INTRODUCTION
Colliers International was successfully appointed by the sales committee of Flamingo Valley to represent the owners on the collective sale of the development.

CHALLENGE
Flamingo Valley was an old residential development built in the 1980s. This development comprised 185 units and it was the largest residential collective sales project handed by Colliers International at that time.

It was the first time that the estate was put through a collective sale exercise, and most of the owners were reluctant to relocate as they had stayed in the premise for many years and were very comfortable with their living environment.

Colliers faced two main challenges in this project. The first was to convince and persuade the owners to sell their unit. As the subject site is located next to a Muslim cemetery and it slopes down into a valley, the other challenge encountered was to convince developers of its redevelopment potential and to secure a good offer for this huge plot of land.

SERVICES
Colliers did a cost analysis to show the owners the maintenance and repair costs they had to bear should they continue to stay put at the aging development, which the condition was fast deteriorating, with the benefits of selling their units collectively.

In addition, to save the owners the hassle of looking for a new home and to allay their fears of relocating to a new place, Colliers also offered to help the owners to look for a replacement unit.

Simultaneously, Colliers marketed the site to developers, highlighting the excellent potential of the site, which can be redeveloped into a 300-unit condominium with full facilities and to take advantage of the natural terrain of the site to incorporate interesting landscape features.

RESULTS
Colliers successfully convinced 80% of the owners to agree to the collective sale within a record timeframe of three weeks.

The land was successfully sold to Frasers Centrepoint for S$194 million, which exceeded the reserve price set by the owners. This was the largest freehold residential development site in the East Coast area acquired in recent years.

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