El Centro

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tyty15
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El Centro

Post by tyty15 » Sun, 18 Sep 2011 9:13 pm

El Centro in Tj Pagar - anybody live there/knows someone who does and knows when the owner is planning on shutting the building down?

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beppi
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Post by beppi » Sun, 18 Sep 2011 9:43 pm

Why don't you ask the owner?
If he's planning to renovate earlier, he won't give you a one year lease, because it would be difficult (and potentially costly) for him to break the contract and get you out.

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JR8
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Post by JR8 » Sun, 18 Sep 2011 9:47 pm

In SG tearing down to rebuild is popularly known as en-blocking (or 'enbloc'). As in the required majority of owners have agreed to sell to a developer, all at one time.

It would be interesting to know if it still in hands of the various owners, who are still negotiating the enbloc terms. Or is the building now in the hands of the developer who is still planning his project.

If the former you might have an individual landlord trying to squeeze a last year out of his unit, when he knows that it is unlikely to last that long. If you're dealing with the new developer I'd say it is a much safer bet

I'd do some serious googling on it (including Google/News), and maybe go and speak to the condo management office.

p.s. They enbloc old condos to extract max value from the land. But incredibly enough El Centro was only built in 2004!

tyty15
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Post by tyty15 » Sun, 18 Sep 2011 11:50 pm

From the info I've found, the building is owned by the developer (as are all the units), and the same developer is planning on rebuilding it. My issue with the developer is that its website "is under construction", which worries me a little.

I've been told that it's costly for the LL to break contract etcetc, but in the current economic crisis if the developer goes bust or some such scenario happens, I don't want to have to be involved in anything legal just to get my deposit back.

I think I will try to get in touch with the management office, estate agents don't necessarily fill me with confidence at the best of times.

Thank you for the advice.

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