I've heard from a mutual friend that the reason they bought this new place is because their current unit is gonna en bloc. Curious about the matter, I went to find out more.
About 2 months back, my dad's friend who owned a unit at that condo decided to get a consultant to calculate the plot-ratio to see the possibility of en bloc. The results came back negative as that area won't be able to attract any developer to pay off all its current residents, tear down, and redevelop, making a profit. He decided to sell his unit.
So when I heard that the condo was filing for en bloc, I was a little surprised and decided to ask my mum to check it out with her colleague who also happens to live there. He said that currently, there's no specific action and they MAY initiate action NEXT YEAR. There haven't been meetings or whatsoever regarding en bloc yet, just wishful speculations.
From my understanding, the whole procedure of en bloc takes a really long time. From the proposed en bloc meeting to the actual closing of the deal, it takes a year or even longer. And based on the current plot-ratio, en bloc probably won't even happen in the near future (5 years) even if they initiate action. Nithe's old place has been talking about en bloc for a super long time but there's no finalization till now.
From my point of view, they are simply buying a new unit because of the rumours of the possibility of en bloc. Seriously, who in the right sense of mind will jump into buying a new house based on pure speculations of en bloc? Unless they are super rich and they can afford to buy a new unit as a form of investment, otherwise, they are jumping the gun to make an unresearched, wishful decision. At the end of the day if their current place don't obtain en bloc, they will be stuck with 2 units at hand and be forced to release 1. I may not have this new neighbour afterall.
Rumours kill!
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