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.

Horizon Towers: Lawsuit Still Hanging, New Sales Committee Sworn In

Source: The Business Times, Sept 21 2007

Light at the end of the tunnel perhaps? While a step in the right direction after 135 units voted in favor of pushing back the collective sale deadline to Dec 11, it is a long way from resolution with 42 units abstaining from last night's meeting.

Anyhow this has proved one thing: Pep talks sometimes work, and is especially favourable if you are backed by a gazillion dollars and a looming multimillion dollar lawsuit. Now put away the cane and go rethink your strategy to get your kids to study for the upcoming PSLE.