{"id":41,"date":"2018-08-02T04:27:09","date_gmt":"2018-08-02T04:27:09","guid":{"rendered":"http:\/\/isr.sg\/singapore-property-blog\/?p=41"},"modified":"2018-08-14T08:19:12","modified_gmt":"2018-08-14T08:19:12","slug":"another-enbloc-project-goes-to-court","status":"publish","type":"post","link":"https:\/\/isr.sg\/singapore-property-blog\/2018\/08\/02\/another-enbloc-project-goes-to-court\/","title":{"rendered":"Another enbloc project goes to Court"},"content":{"rendered":"

Brookvale Park was sold enbloc in Feb 2018.<\/strong><\/p>\n

\"\"<\/p>\n

Screenshot above from our Interactive Map (enbloc projects 2018)<\/a><\/p>\n

A stop order was issued by the Strata Titles Board on Wednesday.<\/p>\n

According to reports<\/a>, some of the owners are unhappy with the valuation of the project at S$530mil, which works out to be S$932psfppr<\/strong> (with Development Charge of about S$26mil). They felt the valuation report was wrong to compare the 999-year leasehold condo to 99-year leasehold sites.<\/p>\n

Another nearby project Goodluck Garden (freehold) was sold enbloc in Mar 2018 for S$610mil<\/a> which works out to be about S$1210psfppr<\/strong>.<\/p>\n

As a rough comparison, Park West (a nearby 99-year leasehold site) was sold in Jan 2018<\/a> for S$841mil, about S$850psfppr<\/strong> (inclusive of Differential Premium and Lease Upgrading Premium).<\/p>\n

What is Differential Premium (DP) & Lease Upgrading Premium (LuP)?<\/strong><\/p>\n

To encourage optimisation of Land Use in Singapore, payment of DP allows for lifting of State title restrictions involving change of use and\/or increase in intensity<\/em>.<\/p>\n

Determination of DP will be based on published Table of Development Charge (DC)<\/a> rates.<\/p>\n

Also, where tenure of land is leasehold, the DC rates will be adjusted to reflect Residual Tenure of the land via a Leasehold Table<\/strong> (which expresses value of residual tenure as a percentage of freehold value).<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Brookvale Park was sold enbloc in Feb 2018. Screenshot above from our Interactive Map (enbloc projects 2018) A stop order was issued by the Strata Titles Board on Wednesday. According[…]<\/p>\n","protected":false},"author":1,"featured_media":42,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[11,1],"tags":[6,5,4],"_links":{"self":[{"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/posts\/41"}],"collection":[{"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/comments?post=41"}],"version-history":[{"count":5,"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/posts\/41\/revisions"}],"predecessor-version":[{"id":48,"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/posts\/41\/revisions\/48"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/media\/42"}],"wp:attachment":[{"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/media?parent=41"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/categories?post=41"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/isr.sg\/singapore-property-blog\/wp-json\/wp\/v2\/tags?post=41"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}