Owners of Cashew Heights condominium are planning to put the property into a collective sale for the second time, as the first attempt, three years ago, had failed.
About 170 owners of the 598-unit estate have signed a requisition to hold an extra-ordinary general meeting (EGM), which will put the condominium block into a collective sale process.
The date of the EGM has yet to be decided but the issues to be discussed include the appointment of a property consultant and lawyer, the formation of a sales committee and considering the terms of the collective sale agreement (CSA).
It was disclosed in an unsigned letter sent to the owners to seek their signatures for the requisition of an EGM.
The letters said: "We are only at the initiation of the first step and we encourage and welcome all owners to attend the EGM when it is held and for those with relevant experience to step forward to serve."
It was also stated in the letter that "Cashew Heights is a big project with a large plot of land and many owners and as such all matters pertaining to en bloc will have to move at a moderate speed unlike smaller projects".
Yet, the letter added that by starting the collective sale process early, owners could likely catch up with the market peak when the deal is to be concluded.
While it is too early to settle the price, some owners of larger-sized units are already looking at payouts of nearly $2 million for each unit.
Mr. Jeffrey, owner of a 1,650-sq-ft unit, said: “I’m already 60. If the price is right, in the $2 million plus bracket, I would love to sell and move on to a smaller unit in an HDB estate, continue to work part-time, kick back and relax.”
The first phase of the 999-year leasehold Cashew Heights project, which is located at Cashew Road in District 23, was completed in 1985. It was fully completed in 1992.
The resort-style condominium was developed by City Developments. It comprises of two- to three-room units, which range from 950 sq ft, and maisonettes, which span to nearly 1,900 sq ft.
Some analysts believe that while the collective sale process may be challenging, others are confident that it will succeed this time around.
"Since this is the second time, the owners are more familiar with the en-bloc process and it can be successful now," said Mr. Colin Tan, head of research and consultancy at Chesterton Suntec International.
He added that there are owners that have not made major renovation works to their units for years in anticipation of an en bloc sale. "They would be eager to agree to the collective sale if the price is right," said Mr. Tan.