Writing this post was a lot more difficult than I’m letting on, and to tell the truth, a lot more disappointing even though I tried to mentally prep myself for this scenario playing out. 15th December 2022 seemed like a normal Thursday for the rest of Singapore, but for us folks in Loyang Valley, it was the moment of truth, a culmination of more than 2 years of grinding effort to drive a collective sale.
The public tender closed at 2pm on 15th December, and as has been reported in the news, there were neither bids placed for us, nor People’s Park Centre.
What happens next?
Right now, we’re into a mandatory 10 week private treaty phase. This is where interested developers can still come into discussion with us, to try and get a sale in. According to our Collective Sale Agent Huttons, there are a few interested developers kicking around the tyres, trying to suss out a potential deal.
I’m not sure how much of an interest there is, but I do think we’re sitting on a pretty good batch of land, and with the upcoming MRT station right at our doorstep in about 8 years, it would prove too long for us, but just right for a new developer with a new condominium to launch in time with enhanced accessibility right around the corner.
I really have to give a big big shoutout to the Huttons team, who has passionately and tirelessly managed this entire process, and is still hard at work giving their all and trying to get a positive result for us all.
The Macro Situation
Of course, a lot of the hesitation around the en bloc market as a whole, rests on the fact that many believe we’re on the edge of another recession, and with the uncertainties surrounding the economy, risks are understandably actively reduced on all fronts.
I’m still hoping for a positive fairytale ending to this story, but it’s really hard to keep up the optimism. We need to invoke the God of En Bloc to shine down upon us, and take Loyang Valley with it.
At the end of the day, the market decides what is fair price, and Mr. Market is always right. I will keep you guys updated, as always.