{"id":93607,"date":"2018-07-11T11:07:57","date_gmt":"2018-07-11T04:07:57","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-plans-push-through-while-others-put-on-hold-amid-new-curbs\/"},"modified":"2018-07-11T12:03:07","modified_gmt":"2018-07-11T05:03:07","slug":"en-bloc-plans-push-through-while-others-put-on-hold-amid-new-curbs","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-plans-push-through-while-others-put-on-hold-amid-new-curbs\/","title":{"rendered":"En bloc plans push through while others put on hold amid new curbs"},"content":{"rendered":"


\nHomeowners of Dalvey Court have been advised to extend the tender closing date in light of new cooling measures by the government
\nHomeowners 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 brought about by the fresh property cooling measures rolled out by the government.
\nDescribed by some analysts as \u201cheavy-handed\u201d, the measures are expected to dampen the en bloc market as land acquisition costs for developers increase \u2013 reducing the bullishness of tender bids, reported Channel NewsAsia.
\nDevelopers face a non-remissible five percent Additional Buyer\u2019s Stamp Duty (ABSD) when they acquire en bloc properties for redevelopment under the new property curbs.
\nAside from this, residential developers also have to contend with a 15 percent to 25 percent increase in remissible ABSD, which can only be waived once all units in the new project are sold within five years from purchasing the site.
\n\u201cHomeowners are definitely very concerned; one of the first comments I heard was \u2018It\u2019s game over\u2019,\u201d said Cushman & Wakefield capital markets director Christina Sim.
\nWith this, her company plans to advise the sales committee for Dalvey Court condominium to have the tender closing date extended by one month. With a price tag of $160 million, the freehold property\u2019s tender is set to end on 2 August.
\nJLL also plans to suggest a one-month extension in the tender closing period for Horizon Tower, which carries a reserve price of $1.1 billion.
\nSince developers need more time to digest the new measures, JLL capital markets regional director Tan Hong Boon said it is \u201cprudent for us to advise the owners to extend the tender closing period to ensure sufficient time is given for the developers\u2019 assessments of the market and the site\u201d.
\nThe plan to go en bloc this week for Waterloo Apartments, on the other hand, was shelved, said Cushman & Wakefield\u2019s Sim.
\n\u201cWe were thinking if we should wait for authorities to get back to us on our outline planning permission (OPP) for the site to be zoned for hotel use, or launch it as a residential site as soon as possible,\u201d she said. \u201cI think now, we will most likely wait.\u201d
\nMeanwhile, some homeowners decided to push through with their plans.
\nFortune Park, for instance, will be going ahead with its en bloc attempt on Thursday (12 July), with a reserve price of $126 million.
\n\u201cWe have no plans to hold back the launch or change our tender period,\u201d said Huttons Asia investment sales head Terence Lian.
\nIn fact, the agency will be keeping the tender periods for Blossom Mansions and Jansen Mansion, which are due to end on 31 July and 2 August respectively.
\n\u201cWhile we received a lot of enquiries about how these cooling measures will impact the ongoing collective sales, we are not that worried because we think the measures will not affect small- and medium-sized projects,\u201d explained Lian.
\n\u201cThe number of units that a small site can be redeveloped into will be comparatively lesser than a mega site. So even if developers have to pay the additional five percent ABSD, they may be spared the 25 percent penalty since they have a higher chance of clearing the units within five years,\u201d he added.
\nFortune Park is a freehold condominium in Kovan with 68 units. Blossom Mansions and Jansen Mansions, are much smaller, with 20 and 12 units respectively.
\nHome buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project\u00a0\u00a0Reviews\u00a0and\u00a0Guides.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…En bloc plans push through while others put on hold amid new curbs<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Homeowners of Dalvey Court have been advised to extend the tender closing date in light...<\/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-93607","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-olN","jetpack-related-posts":[{"id":97824,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/fewer-en-bloc-transactions-expected-for-the-rest-of-2018\/","url_meta":{"origin":93607,"position":0},"title":"Fewer en bloc transactions expected for the rest of 2018","date":"September 14, 2018","format":false,"excerpt":"\r There was about $10.5 billion worth of en bloc deals in the first half of 2018. With the en bloc fever driving real estate activity in the first half of the year, the government\u2019s surprise property cooling measures in July dealt a huge blow on the bullish collective sales\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123929,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-hopefuls-march-ahead-with-tenders-despite-new-curbs\/","url_meta":{"origin":93607,"position":1},"title":"En bloc hopefuls march ahead with tenders despite new curbs","date":"December 22, 2021","format":false,"excerpt":"\r Despite 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. Projects with ongoing collective sale tender exercise continue as planned even as analysts expect the new property cooling measures to take the wind\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/singapore-prime-district.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":93455,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/fate-of-en-bloc-bids-now-uncertain-with-new-housing-curbs\/","url_meta":{"origin":93607,"position":2},"title":"Fate of en bloc bids now uncertain with new housing curbs","date":"July 9, 2018","format":false,"excerpt":"\r The government\u2019s surprise release of new property cooling measures has left many homeowners jittery, especially those planning to go en bloc. This comes as the fate of their collective sale bids has now become uncertain, given that developers are expected to take a cautious stance in bidding for new\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":94193,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-curbs-signal-end-of-quick-profit-making-from-property\/","url_meta":{"origin":93607,"position":3},"title":"New curbs signal end of quick profit-making from property","date":"July 18, 2018","format":false,"excerpt":"\r A senior property analyst believes the days of making quick money from property has come to an end with the release by the government of its latest round of property cooling measures, reported Today Online. Homeowners generally make more profit in collective sales than by selling their homes individually\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":94621,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/horizon-towers-extends-tender-closing-date-following-new-curbs\/","url_meta":{"origin":93607,"position":4},"title":"Horizon Towers extends tender closing date following new curbs","date":"July 25, 2018","format":false,"excerpt":"\r Horizon Towers is located near Orchard Road and is also close to the upcoming Great World MRT station. (Photo: JLL) Horizon Towers has extended its en bloc sale tender closing date from 7 August to 12 September, revealed marketing agent JLL. This comes after the government introduced a fresh\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":99790,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-cooling-measures-decimated-en-bloc-sales-market\/","url_meta":{"origin":93607,"position":5},"title":"Property cooling measures decimated en bloc sales market","date":"October 11, 2018","format":false,"excerpt":"\r Two en bloc redevelopment sales worth $353 million were completed in the third quarter, way lower than the $3.8 billion registered during the previous quarter, data shows.\u00a0 Singapore\u2019s latest round of property cooling measures proved effective in cooling its red-hot collective sales market. In fact, only two en bloc\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\/93607"}],"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=93607"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/93607\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=93607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=93607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=93607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}