Author: The Straits Times, Source: Straits Times
Title: Mandarin Gardens owners approve $2.48b asking price for en bloc; next step is to get 80% approval
Brief: Owners of Mandarin Gardens condominium have approved the asking price of $2.28 bil and the method of apportionment on their 2nd EGM held on 25 March 2018. They have also agreed to the collective sales agreements. As a top up for a fresh lease, buyers would have to pay an estimated $325.4 mil as well $1.28 bil for development charges, or $1,236 psf. The process of getting the 80% of the owners’ mandate has begun, targeted to be obtained within the next 3 months.