CONGRATULATIONS RESIDENTS!

LET’S ALL WORK TOWARDS A SUCCESSFUL EN BLOC

olina's lodge

Olina Lodge is a freehold project located at the top of the exclusive cul-de-sac, Holland Hill. The development was completed in 1990 comprising 67 units ranging from 1,281sqft to 2,766sqft. At approximately 7,830.7 sqm (84,289 sqft), it is zoned Residential under the 2014 Master Plan with a gross plot ratio of 1.6.

 

This prime elevated site provides residents with rare panoramic views of the prestigious Holland neighborhood. The project is a short walk to lifestyle hotspot Holland Village as well as the Holland Village and Commonwealth MRT stations.

 

Convenient amenities aside, Olina Lodge is also within close proximity to leading educational institutions like St. James Kindergarten, Nanyang Primary School, Henry Park Primary School, Fairfield Methodist School (Primary), and Anglo-Chinese School (International).

What Is En Bloc?

A Collective Sales, also known as Enbloc sales, is a sale of two or more property units to a single common purchaser. Whilst smaller collective sales often take place, the best-known example is the iconic grand-scale, full-development sales that you may often come across in newspaper headlines.

 

Enbloc Sales in Singapore is governed by the Land Titles (strata) Act which clearly defines how a Collective Sales Committee (CSC) is to be formed, how the sales is to be conducted and many other issues pertaining to a lawful conduct for such an exercise.

Why En Bloc Sale?

One of the main reasons is the high potential for profits. In land-scarce Singapore, property prices are generally on the uptrend over a long time horizon and enbloc sales uncover the intrinsic value of the land or un-used plot ratio and which give the Subsidiary Proprietors (SP) a higher selling price than the market value.

 

But bear in mind that enbloc sales is always forward-pricing and therefore sellers always face the risk of over-pricing their estate and miss the favorable enbloc cycle.

 

Other reasons for wanting an enbloc sales could be:

  • Aging property
  • High maintenance
  • Decreasing land tenure for 99-year leasehold property (higher lease top-up premium)
  • Preserving investment value
  • Legacy Planning
  • To change to smaller units for retirement planning
  • …etc

 

Sales Proceed Apportionment

Under the recommendation of SISV (Singapore Institute of Surveyors & Valuers), the followings methods are applicable for the apportionment of sale proceeds.

  • Based purely on share value
  • Based purely on strata / floor area
  • Based on the combination of share value & strata / floor area
  • Based on valuation

 

In deciding the most appropriate method of sale proceeds apportionment, the main consideration would be as follows:

  • Must be fair and equitable, and done in good faith
  • Supportable by independent valuer
  • No financial loss case
How Can En Bloc Happen?

The Collective Sale Committee (CSC) was elected during the First Extra-Ordinary general Meeting (1st EOGM) on 8th July 2017.

 

Soon after that, the CSC embarked on the process of selecting the Marketing Agent and Lawyer to move progress the enbloc sale. (details are provided in the Letter to all Subsidiary Proprietors – 1st Update)

 

The CSC, SLP International and Eldan Law soon came together to discuss important matters such as Reserve Price, Sale Proceeds Apportionment and the contents of the Collective Sale Agreement (CSA) and etc .

 

There were numerous CSC meetings held to discuss these matters and upon reaching a consensus within the CSC, the decision to call the 2nd EOGM was made and the date for the EOGM was confirmed on 1st October 2017

 

All SP will receive the 2nd EOGM notice package which contains the CSA.
All SP are invited to attend the 2nd EOGM to vote for the Sale Proceeds Apportionment and also the contents of the CSA.

 

The effort to garner the 80% support will start immediately after the 2nd EOGM.

Enbloc Sales Progress Update?

Olina Lodge has achieved consensus from 80% of owners to proceed with its third attempt for a collective sale. The tender launched on 22 March 2018 and will close at 2pm on 19 April 2018.

 

Previous Posted Notices (Form 30)

19 March 2018 – 5th Update (English) (Click to download)

22 February 2018 – 4th Update (English) (Click to download)

26 January 2018 – 3rd Update (English) (Click to download)

30 December 2017 – 2nd Update (English) (Click to download)

2 December 2017 – 1st Update (English) (Click to download)

 

Previous Correspondence to Owners

12 March 2018 – 4th Letter to Owners – (Click to download)

3 January 2018 – 3rd Letter to Owners – (Click to download)

7 December 2017 – 2nd Letter to Owners – (Click to download)

16 November 2017 – 1st Letter to Owners – (Click to download)

We take our responsibilities under Singapore's Personal Data Protection Act 2012 (the "PDPA") seriously. We also recognize the importance of the personal data you have entrusted to us and believe it is our responsibility to properly manage, protect and process your personal data. For more information please refer to our Data Protection Policy.

What Is En Bloc?

A Collective Sales, also known as Enbloc sales, is a sale of two or more property units to a single common purchaser. Whilst smaller collective sales often take place, the best-known example is the iconic grand-scale, full-development sales that you may often come across in newspaper headlines.

Enbloc Sales in Singapore is governed by the Land Titles (strata) Act which clearly defines how a Collective Sales Committee (CSC) is to be formed, how the sales is to be conducted and many other issues pertaining to a lawful conduct for such an exercise.

Why En Bloc Sale?

One of the main reasons is the high potential for profits. In land-scarce Singapore, property prices are generally on the uptrend over a long time horizon and enbloc sales uncover the intrinsic value of the land or un-used plot ratio and which give the Subsidiary Proprietors (SP) a higher selling price than the market value.

But bear in mind that enbloc sales is always forward-pricing and therefore sellers always face the risk of over-pricing their estate and miss the favourable enbloc cycle

Other reasons for wanting an enbloc sales could be:

  1. Aging property
  2. High maintenance
  3. Decreasing land tenure for 99-year leasehold property (higher lease top-up premium)
  4. Preserving investment value
  5. Legacy Planning
  6. To change to smaller units for retirement planning

…etc

Sales Proceed Apportionment

Under the recommendation of SISV (Singapore Institute of Surveyors & Valuers), the followings methods are applicable for the apportionment of sale proceeds.

  • Based purely on share value
  • Based purely on strata / floor area
  • Based on the combination of share value & strata / floor area
  • Based on valuation

In deciding the most appropriate method of sale proceeds apportionment, the main consideration would be as follows:

  • Must be fair and equitable, and done in good faith
  • Supportable by independent valuer
  • No financial loss case
How Can En Bloc Happen?

The Collective Sale Committee (CSC) was elected during the First Extra-Ordinary general Meeting (1st EOGM) on 8th July 2017.

Soon after that, the CSC embarked on the process of selecting the Marketing Agent and Lawyer to move progress the enbloc sale. (details are provided in the Letter to all Subsidiary Proprietors – 1st Update)

The CSC, SLP International and Eldan Law soon came together to discuss important matters such as Reserve Price, Sale Proceeds Apportionment and the contents of the Collective Sale Agreement (CSA) and etc .

There were numerous CSC meetings held to discuss these matters and upon reaching a consensus within the CSC, the decision to call the 2nd EOGM was made and the date for the EOGM was confirmed on 1st October 2017

All SP will receive the 2nd EOGM notice package which contains the CSA.
All SP are invited to attend the 2nd EOGM to vote for the Sale Proceeds Apportionment and also the contents of the CSA.

The effort to garner the 80% support will start immediately after the 2nd EOGM.

Enbloc Sales Progress Update?

Located at Jurong East Street 13 (District 22), Ivory Heights is a 99-year Leasehold development first built in 1986 by the then government Housing & Urban Development Corporation (HUDC) and subsequently privatised in June 1998.

Site Details

In 2008, URA released its master plan for the complete transformation of the Jurong East suburban hub. Full details are available in the URA website. Located right in the heart of the Urban Redevelopment Authority’s (URA) newly developed Jurong Lake District concept, Ivory Heights is poised to benefit tremendously from the numerous amenities that will be developed in the near future. Key features of this new redevelopment plan will be the new Jurong Hospital to be sited in the vacant plot of land between the Jurong East MRT station and IMM; the Jurong Gateway mixed office cum shopping mall podium block, the refurbished Jurong Entertainment Complex and the Lakeside to consist of F&B outlets, waterfront promenades and boardwalks. Under this exciting plan, the 360 ha Jurong Lake District will feature two distinct precints – a vibrant commercial centre (Jurong Gateway) and a water leisure park (Lakeside)

Investment Highlights

As part of the Draft Master Plan 2008 Review, the Urban Redevelopment Authority (URA) revealed the blueprint for Jurong Lake District and plans to decentralize commercial activities from the Core Central Region by transforming Jurong Lake District into a unique lakeside destination for business and leisure within 10 to 15 years.Jurong Lake District consists of two complementary precincts, Jurong Gateway and Lakeside. These refer to the areas around the Jurong East MRT Station and Jurong Lake in the west region of Singapore. It will be the biggest commercial hub in Singapore occupying a total area of 360 ha, which is about the size of Marina Bay.

On the potential for the Jurong Lake District to offer Singaporeans and visitors a brand new experience, Mrs Cheong Koon Hean, then CEO, URA, said, “Jurong Gateway and Lakeside are precious gems which offer exciting opportunities for the development of leisure attractions and the biggest commercial hub outside the city centre. To realise this vision, the planners have developed strategies that capitalise on the wonderful assets these areas have. These include building upon the strategic location of Jurong Gateway which is well served by road and rail, and in the midst of a large population and customer catchment. The lake and its greenery are also unique features which can be enhanced. We would like to bring about a transformed image for this area. The Jurong Lake District will become a much sought after lakeside destination for business and leisure.”

Since the bold plans for Jurong Lake District have been unveiled as part of the draft Master Plan 2008, there has been excitement about the transformation of the area.
The 70 ha Jurong Gateway around Jurong MRT station will be the biggest commerical hub with a unique lakeside setting outside the city, providing 500,000 sqm of office space. It will have a good mix of office, retail, hotel, entertainment, food & beverage (F&B) and other complementary uses. To add vitality and enable people to live and work in the area, 1,000 or more homes will be introduced around Jurong East MRT station.

Summary

  • Property is within walking distance to the Kuala Lumpur-Singapore High Speed Rail station to be located at the present Jurong Country Club. This will be a game changer for this locality. It is also within walking distance to the Jurong East MRT station.
  • URA’s and NParks’ exciting and innovative vision and plans for the Jurong Lake District and the Jurong Lake Gardens which is set to transform this area into a second Central Business District and a modern district of the future in an endearing park and lake setting.
  • Property is next to Jurong Gateway where there are many new major establishments/ facilities available and many more being planned and to be developed here.
  • Very near to International Business Park, major industrial estates and research and educational institutions which provides ample and good employment and business opportunities within the locality.
  • Limited land supply in the district especially plots with good attributes like Ivory Heights where it has excellent wide frontage facing the lake.
  • Good potential and likelihood for enhancement of the allowable gross plot ratio subject to approval.
News

No updates.

Official Announcement

No Official Announcement.

Meeting Minutes
Upcoming Events

17-Mar-2018 – Mass Signing 4-6pm @ Blk 122 MPH Function Room. Private Signing can be arranged.

We take our responsibilities under Singapore's Personal Data Protection Act 2012 (the "PDPA") seriously. We also recognize the importance of the personal data you have entrusted to us and believe it is our responsibility to properly manage, protect and process your personal data. For more information please refer to our Data Protection Policy.