Tuesday, October 16, 2007

Mdn Gardens 85% Says Yes; The Circus Begins!

One of my friends staying over at Mandarin Gardens today told me today that 85% of Mandarin Gardens has said Yes - well for the moment only to the forming of a sales committee.

While this is positive news to investors at my favourite project in District 16, I believe this might be a long and difficult process especially with over a thousand units within.

  • Scale: The larger projects are, the more difficult to handle. Imagine getting 800 people to agree on a single thing.
  • Timing: What if 80% of 1000 residents finally says yes to enbloc but no developers are interested then? It's almost 2008 already.
  • Cost: Giving there are a thousand units, and a higher potential for development (up to 36 storeys, from 23 now) this has to be a very brave developer, or a joint project (1000 units x est. $1500psf = $1.5b just for land!!!).
  • Sentimental Reasons: This is an old development with quite a number of old residents within. Some might not want to go.
On a lighter note, my friend added that along with the 400 civil Mandarin Garden Residents present, the usual enbloc crowd also invited themselves: Cat Call, Wolf Whistle, Jeer, Boo, Yelling and Name Calling.

As a benchmark, it took 2 hours for the present residents to amend a single typo.

Aalto Launches, District 15/16 Gains Momentum Again

The former Eastern Mansions in District 15 has finally launched over the last weekend (okay so I was a little busy and couldn't update). Prices range from a pretty affordable 1550psf to 2500psf, probably bringing the area to a new high if any of them penthouses are sold.

Me agent tells me I will get floorplans soon, but haven't heard from him for abit. Probably busy selling units there and making a big fat sum.