Collective sale

The Ulu Pandan condo has garnered close to 70% consent under the current process 

Recent state tenders in the area have received firm interest from developers

Owners stand to receive S$2.1 million to S$14.7 million

Insufficient new property developments and redevelopments can hurt Singapore’s economy and society in general 

As private non-landed homes age, a vibrant collective sales market helps optimise land use

No ABSD is payable on the acquisition of the property based on its current commercial zoning

The site, housing 144 units, can potentially be redeveloped into about 395 apartments

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