Channel News Asia (CNA) reported yesterday the approval for the enbloc sale of Laguna Park, a 30-year-old condominium, by the apartments’ owners has reached the 80 percent threshold.
The condominium, which has a total land area of about 667,000 sq. ft., is being sold by the owners for S$1.2 billion – with some units individually sold from S$1.8 million to more than S$3 million. Most of its 528 units spans from 1,500 to 1,700 square feet.
CNA also reported that the move to sell the whole site already began in early 2007, but did not push through as some home owners felt that it was still unnecessary.
The decision to sell began early in 2007 but encountered some difficulty as some residents hesitated in the hope that the bull market would continue, CNA reported. Most of the development’s 528 units range from 1,500 to 1,700 sq ft.
However, figures presented by property consultancy group CB Richard Ellis showed that only a total of $371 million have been sealed this year, as compared to $12.4 billion record from 111 transactions in 2007.