An en bloc success, higher taxes and a new home launch

THERE is life in the en bloc sales market here. Located at Upper East Coast Road, freehold condominium Bagnall Court has been sold to a consortium for S$115.3 million, albeit for below its guide price of S$125 million.

Meanwhile, strata owners of leasehold commercial development Golden Mile Tower have entered a private treaty negotiation period with interested parties after its en bloc sale tender closed on Jan 9 with a few expressions of interest. Could Golden Mile Tower at Beach Road, which has been valued at S$598 million and was put for sale at an indicative price of S$650 million, be successfully sold? 

Exciting developments are coming up in the Beach Road area. A GuocoLand-led group is developing Guoco Midtown - a mixed-use development comprising Grade A offices, public and retail spaces, residences, and the former Beach Road Police Station which is a conserved building. Lendlease is managing the redevelopment of Guoco Midtown’s neighbour Shaw Tower, which will have Grade A office space as well as retail and food & beverage offerings.