Ravi Chandran
The collective sale of Ji Liang Gardens has got the approval of 100% of owners
PropNex announced recently that all the owners of Ji Liang Gardens at 21 to 21E Lorong K Telok Kurau have agreed to collectively sell the development via a public tender, which will be launched on 12 May 2021. The owners’ reserve price of $18.6 million translates to a land rate of $935 per square foot per plot ratio (psf ppr) after factoring the development charges.
Freehold development Ji Liang Gardens – which currently comprises six dwelling units – sits on a site that spans about 1,327.5 sqm (approximately 14,289 sq ft).
Under the Urban Redevelopment Authority’s Master Plan 2019, the site is zoned Residential with a plot ratio of 1.4 and has a total gross floor area of 1,858.5 sqm (approximately 20,005 sq ft). The freehold site in District 15 has the potential to be redeveloped into 18 units of apartments, with an average unit size of 1,076 sq ft each.
Tracy Goh, Head of Investment and Collective Sales at PropNex, said, “Telok Kurau is a well-established private residential enclave that is much-loved by local home buyers for its tranquil surroundings, low-rise charming boutique developments, as well as proximity to the park connector and the Eunos MRT train station.
“We believe the Ji Liang Gardens site has attractive attributes that will appeal to buyers and investors. Therefore, developers who prefer to have more certainty to potential buying interest and demand should be attracted to this site, which is rare as there is little or no fresh supply of residential development land in the area.”
In addition, the site is also near the upcoming Marine Terrace and Marine Parade MRT stations on the Thomson-East Coast Line (TEL), which will further improve connectivity to the north, south, and east part of Singapore.
The Ji Liang Gardens collective sale site is located within 1 km of Tao Nan School, CHIJ (Katong) Primary, and Haig Girls’ School; other popular schools in the area include CHIJ Katong Convent, Tanjong Katong Girls’ School, Tanjong Katong Primary School, Ngee Ann Primary School, St. Stephen’s School, St. Patrick’s School, and Victoria Junior College.
Some of the amenities and recreation facilities nearby include many popular cafes and eateries in Telok Kurau and along East Coast Road, as well as the Parkway Parade mall and East Coast Park beach.
The collective sale tender for Ji Liang Gardens will close on 15 June 2021 at 10.30 am.
Mr Paul Ho, chief mortgage officer at iCompareLoan, said: “the collective sale attempt of Ji Liang Gardens comes at a time where there is a lot of positive momentum building around collective sale.”
He added, “Whatever decisions owners facing en bloc sale make, it is better to make it fast so that the sale (or non-sale) can be concluded with minimal delay and maximum benefit to the owners.”
One way to conclude an en bloc sale quickly is to conduct a Collective Sales Agreement (CSA) as well as concurrently collect a “Non Collective Sales Agreement (NCSA)”, so that once a NCSA reaches 20%, the collective sale process is called off. There is really no point to drag on.
Mr Ho suggested that if one’s home is at risk of en bloc, the owner could consider a home loan where there is no locked-in penalty, but instead entails a higher housing interest rate cost. The next best option is to look for packages with a waiver of locked-in penalty due to sale of property. Such owners may contact a mortgage broker to assist them to find such packages with waiver of locked-in penalty.
Mr Ho added that if one’s home is at risk of en bloc, the owner could consider a home loan where there is no locked-in penalty, but instead entails a higher housing interest rate cost. The next best option is to look for packages with a waiver of locked-in penalty due to sale of property. Such owners may contact a mortgage broker to assist them to find such packages with waiver of locked-in penalty.
“With the right loan, the buyer can save thousands, if not tens of thousands of dollars,” he said. Adding, “which is why they would have to work with established mortgage brokers who can provide them free service.”
Mr Ho suggested that if one’s home is at risk of en bloc, the owner could consider a home loan where there is no locked-in penalty, but instead entails a higher housing interest rate cost. The next best option is to look for packages with a waiver of locked-in penalty due to sale of property. Such owners may contact a mortgage broker to assist them to find such packages with waiver of locked-in penalty.
