Ridgewood Condominium situated in the midst of prime district 10 (Photo: Google Maps)
The owners of the 464-unit Ridgewood Condominium along Mount Sinai Drive in District 10 plans to hold an extraordinary general meeting on 14 October to vote on whether to create a collective sale committee, reported the New Paper.
Constructed in 1981, the 999-year leasehold property with an overall area of 672,000 sq ft is one of the oldest condominiums in Singapore.
If sold en bloc, International Property Advisor CEO Ku Swee Yong estimates that some owners could receive about S$2 million each, while those who possess one of 34 two-storey townhouses there could get S$3 million to S$4 million.
A typical four-bedder there measures around 1,200 sq ft, with some units surpassing 1,500 sq ft, but the townhouses range between 1,800 sq ft and 2,000 sq ft.
Vimal Harnal, Chairman of Ridgewood’s management council, believes it is an opportune time to sell the condo en bloc as some other collective sales were recently successful.
“Since Ridgewood had tried to go en bloc before, some of the residents think there might be another opportunity now.”
Previously, there were attempts to form a collective sale committee in 2007 and 2013, but it failed to secure at least 80 percent of the owners votes.
“It is hard to read the mood right now as some residents may say it is easier to move now, but others may be sentimental about living here,” said S. Radakrishnan, one of the residents who purchased his four-room flat in 1999.
Moreover, Ku thinks that Ridgewood would be entering a market where there are already many collective sales and new launches. “We are already seeing some rental declines in HDB (estates) and condominiums,” he noted.
Earlier this month (12 September), real estate consultancy JLL revealed that 17 housing sites have been launched for collective sale totaling over 3,140 units since 2016.
That was before news broke out on 14 September that the 660-unit Pine Grove, a former HUDC estate near Ulu Pandan, is making a third try at a collective sale for a reserve price of S$1.65 billion.
This article was edited by Keshia Faculin.