Saturday, June 19, 2010

Clementi Park owners won't sell at any price

Survey shows general consensus against en bloc sale; sale committee has disbanded, marketing agent withdrawn

CLEMENTI Park Condominium residents do not want to sell their apartments - even for $1.25 billion or more.

A collective sale committee (CSC) has been disbanded and the marketing agent for the sale, Knight Frank, has withdrawn.

Knight Frank said that it did not think it was possible to get 80 per cent backing for a collective sale even if the reserve price was set higher at $1.4 billion, given the ownership profile and current market conditions.

The firm reached this conclusion based on 382 responses obtained from a total of 489 owners surveyed in April and May this year, which showed a general consensus against the sale.

In addition, 'because of the diversity of share value and strata area, it is difficult to get owners to agree to one method of apportionment', said Knight Frank.

Following the firm's withdrawal, the Clementi Park CSC, which was formed in November 2007, has disbanded after its final meeting on June 8.

Most CSC members reckoned it would be 'futile' to appoint a new marketing agent because the outcome would most likely be similar, and felt that 'the collective sale exercise should be aborted', said CSC secretary Winston Wong.

The 28-year-old condo, which sits on freehold land, is well known for its hilly landscape and green environment. It is next to Brookvale Condominium - another City Developments project - which has failed to go en bloc several times.

Clementi Park residents formed a website called to rally support against an en bloc sale.

'Owners here know that what we have is irreplaceable,' said resident Patrick Lim.

'We do not want to live in condos where the rooms are shoe boxes and the blocks look into one another. There is so much space and greenery here. We even have our own natural hill in the heart of Clementi Park.'

Source: Business Times, 19 Jun 2010

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