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Singapore estate to relaunch for en bloc sale at lower reserve price of S$325M

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Singapore estate to relaunch for en bloc sale at lower reserve price of S$325M

Owners of the Flynn Park residential site in Singapore are tying to lower the reserve price for the freehold property to S$325 million from S$363.8 million, The (Singapore) Business Times reported.

The owners need to secure an 80% signature mandate to lower the price, with the level at 75% so far, the Jan. 5 report added.

The 72-unit, 208,443-square-foot estate on Yew Siang Road failed to secure a buyer at the June 2018-close of its initial tender period. The asset was put up on sale at its original price in May 2018.

The tender period is set to close Jan. 29, the publication added.

The newspaper also reported that owners of the Choon Kim House at Upper Serangoon Road in the republic secured the 80% approval to lower the asset's reserve price to S$50 million from S$55 million.

The 14,988-square-foot site encompasses 20 commercial units, 10 residential units, as well as 19 car park lots in the basement.

The tender for the site closed Jan 3, according to the report.

As of Jan. 4, US$1 was equivalent to S$1.36.