Unit owners in Laguna Park, whose tender unsuccessfully closed last Friday, have now considered selling at a cheaper price, ranging from S$950 million to S$1 billion.
According to Credo, the marketing agent of the development, the residents are likely to obtain letter of advice about the situation within the next 2 or 3 days.
Before, a lot of property analysts commented that the initial S$1.2 billion reserve price of Laguna Park was on the higher side.
Last Sunday, at around 4:30 in the afternoon, the residents of Laguna Park Marine Parade had streamed out of the gates, after a two and a half hour meeting, discussing the future of the development’s collective sale.
No buyer was able to disburse a payment to close the deal worth S$1.2 billion in spite of the two bids that were made last Tuesday when the tender closed.
Some of the residents seemed to have agreed to accept a cheaper price, while some preferred to wait until the market has fully recovered before they would relaunch the process of collective sales.
The meeting went by cordially although those who had attended the meeting were divided into two sides. This was attributed to the sales committee’s people management skills.
With the cheaper price tag, the present concern centres on the sales committee being able to manage to earn the critical 80 percent consent level from the home owners.
Before the agreement of the collective sale will expire, the committee on sales are given until 19 December 2009 to close the transaction. However, the entire process of the collective sales will start all over again should there will be no deal until the specified time.
A local company with Indonesian shareholders have matched the reserve price S$1.7billion.
However, last Thursday evening, Credo confirmed that the firm has already decided to withdraw due to its inability to get the cooperation of the bankers to provide for the bid’s funds.