Braddell View residents take first steps to relaunch en bloc attempt

SINGAPORE: Braddell View estate has kicked off another en bloc attempt with the formation of a collective sale committee.

Over 300 residents attended an extraordinary general meeting on Sep 19 to vote in a council, the committee told CNA.  

This is the first step in a collective sale. In total, owners representing about 38 per cent of the condo’s voting share were present or represented at the meeting, exceeding the required quorum of 30 per cent for the meeting to proceed. 

Of the residents who attended the meeting, about 94 per cent approved the formation of a collective sale committee. 

The en bloc attempt comes after parliament passed a new law on Sep 8 to lower en bloc thresholds for older developments.

However, the new law will take effect after the president assents to it. The Ministry of Law has not announced a commencement date.

Speaking to CNA on Sunday (Sep 27), the committee said they started engaging residents on the potential en bloc sale months before the new law was announced. 

As the estate ages, repair and maintenance costs are starting to add up, said the committee. 

For example, repair and repainting works which would cost about S$1.1 million (US$860,000) in the past could now cost at least S$2 million for an estate of its size.

The largest former Housing and Urban Development Company (HUDC) estate has 918 residential units and two commercial units. It sits on a massive 1.14 million sq ft plot on Braddell Hill.

“And you look at the demographic of the residents staying here, most of them are actually quite elderly. I don't think any one of them would like to actually pay a lump sum or increase their maintenance fee in order to maintain the estate,” said a member of the committee.

Braddell View, a 99-year leasehold estate, was the final HUDC estate to be privatised in 2017.

The 45-year-old development underwent two failed en bloc attempts in 2019, just three months apart, with the same asking price of S$2.08 billion. The estate did not receive any bids in its public tender. 

Another attempt in 2021 was halted early as it failed to meet the requirements to form a committee due to challenges posed by the COVID-19 pandemic, the committee said.