Date: 26 March 2019, Author: Joanna Seow, Source: ST
Brief: Despite a record-high asking price of $2.927 bil, Mandarin Gardens, a 1,017 unit leasehold condominium failed to reach the required 80% sign up for collective sale. The collective sale agreement expired with only a 68% sign up. The asking price was raised from $2.788 bil in November 2018 from $2.479 after the discovery of the undervaluation of the land parcel. “…A fresh collective sale could be started without having to wait for a two-year lapse period if 50% of the owners by share value sign a requisition for a general meeting to form a new collective sales committee (CSC)”, says Mr Vincent Teo, the chairman of the CSC.