Thursday, 24 May 2007

Another Anti-enbloc Blog - Botanic Gardens View

Well, this is a disappointment.

I've always found that Botanic Gardens View was an excellent example of what a good management council could do to an aging estate - by pursuing an aggressive upgrading and maintenance policy to upkeep the property, and improve it's sale/rental yield. Situated at Taman Serasi, facing the new buildings at Botanic Gardens, this estate is over 30 years old (built in 1970) and while it does not have much in the way of facilities, its location is really superb - next door to the Gardens, near a hospital, at the doorstep of Orchard Road, embassies nearby etc.

Heard from a colleague who stays there that there were talk of en-bloc early this year, then everything went silent, and today CBRE wrote to everyone, telling them that the protem sales committee (PTSC) has selected the agents and lawyers, the CSA is almost ready for signing at their FIRST owner's meeting. They're fast tracking it, obviously hoping to hit the 80% before parliamentary changes to collective sale legislation occur later in the year. Included in their proposal is the application to maintain the gross plot ratio of 1.78+ (their existing buildings are 10 storeys I think, but the current Masterplan plot ratio for BVG is 1.4 or 5 storeys should they wish to redevelop.) Can they do that, given that there are explicit restrictions to the area around Botanic Gardens, as clearly outlined in the Masterplan 2003 and the circular, where it states "the current height restrictions will remain to protect the visual amenity of the Singapore Botanical Gardens"? This of course applies to new redevelopments near BVG and not to BVG which was built before MP2003's revision.

Not good news from my colleague who loves the place and whose family calls it home. A group of owners there have started a blog (it's still new) to gather dissenters to the enbloc of Botanic Garden View:-

Residents of the estate do feel free to express your thoughts of the enbloc at their blog.


Anonymous said...

Thanks, Dr. for your help.


Anonymous said...

Dr Minority,

Admore Park Condo sold for $2338 psf ppr. This has pr of 2.8

How much ($ psf ppr) can Botanic Gardens View be enbloc for when its pr is 1.4 ?

Higher or Lower ?


Dr Minority said...

I believe Botanic Gardens View is trying to lock in the higher plot ratio that they currently have. If that's the case, their PR (I believe stands at 1.78) will allow developers to maximise land use there.

Honestly, I think this place will score an even higher reserve price than Admore Park due to its very unique location (can't build any closer to botanic gardens than this) and proximity to town. After all, Eng Lok was the highest achieving enbloc during its time.

But only if the plot ratio can be locked at its higher value.