Sunday, 22nd May 2011
Laguna Park, a previously public housing turn private located along the "prime" Marine Parade Road, is up for en bloc sale at an expected price of S$1.33 billion. This is the second time the 33-year-old development which has a land area of 63,000 square metres has been put up for sale. The last time Laguna Park made an attempt was in September 2009. It however raised an environmental concerns of Singapore over the needless destruction of good architecture and our limited resources (construction materials like sand, concrete and steel) with perhaps decades of useful longevity ahead.. The property is still in a fairly good condition, so the Singapore Government should consider introducing a 50-year age limit before any development could be considered for collective sale (En Bloc).
In recent months, concerns have emerged. People have reportedly lost their homes in sales that they did not know about or have been inadequately compensated because the cost of renovations and mortgage interest were not factored into the sale price. Maintenance and renovations have slipped in some buildings because owners are reluctant to invest in something that might be demolished. Neighbor has turned against neighbor because of differences over sales.
Flickr Photo Credit: dm4n
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