As a kid growing up in 90s and 2000s, you would hear adults talking about one of the unique ways that Singaporeans could make their first bucket of fortune. The magic words? Collective Sale.
More commonly known as En Bloc, this is where a condominium estate would come together, with the common goal of getting a mandate (80%) of owners, to agree and sign a collective sale agreement, that would allow the entire estate to be put up for sale.
This would allow for developers to bid for the entire plot of land, so they can re-develop a new condominium estate, often with smaller but more units, and sell at a higher price for a nice profit.
Well, if you have been following my journey, we’ve been trying to get Loyang Valley up for sale. We’ve been through this journey 3 times. First in 2018, with a second bid in 2022 where we managed to get 80% but with no bids, and finally, a 3rd attempt beginning in 2024.
And today, we have an update. We have officially gotten the 80% mandate, to put LV up for developer bids!
I am beyond words. After the failed second attempt, to be honest I was really dejected and did not expect a 3rd attempt. In fact, when the 3rd attempt began, I didn’t think we would have enough traction, and that exhaustion would have kicked in among the residents.
Much to my surprise, after a monumental effort by the 3rd CSC team, and a dedicated team from Huttons tirelessly walking the ground and speaking with the residents, they managed to get the requisite 80% signatures.
I am pretty hopeful that the 3rd time’s the charm. Stay tuned for more updates on this!