{"id":118512,"date":"2020-09-04T11:58:58","date_gmt":"2020-09-04T04:58:58","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/huttons-en-bloc-cycle-might-start-in-2021\/"},"modified":"2020-09-06T02:04:02","modified_gmt":"2020-09-05T19:04:02","slug":"huttons-en-bloc-cycle-might-start-in-2021","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/huttons-en-bloc-cycle-might-start-in-2021\/","title":{"rendered":"Huttons: En bloc cycle might start in 2021"},"content":{"rendered":"


\n\u201cThe last en bloc cycle started in 2016. 2021 marks the fifth year from 2016 and most, if not all developers would have sold out their units.\u201d
\nWith the number of uncompleted unsold units continuing to trend downwards, Huttons Asia sees a potential en bloc cycle next year.
\n\u201cThe peak in number of uncompleted unsold units for the current market cycle was 36,839 units in Q1 2019. This is 15.3% lower than the previous peak of 43,473 units in Q2 2008,\u201d revealed Lee Sze Teck, Director of Research at Huttons Asia.
\nUrban Redevelopment Authority (URA) estimate showed that there are 11 unsold units in uncompleted projects that will meet the five-year Additional Buyer\u2019s Stamp Duty (ABSD) timeline this year and 420 units in 2021.
\n\u201cWith new sales regaining their momentum in recent months and the six-month ABSD extension, developers should not face much problems to sell out their units,\u201d said Lee.
\nSubject to certain conditions, a six-month extension to the ABSD timeline was given by the government to developers to help them tide over the difficulties brought by the COVID-19 pandemic.
\nLee added that it was reported in June that the developer of 38 Jervois \u201cmanaged to sell its remaining 16 units in a bulk sale, beating the August 2020 ABSD timeline\u201d.
\nAs such, he believes developers will start buying land, kickstarting the en bloc cycle next year.
\n\u201cThe last en bloc cycle started in 2016. 2021 marks the fifth year from 2016 and most, if not all developers would have sold out their units,\u201d he noted.
\nSuggested read:\u00a09 Condos To Watch For Fire Sales As They Approach ABSD Deadline in 2020\/2021
\nProjects that will reach the five-year ABSD timeline next year include Seaside Residences, Grandeur Park Residences, Le Quest, Martin Modern, Harbour View Gardens, Parc Botannia, The Tre Ver, Margaret Ville, 3 Cuscaden and Jui Residences.
\nLe Quest, Harbour View Gardens, Margaret Ville and Parc Botannia are already fully sold, well ahead of the ABSD timeline.
\nDuring the 2016 en bloc cycle, the number of uncompleted unsold units fell to 20,000.
\nThe number of uncompleted unsold units stand at 27,977 as of the second quarter of 2020. Developers sold over 3,800 units in 1H 2020 and total developer sales for July and August is expected to stand at over 2,000 units.
\nEven if monthly sales slows to 600 to 700 units for the remaining four months of 2020, developers may be looking at shifting 4,400 to 4,800 units in the second half of 2020 or 8,200 to 8,700 units for the entire 2020, said Lee.
\n\u201cIf the sales momentum continues in 1H 2021, the number of uncompleted unsold units will dip below 20,000 units by 1H 2021,\u201d he said.
\n\u201cA quick run-through on some large developers revealed that their unsold inventories are running down and they could potentially be looking at buying more land,\u201d added Lee.
\n\u00a0
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Huttons: En bloc cycle might start in 2021<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cThe last en bloc cycle started in 2016. 2021 marks the fifth year from 2016...<\/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-118512","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-uPu","jetpack-related-posts":[{"id":122757,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-up-1-1-in-q3\/","url_meta":{"origin":118512,"position":0},"title":"Private home prices up 1.1% in Q3","date":"October 22, 2021","format":false,"excerpt":"\r Quarter-on-quarter, private home prices\u00a0went up by\u00a01.1% and resale transactions increased to 5,362 units from 5,333 units. 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