Enbloc News: Cavenagh Gardens

Below is an article in The Business Times today.


Reference: "Cavenagh Gardens up for en bloc sale" - The Business Times, 10th Apr 2012

This is probably the fourth en bloc attempt by the development. The current asking price is some $160 million lower than when it was first put out in the market in October 2007...

(* The wife and I know our info is somewhat different from what is reported in The Straits Times today, but we have based ours on a previous report by The Straits Times back in September 2011 *)

Click on link below to read our previous post about the Cavenagh Gardens en bloc:

http://sgproptalk.blogspot.com/2011/09/and-yet-more-enbloc-news-cavenagh.html

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And yet more enbloc news: Cavenagh Gardens

Reference: "Fresh en bloc bid by condo in Cavenagh Rd" - The Straits Times, 22 Sep 2011



Yes, Cavenagh Gardens' expected price of between $1,620psf ppr and $1,688psf ppr may be "reasonably attractive" compared to Cairnhill Mansion's reserve price of  $2,308psf ppr, but that is probably one reason why the later is still unsold after the May 31st tender dateline.

With developers showing extremely low appetite for redevelopment plots of more than $500 million, and given that the largest collective sale for 2011 to date is a mere $171 million, the wife and I cannot help but wonder if it is an opportune time to re-launch the en bloc bid for Cavenagh Gardens now. But PropNex may know something that we don't - the expected price of Cavenagh Gardens is a tad below $500 million after all - or is it just a case of "don't try, don't know"?

Time will only tell...

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