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ENBLOC SALE

 

Enbloc or Collective Sale basically means ..
All the owners of separate units in an apartment, condominium or even an office building, coming together to collectively sell out their properties to a developer for comprehensive redevelopment.


Land Title (Strata) Act
Enbloc sale is the sale of an entire private strata development by majority consent and is governed by Land Titles (Strata) Act.
If there is 100 % agreement to sell the development, the laws governing Enbloc sales will not apply.

 

 

 

 

Is Enbloc for me ?

 

You are sitting on a sizable plot of old bungalow or land and now wanted to assess its current land value or development potential and perhaps converting it into cash ..

 

You live in an old walkup apartment or condo and your neighbouring projects are going Enbloc. should we explore as well?

 

My current leasehold property is getting older and maintenance costs are also getting higher, what should we do?

 

 

 


 


COMMON QUESTIONS ON ENBLOC SALE ..


When is it then feasible ?

What is the Procedure ?

Enbloc Documentation

Principal terms in Collectively Sale Agreement

 
When is Enbloc then feasible?

En-Bloc Sale is normally feasible when one or a combination of the followings is evident in the development:

1. An Increase in Plot Ratio of the land
2. Re-zoning of the land to a higher use
3. The land is not fully built up or utilised to its allowable development potential


What is the Procedure ?

The 8 Stages involved in the En-bloc Sale Process

1. Checking Land Value

2. Checking Owners' interest

3. Appointment of Sales Committee, Property Consultants and Lawyers

4. Preparation and signing of Collective Sales Agreement

5. Marketing of Land sale

6. Public Tender or Private Treaty

7. Legal Completion of Enbloc Sale

8. Delivery of Vacant Possession
 


Enbloc Sale Documentation

Enbloc Sale documentation are usually prepared and administered by the appointed solicitor ...

There are two main legal documents used in Enbloc Sale namely :

1) Collective Sale Agreement

2) Tender Document

Note: Sale and Purchase Agreement may be used if the property is subsequently sold by Private Treaty.


Principal terms in Collectively Sale Agreement  ( CSA )

1. Reserve price - the minimum price that owners agree to sell
2. Method of distributing sale proceeds
3. The validity period of the Collective Sale Agreement
4. Date to deliver vacant possession
5. Indemnities for the Sale Committee and between owners
6. The Sale Committee's authority and responsibility
7. Mode of Sale
8. Appointment of Property Consultant and Lawyer
9. Provisions for 80% or 90% majority agreement and undertaking to pay all costs relating to the Strata Title Board application

Notes: The owners are advised to check with their respective lawyers with regards to the enbloc procedures, appointments and the Collective Sale agreement. The above is basically a general guideline subject to variations.


For more information on enbloc sale or to assess your property for enbloc..

Please feel free to email us or fill up the Enbloc Form.

 


 

 

TESTIMONIES ..

 

What our clients say about us :

'' A successful en-bloc sale requires not only an understanding of market forces and realities, but more importantly, sincerity, patience, understanding and an ability to relate to and address the unique needs of each and every owner, to ensure that it is a win-win proposition for all.

Teakhwa Real Estate brought to the table all of the above qualities as well as the track record in successfully transacting similar sized properties. That was the reason why Anchor Gardens selected them over proposals from several more established brand names.

We were not disappointed in our decision to appoint them to market the estate and in less than 3 months managed to get a bid than met our expectations. Teakhwa’s knowledge played a very important part in all dealings with the prospective buyer, the lawyers, the owners (many of whom were overseas) and the tenants.

I wish them success.''

Ramchand Ramesh
Anchor Gardens Sales Committee Chairman
 

 


 

 

OUR SERVICES FOR YOU

We commit ourselves to serve you and your owners in getting the best deal by ..
1. Present to all the Owners on the merits and procedure of the Collective Sale
2. Confirm the Development Potential and assess the Land Value of your Property
3. Recommend a Competitive Reserve Price
4. Advise the Sale Committee (SC) on all matters relating to the Collective Sale
5. Assist the Owners’ Representative in their application to the Strata Board if required
6. Assist the Sale Committee in identifying a suitable solicitor
7. Assist and co-ordinate with the SC in the signing of the Collective Sale Agreement
8. Coordinate a media-advertising and marketing campaign
9. Negotiate the best possible price and terms for the Owners and
10. Assist the Owners in both relocation and re-investment plan if required.

 

You want to know the estimated assessment of your land value and the Enbloc potential of your apartment or old property.

To assess your property .. click here > Enbloc Form

 

 

For more or other information, please feel free to call us or sms at (65) 9858 0900 if you need urgent assistance.

Our property consultant will get in touch with you to assist you. Thank you.

 

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