Loyang Valley En Bloc Update – Selection of Marketing Agent

It’s been almost 2 months since my last en bloc update, so I thought I’d share some of what has been happening since the last update in May. At the last update, we held the first EOGM to vote for officially proceeding with En Bloc attempt.

With this, the Collective Sale Committee (CSC) was formed, and powers were afforded to the CSC to act on behalf of all residents in matters related to en bloc, including the review and selection of Marketing Agents as well as the law firm to assist in legal proceedings.

The CSC has been really prompt in updating us with what has been happening, so we are kept in the loop in a very important process.

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Marketing Agent Selection Process

Since their appointment, the CSC has been busy reaching out to marketing agents, or property consultants, and inviting them to have a feasibility study and proposal on our condo for En Bloc.

They reached out to a total of 12 property consultants. 5 declined, and 3 had proposals for us. Not sure if that’s a good result for us, but 25% hit rate is pretty good, I think. Also, it makes the job easier for the CSC to evaluate across 3 consultants as opposed to say, 8.

For those who declined, it might be a resourcing issue, as property consultants are only paid upon a successful en bloc, and as we are all speculating, we’re likely heading into a fresh bull market for En Bloc in Singapore, as we see a diminishing land bank up for grabs for developers.

For now, I will not disclose the consultants who have come back with proposals, but will definitely share once the consultant has been identified and awarded.

Presentations from the 3 consultants will be scheduled in July, and we should get another update sometime in August. Watch for that!

Competition heating up in 2021

Condos vying for the hearts and money of developers are heating up, with a few condos already in the process of prepping for en bloc. Many of them are from the unsuccessful attempts of 2017, as were we.

We came into the scene in the back half of the previous frenzy. Even then, we could only achieve a ~70% consensus to en bloc, which meant we could not even put up the condo for consideration.

Hopefully, this time there will be more residents interested in putting the estate up for sale, as the estate is getting older, and we’re after all sitting on a 99 year leasehold site.