Requirement

Colliers International was successfully appointed by the sales committee of Dragon View Park to represent the owners on the collective sale of the development. 

Challenge

Dragon View Park was an old residential development built in the 1960s. The estate was put up for collective sale on several occasions but was unsuccessful. This was because most of the owners were reluctant to relocate as they had stayed there for many years and they were very comfortable with their living environment. 

Colliers’ main challenge was to persuade this group of owners to sell their units.  

Service

As the estate was old and many of the occupiers were retirees, Colliers tried to convince them to agree to the sale by comparing the maintenance and repair costs they had to bear should they continue to stay put at the development with the benefits of selling their units collectively.

To save them the hassle of looking for a new home and to allay their fear of relocating to a new place, Colliers also offered to help the owners to look for replacement units.

Result

Colliers managed to convince 80% of the owners to agree to the collective sale after much persuasion.

The land was sold to CapitaLand for S$128 million, which exceeded the reserve price set by the owners. It was a record price for land transactions along River Valley at that point of time. The site will be redeveloped into a 24-storey high-end condominium.

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