Billion-dollar sites not giving up on en bloc dreams

Singapore

DESPITE fears that the latest cooling measures could sound the death knell for mega en bloc sites, billion-dollar projects are pressing on with their collective sale plans.

Laguna Park - a sprawling 669,486 sq ft East Coast development - is launching its tender sale on Sept 18 at a reserve price of S$1.48 billion.

Over the weekend, owners of the 623-unit Pandan Valley condo in the Holland Road area agreed on a record asking price of S$2.6 billion in an extraordinary general meeting (EOGM), according to media reports. Owners will have to hold another EOGM to agree on the apportionment method before collecting signatures.

Besides the reserve price, the buyer for Laguna Park would have to splash out on a differential premium of an estimated S$453.5 million and a lease t…