
Collective sale market revives on lowered prices
The recent en-bloc at Braddell Park for $665 psf is encouraging others like Brookvale Park to seek a sale at $950 psf, notes DMG.
DMG expects en-bloc transactions to rise as collective sales remained the primary means for developers to replenish prime landbanks.
Here’s more from DMG:
The collective sale market is showing renewed life as sellers moderated their price expectations amid a cooling market and the failure of some earlier en-bloc attempts with high reserve prices. The freehold site with land area of 91,360 square feet can be built up to a gross floor area of 137,060 sqft. Meanwhile, Brookvale Park, off Sunset Way, has also been put up for collective sale with an asking price of $550 million or $950 psf ppr. Sellers’ moderating price expectations should result in more meeting points between buyers and sellers. |