Lagoon View is looking to privatize the entire estate, which could trigger a possible en bloc sale, after its neighbour Laguna Park proposed a collective sale last week.

During a special general meeting held yesterday, the Lagoon View Owners’ Association, the management committee behind the plan, obtained approval of the residents to retrieve the land from the Ministry of Finance.

Believed to cost $16 million, the land includes car parks and other common areas within the 535,326-sq-ft property, comprising 480 units.

Each resident will be asked to pay a privatization levy worth $35,500 but they have to hit several milestones for the privatization process to proceed successfully.

Firstly, a downpayment of $5,500 each must be placed by at least 80 percent of residents by 29 May 2010, otherwise the privatization process will be revoked.

Next, a sale-and-purchase agreement must be signed by the management committee, and at least 84 percent of residents must pay the full amount of the privatization levy within four months for the privatization process to be completed. However, the committee will have to convene another meeting to discuss on the next course of action if this minimum 84 percent is not met.

Most of the residents have voted in favour of the privatization, while some expressed unwillingness to participate in the exercise. Other residents remained undecided due to its high cost.

One resident said that its high price is a hindrance, but the committee assured that the Central Provident Fund (CPF) savings can be used by the residents in order to pay the full amount of the levy.

The committee should privatize only if an ensuing collective sale emerges, as this would encourage reluctant residents to participate, said another resident.

According to the management committee, privatization will ensure that the entire estate belongs wholly to the residents and can increase its value to match Laguna Park’s valuation if residents decide to sell.

The privatization will also give the committee full authority to manage the estate by allowing them to obtain the management corporation strata title, said Mr. Eric Tan, honorary president of the management committee.

The committee maintained that they will address these concerns at every general meeting and resolve them along the way. Collective sales, en-bloc.

New Condo at Marine Pararde Road, site Lagoon View- Connectivity
New and upcoming condo launch in Lagoon View is approximately 200 metres away to the upcoming Sigalp MRT Station, serving the Thomson-East Coast Line, that will be ready by 2023. At present, New Condo in Laguna Park is approximately 1.6 km away from the Bedok MRT Station which operates the East-West Line. The Bedok Bus Interchange is also just next to the Bedok MRT Station where many bus services are available to serve future residents of New Condo and they easily commute to the various parts of Singapore. Travelling to Central Business District (CBD), City Centre and Marina South, Marina Bay is a breeze as the the East Coast Parkway (ECP) which is just next to new condo in Lagoon View, along Marine Parade Road.

New Condo at Marine Parade Road, site Lagoon View- Amenities
Future residents of New Condo in Lagoon VIew can take short walk down to Siglap V where shops, F&B outlets and supermarket are located. Alternatively, they could take a short drive down to Marine Parade Town Centre where heartland retails, market and food centre are located. Marine Parade Town Centre also host the Parkway Parade Shopping Centre, 112 Katong where many dining, shopping and entertainment options are available to choose from. There are several nice eateries along East Coast Road as well which are a short drive away from new condo development in Lagoon View site.

New Condo at Marine Parade Road, site Lagoon View- Education
There are many reputable and prestigious schools nearby new condo development, hence,  it is a very attractive place for family living.  It is next to the famous Victoria School. Other local instituitions include Ngee Ann Primary School, Opera Estate Primary School, St. Stephen’s School, Tao Nan School, CHIJ (Katong) Primary School, CHIJ Katong Convent, Saint Patrick’s School and St. Anthony’s Canossian Secondary School, Victoria Junior College and Temasek Junior College. New Condo launch in Lagoon View is also close to international schools such as Sekolah Indonesia Singapura and Global Indian International School (East Coast Campus).