Recent collective sales face challenges galore

Singapore

GILSTEAD Mansion is an example of the challenges faced by collective sales sites in recent times, as owners face the double whammy of cooling measures and revised guidelines on the maximum number of allowable units outside the central area which will set in in months.

The 24-unit development in the Novena area has relaunched its tender at S$65 million, or S$3 million below the guide price they initially announced in June. The site has at least 80 per cent of owners agreeing to this new price, even as several other en blocs here are still trying to get the required mandate to lower their prices.