Residential en bloc market picking up steam, but developers cautious: Analysts

Singapore’s residential en bloc market is picking up steam, with this year’s deals already exceeding the combined value of last year’s en bloc transactions. But analysts say developers are still cautious.

SINGAPORE: The residential en bloc market is picking up steam, according to experts – with four successful deals conducted so far this year to the tune of around S$1.5 billion.

This exceeds the combined value of en bloc deals reached in 2016, which saw three en bloc deals valued at more than S$1 billion.

Residential properties that have gone on the en bloc market recently include Pearl Bank Apartments on Jul 8 and former Housing and Urban Development Company (HUDC) estate Serangoon Ville on Jun 21.

Projects that have clinched en bloc deals include other former HUDC estates Rio Casa in Hougang, which was sold in May for S$575 million, as well as Eunosville in Sims Avenue, which was sold for S$765 million – the second-highest price for a privatised HUDC project, after Farrer Court sold for around $1.34 billion in 2007. Both projects were sold above the owners’ asking prices. Continue reading

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MCL Land awarded Eunosville site at S$765.78m or S$909 psf ppr

HONGKONG Land unit, MCL Land, has clinched the Eunosville site through a collective sale, at a price of S$765.78 million.

This works out a unit land price of S$909 per square foot per plot ratio (psf ppr) inclusive of an estimated S$194 million payable to the state to enhance the intensity of the site to a gross plot ratio of 2.8 and to top up the site’s lease to 99 years.

The site has a balance lease term of about 70 years. Continue reading

One Tree Hill Gardens sold for $65m in first collective sale this year

The collective sale market, which saw a resurgence last year, is still firing with the sale of One Tree Hill Gardens for $65 million – the first such deal this year.

Marketing agent Knight Frank said yesterday that a unit of Lum Chang Group bought the freehold landed residential redevelopment site near Orchard Road.

The price works out to a land rate of about $1,664 per sq ft, it added. Continue reading

Another former HUDC estate Eunosville put up for en bloc sale

SINGAPORE – Owners of 330-unit Eunosville have put their former HUDC estate up for collective sale – the second such sale this week.

Rio Casa, another privatised HUDC estate in Hougang, was put up for sale two days ago.

Eunosville is less than 100m from Eunos MRT station, said its marketing and property consultant OrangeTee.com on Wednesday (April 12). It comprises 10 residential blocks of maisonettes and four walk-up apartment blocks, translating to 255 maisonettes and 75 apartments. Continue reading