{"id":123929,"date":"2021-12-22T02:32:08","date_gmt":"2021-12-21T19:32:08","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-hopefuls-march-ahead-with-tenders-despite-new-curbs\/"},"modified":"2021-12-22T11:15:36","modified_gmt":"2021-12-22T04:15:36","slug":"en-bloc-hopefuls-march-ahead-with-tenders-despite-new-curbs","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-hopefuls-march-ahead-with-tenders-despite-new-curbs\/","title":{"rendered":"En bloc hopefuls march ahead with tenders despite new curbs"},"content":{"rendered":"


\nDespite the increased ABSD rates for developers, tenders for properties such as Lakepoint Condominium, Dublin Lodge, Sixth Avenue Centre, Baode Building, and Hillview Terrace will continue.
\nProjects with ongoing collective sale tender exercise continue as planned even as analysts expect the new property cooling measures to take the wind out of the sails of the residential en bloc sale market, reported Channel News Asia (CNA).
\nThis comes as the latest measures include a heftier 35% Additional Buyers\u2019 Stamp Duty (ABSD) for developers, in case they fail to complete and sell all units within their projects in five years.
\nMarketing agents told CNA that their clients want their current tender exercises to proceed without any changes.
\nPropNex Realty said the collective sale tender for Lakepoint Condominium, will close on 22 December as planned.
\nCushman & Wakefield revealed that the ongoing tenders for\u00a0the freehold landed development Dublin Lodge, as well as mixed-use site Sixth Avenue Centre, will also continue. They are set to close on 4 January and 6 January, respectively.
\n\u201cIn general, the committees we are working with were surprised by this new set of cooling measures, despite the fact that the grim prospect has been hanging over everyone\u2019s head for the last month or so,\u201d the firm told CNA.
\n\u201cThe cooling measures were somewhat expected; it was just a matter of how severe and when they would be implemented.\u201d
\nHowever, it pointed that the current asking prices of the projects \u2013 at $65 million for Dublin Lodge and $86 million for Sixth Avenue Centre \u2013 are \u201cvery reasonable\u201d.
\n\u201cOur current asking prices are still pretty much at pre-COVID market levels as these were fixed in 2019,\u201d said Cushman & Wakefield, adding that they \u201chave not factored in the recent market run-up as yet\u201d.
\nColliers Singapore said the tenders for Baode Building as well as the site at Hillview Terrace will continue on 18 January and 20 January, respectively. It added that \u201cdecisions will be made based on the submissions\u201d.
\nThe tender for The Beaumont as well as Tanglin Shopping Centre will also close on 20 January and 22 February, respectively, as planned, said Savills Singapore.
\nWith the new cooling measures, Professor Sing Tien Foo from the National University of Singapore\u2019s (NUS) Institute of Real Estate and Urban Studies expects developers to be pickier on their residential land purchases.
\n\u201cThe bigger plots will get more and more difficult (to work with) because of the 35 per cent ABSD. To sell big projects \u2013 above 500 units \u2013 is quite challenging,\u201d he told CNA previously.
\nWong Xian Yang, Research Head at Cushman & Wakefield, noted that development risks have also increased, citing factors such as ongoing construction uncertainties.
\nBut given the \u201cvery low levels\u201d of unsold inventory of residential properties, developers are anticipated to continue with land acquisitions in both private and public domains, albeit \u201cwith a more cautious behaviour\u201d.
\nWong Siew Ying, Head of Research and Content at PropNex, believes the impact on the collective sale market may be \u201cuneven\u201d, with bigger sites and those within the Core Central Region (CCR) expected to face more challenges.
\nNonetheless, she expects en bloc sites in the Outside Central Region (OCR) to \u201cstill find buyers provided the owners are realistic on pricing\u201d.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…En bloc hopefuls march ahead with tenders despite new curbs<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite the increased ABSD rates for developers, tenders for properties such as Lakepoint Condominium, Dublin...<\/p>\n","protected":false},"author":1,"featured_media":123930,"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-123929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/singapore-prime-district.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-weR","jetpack-related-posts":[{"id":123962,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lakepoint-condominium-enters-private-treaty-negotiations-process\/","url_meta":{"origin":123929,"position":0},"title":"Lakepoint Condominium enters private treaty negotiations process","date":"December 24, 2021","format":false,"excerpt":"\r Located at Lakepoint Drive, the 309-unit Lakepoint Condominium, which sits on a 562,286 sq ft site, fell short of its reserve price of $640 million. Lakepoint Condominium closed its collective sales tender with offers falling short of its reserve price and has now entered the private treaty negotiation process,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/Lakepoint-2.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":109296,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lakepoint-condominium-up-for-en-bloc-sale-for-640m\/","url_meta":{"origin":123929,"position":1},"title":"Lakepoint Condominium up for en bloc sale for $640m","date":"July 24, 2019","format":false,"excerpt":"\r Lakepoint Condominium near Jurong Lake District has been put up for collective sale via public tender, carrying a reserve price of $640 million, reported The Business Times. Developed by Jurong Town Corporation, the 36-year-old property comprises 304 residential units that range from studio units to penthouses, as well as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61838,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lakepoint-condo-eyeing-en-bloc-sale-site-bigger-than-shunfu-ville\/","url_meta":{"origin":123929,"position":2},"title":"Lakepoint condo eyeing en bloc sale, site bigger than Shunfu Ville","date":"July 26, 2017","format":false,"excerpt":"\r View of the Lakepoint condominium at Lakepoint Drive. (Photo: Jianwei Huang) Owners of the ageing Lakepoint condominium near Lakeside MRT station are believed to be exploring opportunities to go en bloc in the next two years, or even earlier, according to some residents with knowledge of the matter. PropertyGuru\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93607,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-plans-push-through-while-others-put-on-hold-amid-new-curbs\/","url_meta":{"origin":123929,"position":3},"title":"En bloc plans push through while others put on hold amid new curbs","date":"July 11, 2018","format":false,"excerpt":"\r Homeowners of Dalvey Court have been advised to extend the tender closing date in light of new cooling measures by the government Homeowners eyeing to go on en bloc have put their plans on hold or went back to the drawing board to devise new strategies amid the uncertainties\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104413,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pine-grove-tender-a-litmus-test-for-en-bloc-appetite\/","url_meta":{"origin":123929,"position":4},"title":"Pine Grove tender a litmus test for en bloc appetite","date":"February 26, 2019","format":false,"excerpt":"\r 2018 was a successful year for en bloc sale transactions until the government rolled out new property curbs in July. Pine Grove, a former HUDC project at Ulu Pandan Road, is up for collective sale carrying an asking price of $1.86 billion, reported the Business Times. Despite the cautious\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":123929,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/123929"}],"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=123929"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/123929\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media\/123930"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=123929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=123929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=123929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}