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Around 50 shops representing over 20 percent of the property’s share value have signed to oppose an en bloc deal.
Some of the shop owners at Queensway Shopping Centre opposed the proposed collective sale of the mixed-use development, while residential owners at the adjacent Queensway Tower are supportive, reported Channel News Asia.
A collective sales committee for the development was established in 2018, while an extraordinary general meeting was held on 20 April to start obtaining the required 80 percent consent from owners for the sale to push through.
While marketing agent Savills Singapore was “mindful and sensitive” in giving out details on consent, it noted that ground sentiment was “encouraging”.
However, around 50 shops, representing over 20 percent of the property’s share value, have signed to oppose a deal, revealed shop owner L C Lim.
According to Lim, the list of signatures has been handed over to the legal team representing the en bloc sale as well as the collective sales committee and Savills.
Among those against the sale are Narwant Singh, who owns a sports shop and four other units at the mall, and his son Mandeep Singh, who owns a shoe shop.
“The en bloc process is on but there is a tremendous amount of objection. Queensway is doing extremely well. The misleading information reported that footfall has dropped is rubbish. Queensway, no matter what, is still having the best footfall out of any part of Singapore,” said Narwant.
Apartment owner, Jessica Wong, on the other hand, said that while the area has some “sentimental value” to her, she supports the sale as the building has now been poorly maintained.
Savills noted that this is the development’s first attempt at a collective sale.
With a land area of around 100,000 sq ft, the freehold development comprises 241 retail units and 78 apartments.
Suzie Mok, senior director of investment at Savills Singapore, declined to divulge the project’s reserve price, saying only that the site’s estimated value is “above $500 million”.
Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email fiona@propertyguru.com.sg
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