En bloc hopeful Chuan Park gets offer of S$860m, lower than reserve price

EN BLOC hopeful Chuan Park, which is currently in a private treaty period after the tender for its collective sale closed on Apr 26, has received an expression of interest (EOI) from a developer for S$860 million, below its reserve price of S$938 million.

According to a circular issued to owners by marketing agent ERA Realty, which was seen by The Business Times (BT), the Collective Sale Committee (CSC) now requires an 80 per cent mandate from owners of the 99-year-leasehold condominium by Jun 26 so as to enter into negotiations with the developer and hammer out the terms of the sale and purchase (S&P) agreement. At S$860 million, this is estimated to work out in the region of S$1,170 per square foot per plot ratio (psf ppr).

When contacted by BT, ERA declined to comment on how many owners have signed the supplemental joint agreement so far. The deadline for the CSC to sign an S&P is Jul 5.