Dairy Farm en bloc bid fails, Laguna Park relaunched for sale

Singapore

IT'S a tale of two large collective sale sites - while the Dairy Farm estate failed to hit the 80 per cent threshold needed, Laguna Park was re-launched for sale.

The collective sale agreement for Dairy Farm estate expired on April 6 with 71.35 per cent of owners signing, falling short of the signatures required to get the mandate to launch an en bloc tender. This was after the reserve price was raised from S$1.688 billion to S$1.84 billion as a sweetener.

"As on 6th April or the expiry date of the collective sales agreement (CSA), owners of 345 units out of the estate's 487 units have signed the CSA to support the collective sale," said Sieow Teak Hwa, managing director of marketing agent Teakhwa Real Estate, adding that the signatures constitute 71.35 per cent by share value and 70.11 per cent by strata area. "Despite our best effort and time committed to assist owners in the project, we are short of the required 80 per cent mandate for the…