Collective sale

The Bill also proposes to extend collective sale regime to large older government-built developments such as Neptune Court

Property players say move is a ‘long time coming’ though it may not necessarily translate to more sites being sold

This likely represents the largest collective sale transaction in Singapore so far this year, says Cushman & Wakefield

While demand for luxury condos exists, snaring a freehold Orchard Road area en bloc site could be tricky 

People’s Park Centre will launch for public tender on July 16

This is around 13% lower than the S$505 million guide price marketed earlier this year

The price tag is about 17% higher than the second attempt in 2018 when it was launched for sale at S$218 million

Market watchers say developers will have to price the finished condo at an average of around S$5,000 psf

The deal puts the development among Singapore’s largest residential en bloc sales since 2007