{"id":102319,"date":"2018-12-17T13:16:03","date_gmt":"2018-12-17T06:16:03","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/over-30-en-bloc-sites-fail-to-secure-buyers\/"},"modified":"2018-12-17T14:07:18","modified_gmt":"2018-12-17T07:07:18","slug":"over-30-en-bloc-sites-fail-to-secure-buyers","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/over-30-en-bloc-sites-fail-to-secure-buyers\/","title":{"rendered":"Over 30 en bloc sites fail to secure buyers"},"content":{"rendered":"


\nThe owners of Windy Heights in Kembangan are undergoing a re-signing process to cut the reserve price to $750 million.
\nSingapore\u2019s en bloc residential market has slowed down, with over 30 sites failing to secure buyers after the government introduced fresh property curbs in July, reported Channel NewsAsia.
\n\u201cAfter the cooling measures, developers turned very cautious and are (now) very selective in acquiring new en bloc sites,\u201d said Huttons Asia\u2019s head of investment sales Terence Lian.
\nMore: Fewer En Bloc Transactions Expected For The Rest Of 2018
\nConsequently, about 15 collective sale sites have cut their selling prices in a bid to entice buyers, revealed the property consultancy. \u00a0
\nOne of them is Park View Mansions in Jurong. Last Wednesday (12 Dec), the development spanning 191,974 sq ft reduced its asking price by 22 percent to $250 million from $320 million previously. If the owners at the 160-unit project succeed in attracting a buyer, they could each receive about $1.44 million to $1.6 million in sales proceeds.
\nOther en bloc sites that have cut their prices is Gilstead Mansion close to Novena, which reduced the guide price by $3 million to $65 million, while owners of the Windy Heights freehold condo in Kembangan are undergoing a re-signing process to cut the reserve price by around 7.0 percent from $806.2 million to $750 million.
\nSome collective sale sites have maintained their prices, but a large number of these have failed to attract buyers. These include the Spanish Village freehold condo along Farrer Road that was launched for sale in October for $882 million.
\nBefore the new curbs were imposed, the en bloc residential market was vibrant, but it slowed down significantly after the new curbs were implemented and the Urban Redevelopment Authority (URA) announced it would raise the average unit sizes for private condos outside Singapore\u2019s central region starting on 17 January 2019.
\n\u201cWith all these measures coming in, it means the gross development value (GDV) may be lower. Because the area per unit is larger, and they have to consider more things like function rooms, which eats into the efficiency of the development,\u201d noted Knight Frank\u2019s research head Dr Lee Nai Jia.
\nThus, the GDV of developers\u2019 projects will likely fall. These firms also have to cut their asking prices to maintain their profit margin. \u201cIf (a) particular area favours smaller units and (buyers) cannot accept the supply of bigger units, (developers) will be more cautious and may lower their asking price for the sites.\u201d
\nDespite the weaker market sentiment, some en bloc sites have increased their selling prices. For example, Mandarin Gardens in Siglap Road raised the figure by nearly 12.5 percent to $2.79 billion after the owners realised their land was undervalued. Pine Grove close to Ulu Pandan Road also increased its price by $140 million to $1.86 billion to ensure enough owners support the en bloc sale.
\n\u201cIn the case of Pine Grove and Mandarin Gardens, they may find their product is very unique and so they want to push up prices\u2026 But it might be a bit difficult because there are other options \u2013 many options \u2013 available in the market,\u201d noted Lee.
\nLooking ahead, real estate consultancy CBRE expects collective sales volume could fall by 10 to 20 percent year-on-year in 2019.
\nMore:\u00a0Understanding The En Bloc Process (August 2018)
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Over 30 en bloc sites fail to secure buyers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The owners of Windy Heights in Kembangan are undergoing a re-signing process to cut the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-102319","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-qCj","jetpack-related-posts":[{"id":84982,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-en-bloc-appetite-diminishing-rhb\/","url_meta":{"origin":102319,"position":0},"title":"Developers\u2019 en bloc appetite diminishing: RHB","date":"April 11, 2018","format":false,"excerpt":"\r Developers are paying smaller premiums and becoming more selective when it comes to purchasing en bloc sites, said RHB\u2019s analyst. RHB revealed on Tuesday (10 Apr) that property developers are now paying smaller premiums for Singapore en bloc sites, indicating that their appetite for such land is diminishing, reported\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":103779,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/majority-of-braddell-view-owners-approve-2-08-billion-price-for-en-bloc-sale\/","url_meta":{"origin":102319,"position":1},"title":"Majority of Braddell View owners approve $2.08 billion price for en bloc sale","date":"February 8, 2019","format":false,"excerpt":"\r If the sale goes through, it would become Singapore\u2019s most expensive en bloc deal, exceeding the $1.34 billion sale of Farrer Court in 2007. (Photo: HDB) The 918-unit Braddell View residential project in District 20 is poised to be launched for collective sale after it secured the approval of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102684,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cavenagh-gardens-up-for-en-bloc-sale-at-480m\/","url_meta":{"origin":102319,"position":2},"title":"Cavenagh Gardens up for en bloc sale at $480m","date":"January 4, 2019","format":false,"excerpt":"\r The reserve price for the freehold development in District 9 works out to a land rate of $1,695 psf ppr. (Photo: JLL) Cavenagh Gardens, a freehold residential development along Cavenagh Road in District 9, has been launched for en bloc sale with a reserve price of $480 million, revealed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102870,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/peoples-park-centre-raises-en-bloc-reserve-price-to-1-35b\/","url_meta":{"origin":102319,"position":3},"title":"People\u2019s Park Centre raises en bloc reserve price to $1.35b","date":"January 11, 2019","format":false,"excerpt":"\r People\u2019s Park Centre consists of 120 apartments, 256 offices and 324 shops. (Photo: Smuconlaw, Wikimedia Commons) People\u2019s Park Centre, a mixed-use project along Upper Cross Street in Outram, has increased its reserve price from $1.3 billion to $1.35 billion for its first collective sale attempt, reported the Straits Times.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102854,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/forget-about-billion-dollar-en-bloc-sales-say-experts\/","url_meta":{"origin":102319,"position":4},"title":"Forget about billion-dollar en bloc sales, say experts","date":"January 10, 2019","format":false,"excerpt":"\r Experts feel that developers are no longer land hungry and are more concerned about selling existing projects. Real estate experts believe that en bloc residential sites in Singapore costing at least $1 billion are unlikely to find a willing buyer amidst the new market situation, reported Bloomberg. \u201cBillion-dollar en\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":103907,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/spanish-village-goes-en-bloc-for-the-third-time\/","url_meta":{"origin":102319,"position":5},"title":"Spanish Village goes en bloc for the third time","date":"February 12, 2019","format":false,"excerpt":"\r The residential property has been relaunched for en bloc sale with the guide price unchanged at $882 million. (Photo: ET&Co) Spanish Village, a 226-unit residential development along Farrer Road, has been relaunched for en bloc sale with the guide price unchanged at $882 million, said marketing agent Edmund Tie\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/102319"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=102319"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/102319\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=102319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=102319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=102319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}