Greetings from a loyal follower.
I also take this opportunity to express my sincere thanks for your insightful articles and YouTube videos at Stacked Homes, which I have been reading and watching, and learning from for the past few months.
Now I have the following question and hope to get your professional advice. Your reply would be much appreciated.
I understand People's Park Complex has got en bloc potential. However, given its current price and the SSD to be payable in the event of an en bloc within three years, I wish to know if 2022 is a good time to buy a unit there for own stay.
I don't mind an en bloc after three years or staying there for a longer term. It is the big space in its location that interests me.
Thank you in advance for your reply.
Thank you for writing to us and thank you so much for your support and kind words! We appreciate it a lot.
With regards to People's Park Complex, for en-bloc to kickstart, it has to first gain 80 per cent common consensus from stakeholders, including the commercial strata owners before it can be put up for sale. Hence it really depends on the respective stakeholders.
Adding on, as People's Park Complex is a mixed-use development with strata title commercial, residential, and car park there may be mixed sentiments on en-bloc.
Mixed-use developments tend to be much harder to go en bloc as it also depends on the commercial relevance today.
With the latest news of Far East Organisation (FEO) who bought over the strata car park of the complex, FEO now holds a 26 per cent share of the total strata title of the complex and will have a huge say in the en-bloc process.
In recent years, we have also seen mixed development fail in en-bloc attempts as there are mixed sentiments between commercial strata owners and residential owners.
The most recent case is Queensway Shopping Centre where it failed to reach the 80 per cent majority vote.
So going forward, the collective sale process will be an interesting one to watch out for as FEO has a big stake in the development.
Nevertheless, do be mindful of the SSD liable if an en-bloc materialises and also the inconvenience to move again.
We also foresee more investor profiles for this development, added with its high rental yield of 3.9 per cent gross.
On another note, if it fails, do be mindful of the lease decay and the impending maintenance cost to maintain the development over the years.
All in all; for own stay, it is best to not put so much hope on the en-bloc possibility but more for the convenience to amenities and public transport connectivity, added with its proximity to CBD.
I have read your blog post on the development (Parc Clematis). I am interested in five bedrooms and keen to hear your view on the relative benefits of five bedroom and the premium variant.
Thank you for writing to us. Parc Clematis offers great facilities which are great for a family's own stay.
The five bedders are decent in size with squarish and efficient layouts; especially great for multi-generation living.
Added with its proximity to Nan Hua Primary School, it definitely attracts family own stay profiles. Here are our inputs on the two different five bedrooms layouts.
- Efficient dumbbell layout.
- Provision of wet and dry kitchen area with great length of counter top space.
- Decent Bedrooms, living and dining size.
- Most bathrooms lacks ventilation windows.
- Lacks a proper yard area for laundry.
- A/c ledges takes up unit sq ft.
- Provision of private lift (privacy).
- Lots of windows, allows natural light in and great for ventilation.
- Walk-in wardrobe and bath tub in main master bedroom.
- Decent bedrooms size.
- Spacious kitchen with ample counter space.
- Balcony are either direct west or east facing, tend to be hot during the day.
- Too long bedroom hallway (wasted space).
- Lack separation of west & dry kitchen area.
- Lacks proper yard area for laundry.
- A/c ledges takes up unit sq ft.
READ MORE: House hunting advice: I have a budget of $4m for a bachelor pad. How do I narrow down my choice?
This article was first published in Stackedhomes.