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Collective sale for Normanton Park

Owners of Normanton Park condominium hope it will be second-time lucky for the privatised housing estate in its collective-sale bid at an $800 million reserve price.

As the number of en bloc sales continues to rise here, the owners mounted a military-style operation to get the 488-unit project near Kent Ridge Park on the market in double-quick time.

Mr S.S. Chopra, the sale committee chairman and a retired navy colonel, said: "It took a mere 11 days for us to reach the 80 per cent consensus and a further two weeks to launch the tender today.

"This very quick and short duration... was achieved through the enthusiasm of owners and great collaboration between the marketing agent, lawyers and sale committee."

The owners are among those capitalising on what market observers call the early stages of collective-sale fever, which began heating up after property cooling measure adjustments in March boosted buying sentiment, and limited sites offered in the Government's land sale programme for the second half.

It failed in its previous bid in 2015. Normanton Park will launch a collective sale at a minimum price of $800 million after more than 80 per cent of owners approved the collective-sales agreement in less than two weeks.

The tender will close on Oct 5 at 3pm.

This is one of the highest reserve prices after privatised HUDC estate Tampines Court is said to have received a $970 million bid with conditions attached. - THE STRAITS TIMES

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