The offer has been sweetened for residents of Neptune Court estate, who are being wooed to sign an en bloc deal.
The legal team and property consultants hired by the estate’s pro-tem sale committee are now offering a reserve price of between $1.37 million and $1.67 million per unit, depending on the size, which is 25 to 40 per cent higher than an offer made in March. This means owners of the bigger apartments now stand to gain up to $500,000 more.
On Sunday, lawyer S K Phang told a packed meeting of residents that potential buyers of their 750-unit estate included the Suntec Development Group and Hong Kong tycoon Li Ka Shing.
The deal requires the consent of 80-per-cent of the apartment owners. As Today reported last week, getting this has been anything but a smooth process, with strong opposition from some residents and a fall-out that saw several members of the original sale committee split to form their own pro-tem group.
Mr Philip Williams, who sits on the original committee and represents owners who do not want to move, was not convinced by the latest offer. To privatise the estate, each owner has to fork out about $500,000, he said, on top of paying the Ministry of Finance, which owns part of the land, leaving just $870,000 to $1.17 million for each owner.
The residents yesterday requested for an “emergency” meeting with the Neptune Court Owners’ Association, he said, to ask it to pay for a land survey to determine exactly how much to pay the ministry. — 938Live, Loh Chee Kong
Source : Today - 15 May 2007
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