The en bloc reserve price for Singapore's Dairy Farm condominium estate has been increased to S$1.84 billion from an earlier approximately S$1.69 billion, according to The (Singapore) Business Times.
The S$152 million rise in price is meant to make the sale more attractive to homeowners at the 750,019-square-foot estate, to enable a mandate for a public en bloc tender to take place.
The collective sale project has received a 68% approval rate from home owners since signatures began being collected in April 2018, collective sale committee chairman Tay Tiong Choon was cited in the Jan. 4 report as saying. The committee has 12 months from the first signature on the collective sale agreement to clinch the 80% approval level required for the mandate, making April 2019 the deadline for Tay and his team.
However, with the increased reserve price comes a firmer development charge of approximately S$75 million from an earlier S$61 million, the publication added. The higher reserve price reflects a per-square-foot per-plot-ratio price of roughly S$1,216, up from an earlier approximately S$1,100.
Earlier, Pine Grove, another condominium site in Singapore that was gunning for an en bloc sale, saw its reserve price upped to S$1.86 billion from S$1.72 billion. The increase aided in edging that sale committee toward obtaining a sale mandate.
As of Jan. 3, US$1 was equivalent to S$1.36.