{"id":75042,"date":"2017-12-21T11:02:13","date_gmt":"2017-12-21T04:02:13","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-fever-sellers-secure-80-approval-at-record-speed\/"},"modified":"2017-12-21T11:05:06","modified_gmt":"2017-12-21T04:05:06","slug":"en-bloc-fever-sellers-secure-80-approval-at-record-speed","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-fever-sellers-secure-80-approval-at-record-speed\/","title":{"rendered":"En bloc fever: Sellers secure 80% approval at record speed"},"content":{"rendered":"


\nNormanton Park condominium located off Ayer Rajah Expressway has been sold collectively to Kingsford Huray Development for $830.1 million. (Photo: Knight Frank)
\nWhile the rise in the number of owners wanting to put their property for en bloc sale may not seem unusual for analysts \u2013 given the record-setting sums paid by developers at state tenders and en bloc sales \u2013 what surprised them was the speed by which sellers were able to push their site to the market, reported The Straits Times.
\nThis comes as securing the required 80 percent approval from owners within a development is usually the most difficult part of an en bloc sale process.
\nColliers International managing director Tang Wei Leng noted that this year saw a \u201cgreater sense of urgency and a more collaborative spirit among owners\u201d.
\nIn fact, 488-unit Normanton Park achieved the 80 percent mark in just 11 days, while 366-unit Florence Regency secured the 80 percent consensus in less than three weeks.
\nHowever, the breakneck pace has slowed lately as \u201chigher concluded land prices start to raise sellers\u2019 expectations\u201d, said Tang.
\nShe warned that unrealistic expectations along with higher development charges, an economic downturn or an increase in state land supply may all dampen the en bloc sale frenzy.
\nMost analysts, however, believe that the fever, which gradually started in 2016 and roared to life in mid-2017, still has some way to go.
\nThe en bloc sales awarded surged from three in 2016 to 28 so far this year. Analysts expect more deals to close in 2018 as an estimated 80 to 90 projects are at their various stages of an en bloc sale process.
\n\u201cAs long as new launches continue to sell well and government land supply isn\u2019t rapidly ramped up, developers will continue to buy land from the en bloc market,\u201d said Wong Xian Yang, head of research and consultancy at OrangeTee.
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…En bloc fever: Sellers secure 80% approval at record speed<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Normanton Park condominium located off Ayer Rajah Expressway has been sold collectively to Kingsford Huray...<\/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-75042","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-jwm","jetpack-related-posts":[{"id":68840,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/braddell-view-forms-en-bloc-sales-committee\/","url_meta":{"origin":75042,"position":0},"title":"Braddell View forms en bloc sales committee","date":"October 12, 2017","format":false,"excerpt":"\r Braddell View is a 99-year leasehold development apartment completed in 1981 and has a total of 438 units. Most residents of Braddell View voted to form a collective sales committee on Tuesday (10 October), with 493 people in favour, while 28 opposed it, reported the Straits Times. \u201cI think\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":64146,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/normanton-park-launched-for-sale-owners-expecting-above-800m\/","url_meta":{"origin":75042,"position":1},"title":"Normanton Park launched for sale, owners expecting above $800m","date":"August 21, 2017","format":false,"excerpt":"\r Each owner could receive between $1.6 million and $1.8 million if the sale goes through. (Photo: Knight Frank) \u00a0 \u00a0 The huge Normanton Park site located beside Kent Ridge Park has been launched for collective sale for a second time, marketing agent Knight Frank said on Monday (21 August).\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":75042,"position":2},"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":[]},{"id":73700,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/park-west-up-for-en-bloc-sale-for-s818mil\/","url_meta":{"origin":75042,"position":3},"title":"Park West up for en bloc sale for S$818mil","date":"December 5, 2017","format":false,"excerpt":"\r After two failed attempts at a collective sale in 2007 and 2011, Park West condominium near Clementi MRT station has once again been put up for en bloc sale with an asking price of S$818 million, reported Channel News Asia. This comes after over 80 percent of the owners\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":72077,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/vista-park-up-for-collective-sale-for-350mil\/","url_meta":{"origin":75042,"position":4},"title":"Vista Park up for collective sale for $350mil","date":"November 17, 2017","format":false,"excerpt":"\r Joining in the collective sale frenzy, Vista Park condominium has also launched a tender for en bloc sale, with the owners expecting offers of at least S$350 million, reported Business Times. At this price, each unit owner could gain between S$1.16 million and S$3.5 million, which is a premium\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":69220,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/foreign-developers-warm-up-to-en-bloc-sales\/","url_meta":{"origin":75042,"position":5},"title":"Foreign developers warm up to en bloc sales","date":"October 17, 2017","format":false,"excerpt":"\r View of HDB flats in the Ghim Moh area. Despite its cumbersome and protracted process, the en bloc fever has started to catch on among foreign developers \u2013 especially those from China \u2013 signalling a paradigm shift, reported Business Times. JLL regional director of investments Tan Hong Boon noted\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\/75042"}],"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=75042"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/75042\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=75042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=75042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=75042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}