{"id":102854,"date":"2019-01-10T14:03:57","date_gmt":"2019-01-10T07:03:57","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/forget-about-billion-dollar-en-bloc-sales-say-experts\/"},"modified":"2019-01-10T15:03:29","modified_gmt":"2019-01-10T08:03:29","slug":"forget-about-billion-dollar-en-bloc-sales-say-experts","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/forget-about-billion-dollar-en-bloc-sales-say-experts\/","title":{"rendered":"Forget about billion-dollar en bloc sales, say experts"},"content":{"rendered":"


\nExperts feel that developers are no longer land hungry and are more concerned about selling existing projects.
\nReal 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.
\n\u201cBillion-dollar en bloc deals will be very hard to get through,\u201d said ZACD Group executive director Nicholas Mak. \u201cDevelopers are no longer land hungry and are more concerned about selling existing projects.\u201d
\nMore:\u00a0Over 30 En Bloc Sites Fail To Secure Buyers
\nHe said this after Horizon Towers, a 99-year leasehold residential project near the Orchard Road shopping belt, was relaunched for collective sale last week at the same reserve price of $1.1 billion following two failed attempts.
\nBuilt in 1984, the 211-unit condominium at Leonie Hill was first put up for sale 10 years ago for $500 million, but the deal was scrapped after a court ruled the en bloc process was improperly handled.
\nSubsequently, it made another collective sales attempt on 5 July. But given the ill timing of the tender launch as the government announced new property cooling measures that took effect the next day, the project failed to attract a buyer even though the tender\u2019s closing date was extended from 7 August to 12 September.
\nOn 6 July, the authorities raised the Additional Buyer\u2019s Stamp Duty (ABSD) and tightened loan-to-value (LTV) limits for those buying private homes. Subsequently, market sentiment was dampened further by the new higher average unit size of 85 sq m or 100 sq m for non-landed residential projects outside Singapore\u2019s central region.
\nTaking effect on 17 January 2019, the new average size rule will not only limit the number of shoebox apartments, but also reduce the maximum number of condos developers are allowed build in a single project by 18 percent.
\n\u201cAs the government moves in with more restrictive measures to curb both demand and supply, we expect developers to focus on clearing inventories rather than adding more,\u201d said DBS Group analyst Derek Tan.
\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…Forget about billion-dollar en bloc sales, say experts<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Experts feel that developers are no longer land hungry and are more concerned about selling...<\/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-102854","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-qKW","jetpack-related-posts":[{"id":59228,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/frenzy-in-en-bloc-market-unlikely-to-ensue-experts\/","url_meta":{"origin":102854,"position":0},"title":"Frenzy in en bloc market unlikely to ensue, experts","date":"June 29, 2017","format":false,"excerpt":"\r \u00a0 Despite the pick up in activity within the residential en bloc market, with four collective transactions done so far from last year\u2019s three, property experts believe conditions will not return to the peak of 2007, when immigration and global economic growth fuelled the hike in real estate prices,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51661,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/need-for-realistic-expectations-amid-expected-hike-in-en-bloc-sales\/","url_meta":{"origin":102854,"position":1},"title":"Need for realistic expectations amid expected hike in en bloc sales","date":"April 12, 2017","format":false,"excerpt":"\r The limited supply of land sites has resulted in more developers going after projects put up for collective sale. While the residential collective sales market is expected to pick up this year, experts have called on owners of residential developments to be realistic with their expectations, reported Channel NewsAsia.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":71713,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/rosy-outlook-for-residential-market\/","url_meta":{"origin":102854,"position":2},"title":"Rosy outlook for residential market","date":"November 14, 2017","format":false,"excerpt":"\r The outlook for Singapore\u2019s housing market appears bright, according to an article written by Cushman & Wakefield Singapore\u2019s Research Head Christine Li that was posted on TODAYonline. One main factor fuelling this positive sentiment is the hot en bloc sector, where a total of 18 housing projects collectively worth\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":84982,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-en-bloc-appetite-diminishing-rhb\/","url_meta":{"origin":102854,"position":3},"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":102319,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/over-30-en-bloc-sites-fail-to-secure-buyers\/","url_meta":{"origin":102854,"position":4},"title":"Over 30 en bloc sites fail to secure buyers","date":"December 17, 2018","format":false,"excerpt":"\r The owners of Windy Heights in Kembangan are undergoing a re-signing process to cut the reserve price to $750 million. Singapore\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. \u201cAfter\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":66798,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/braddell-view-owners-eyeing-2-billion-en-bloc-sale\/","url_meta":{"origin":102854,"position":5},"title":"Braddell View owners eyeing $2 billion en bloc sale","date":"September 19, 2017","format":false,"excerpt":"\r The 918-unit project is the last HUDC estate to be privatised. (Photo: HDB) The residents of the biggest HUDC estate here plan to hold an extraordinary general meeting on 10 October to form a collective sale committee in a bid to sell the entire property for a minimum price\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\/102854"}],"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=102854"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/102854\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=102854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=102854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=102854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}