The collective sale of the Mandarin Gardens condominium development in Singapore, which could break the record for the most expensive en bloc sale of a property in the city-state, can commence, The (Singapore) Business Times reported March 25.
Collecting signatures from 80% of the property's owners has begun, with a three-month timeline. C&H Properties was tasked to be the marketing agent for the estate.
It follows the owners' approval of a S$2.48 billion asking price for the tender to the 99-year leasehold estate. On top of the bid price, the buyer of the property will also have to pay an additional S$325.4 million to reset the lease on the site and an estimated S$1.28 billion for development charges, taking the total consideration for the asset to roughly S$4.09 billion, the paper noted.
If sold at the projected total consideration, Mandarin Gardens' selling price will eclipse that of Farrer Court, which sold for a record of nearly S$1.34 billion in 2007.
As of March 23, US$1 was equivalent to S$1.31.