The 1,006 unit Mandarin Gardens sits on a massive 1.07 million sqft land plot, located near the upcoming Siglap MRT Station.
In Jan 2023, Mandarin Gardens launched their third enbloc attempt at a reserve price of S$2.88 billion, following 2 earlier attempts in 2008 and 2018.
Completed in 1986, if the collective sales is successful, it could mark the biggest en bloc transaction by dollar value in Singapore, and could yield between 3,000 and 4,200 units when redeveloped.
LAND SIZE (SQM) | 100,235 |
MASTER PLAN GFA (SQM) | 280,657 |
MASTER PLAN PLOT RATIO | 2.8 |
PROJECT NAME | MANDARIN GARDENS |
STREET NAME | SIGLAP ROAD |
PROPERTY TYPE | CONDOMINIUM |
TENURE | 99 YRS FROM 1982 |
DISTRICT / PLANNING AREA | D15 / BEDOK |
COMPLETION | 1986 |
NO. OF UNITS | 1,006 |
17 Jan 2023
Separately, another District 15 condo, Mandarin Gardens, is also taking one more shot at a collective sale. Owners of the 99-year leasehold development on Siglap Road are reportedly considering a reserve price of S$2.88 billion.
The 1,006-unit condominium sits on a 1.07 million sq ft site.
This is Mandarin Gardens’ third attempt at an en bloc sale, with the first two in 2008 and 2018. In the second attempt, the condo’s collective sales committee raised the asking price twice from an initial S$2.478 billion to S$2.788 billion, and then again to a record-high S$2.927 billion.
But by the time the collective sale agreement expired in March 2019, only 68 per cent of owners had signed on the dotted line – falling short of the requisite 80 per cent consensus.
Completed in 1986, the condo is 37 years old this year.
8 Dec 2021
SOME owners at the sprawling Mandarin Gardens, which houses more than 1,000 units, are again eyeing an en bloc sale of the 99-year leasehold condominium as the market regains momentum.
The mega development, near East Coast Park, formed a collective sale committee (CSC) on Sunday (Dec 5), and will soon select the committee chairman and other key positions, Lianhe Zaobao reported on Wednesday (Dec 8).
Its previous attempt in 2018 came to naught when the CSC then failed to obtain enough signatures to launch a tender.
That was despite the committee having increased the reserve price twice. It was raised from an initial S$2.48 billion to about S$2.79 billion when the CSC discovered that the 1.07 million square foot (sq ft) land parcel was undervalued by more than S$300 million, and later to around S$2.93 billion to persuade more owners to give their consent.
13 Nov 2018
IF the owners of the Mandarin Gardens condominium have their way, the 99-year leasehold development in East Coast Road could be sold for a new record price of S$2.79 billion.
This is 12.5 per cent more than the original asking price of S$2.48 billion, and higher than the previous mark set by Pandan Valley's S$2.6 billion, according to a report published by TODAY on Sunday.
The report quoted Leonard Jayamohan, the spokesman for Mandarin Gardens' collective sale committee (CSC) as saying that it was recently discovered that the land on which the 1.07 million sq ft property is on was undervalued by more than S$300 million.
CSC chairman Vincent Teo on Sunday sent a bulletin to residents to explain that the committee had discovered the disparity after conducting a check of Mandarin Gardens' development baseline record with the Urban Redevelopment Authority (URA).
On top of the S$2.48b asking price, a successful buyer would have to fork out about S$325m to top up the lease, and an estimated S$1.28 billion in differential premium
27 Mar 2018
IF the Mandarin Gardens condominium ends in a successful en bloc sale, the buyer could end up with an overall price tag of S$4 billion.
Marketing agent C&H Properties told owners this at a second extraordinary general meeting on Sunday afternoon, where they approved the asking price of S$2.48 billion as well as the method of apportionment.
The owners also approved the collective sales agreement at the meeting held at Touch Centre at Marine Parade Central, according to Nelson Lim, C&H Properties' key executive officer.
With that approval, the 99-year leasehold estate along Siglap Road has begun the process of collecting signatures from owners to get the requisite 80 per cent for the collective sale to be launched.
25 Mar 2018
IF Mandarin Gardens condominium does end up going on the market, potential developers could end up paying over S$4 billion to purchase and build the new property.
Marketing agent C&H Properties told owners this at a second extraordinary general meeting (EGM) on the afternoon of March 25, where they approved the asking price of S$2.48 billion as well as the method of apportionment, according to sources present.
They also approved the collective sales agreement at the meeting held at Touch Centre at Marine Parade Central. With that, the 99-year leasehold estate has begun the process of collecting the 80 per cent signatures required for the collective sale to be launched. The day of the second meeting would also be the 64th day since the first EGM, said the source. The target is to get the 80 per cent mandate in three months.
16 Mar 2018
WITH an eye-popping reserve price of S$2.45 billion and sprawling size of over one million sq ft, Mandarin Gardens could be a tough sell.
But if what could be the nation's largest residential en bloc deal ever materialises, it will likely involve several developers joining hands - perhaps including a foreign developer.
Owners of the 1,006-unit condominium at Siglap Road could pocket between S$1.58 million and S$5.07 million, Raymond Khoo, business development director and division director for marketing agent C&H Realty, told The Business Times.