Issue 330

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 CONTENTS FROM THE

p2 EnBloc Sales are Back the Good, the Bad

EDITOR
Welcome to the 330th edition of the
Singapore Property Weekly.
and the Ugly
Hope you like it!
p9 Resale Property Transactions
Mr. Propwise
(September 11 September 15)

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 SINGAPORE PROPERTY WEEKLY Issue 330

EnBloc Sales are Back the Good, the Bad and

the Ugly
By Property Soul (guest contributor)

Spring Grove is the latest condominium

jumping on the en bloc sale bandwagon.
Almost every week, there is an
announcement of a new privatized HUDC
estate or old project being put up for sale.
Recent candidates joining the collective sale
craze include Braddell View, Pine Grove,
Changi Garden, Amber Park, Jervois
Gardens, Florence Regency and Normanton
Park. Developers are simply spoiled for
choice!

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 SINGAPORE PROPERTY WEEKLY Issue 330
Collective sale hopefuls are probably inspired
by the recent successful deal at Tampines
Court. The ex-HUDC deal managed to be
closed at S$970 million after two failed
attempts in the past. This is no doubt a
heartwarming win for the owners who stand
to pocket $1.71 million to $1.75 million each
for their unit. It sends encouragement and
positive signals to home owners who have
failed to sell en bloc that its time to try again.
The Good, the Bad and the Ugly
I have covered the collective sale topic in my
book No B.S. Guide to Property Investment:
Like many hopefuls in an en bloc sale, it all
started with excitement and greed, then
gradually there were resistance and quarrels,
and finally things ended in a mediated
consensus. It turned out that the majority of
the residents agreed to sign, not because of a
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better offer, but because of the fear of
missing the boat.
It reminds me of the famous 1966 movie The
Good, the Bad and the Ugly. Fortune seekers
are trying their luck to bag their pot of gold,
but this time from selling their home.
The Good
In my previous blogs posts, I also talked
about the good, the bad and the ugly in my
personal encounters of going through the
process of collective sale in two of my
properties. Both projects were over 25 years
of age. Many residents bought their units first
hand from the developer and have been
staying there since the development obtained
TOP.
These owners were already in their 50s. They
were either near retirement age or already
retired with grown-up kids.
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 SINGAPORE PROPERTY WEEKLY Issue 330
To them, putting their home for collective sale
was a good opportunity to bag the windfall to
achieve the following:
1. Plan for an early retirement;
2. Support their childrens overseas
education; or
3. Move to a newer home so they dont have
to put aside money for repairs and
renovations of the old estate.
Of course, there were en bloc speculators
sitting in the Collective Sale Committee who
just bought the units recently to wait for en
bloc sale. But they were the minority.
The Bad
Collective sale is not as glamorous as
reported in the media. Owners have to go
through the following bad in the whole
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process:
1. It is a long journey
It is rare for any collective sale to be
successful with the first attempt. It often takes
a second or third round. Amendments to en
bloc sale legislation that took effect from 15
July 2010 imposed a two-year restriction
period from the date of the initial failed en
bloc attempt.
The first retry requires approval from at least
half of the combined share value or number
of owners. For the second and subsequent
rounds, approval from 80 percent is needed.
The Collective Sales Committee will be
automatically dissolved if it does not receive
any signatories to its Collective Sales
Agreement within one year of the
Committees formation.
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 SINGAPORE PROPERTY WEEKLY Issue 330

2. It is a lot of work, stress and uncertainty Can they afford a similar or better unit in the
same location with the sum from the en bloc
The Collective Sale Committee has to engage
sale?
consultants, review proposals, agree on a
selling price, and above all, collect enough Will they miss the familiar environment and
signatures from the residents. Regular friendly neighbors they have had for many
resident meetings are called for in the years?
evenings and over the weekends. All of these
The Ugly
have to be completed under the pressure of
time. Every news article reports a successful en
bloc sale in a similar way: how much the
Many residents who face a collective sale of
project was sold for, what the estimated
their home are going through a lot of stress,
amount each owner can pocket is, which
tension, frustration and disappointment in the
developer paid the top price, what the
whole process of en bloc sale. When the sale
potential future project is, and so on.
finally goes through, residents have to deal
with the new uncertainties in the near future: The media is only covering part of the story of
a successful en bloc sale. Have they
Will they have sufficient time to find a new
interviewed the rest of the 20 percent owners
home given the timeline to move out of the
who voted No to sell their home?
old estate?

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 SINGAPORE PROPERTY WEEKLY Issue 330
En bloc is a battle between the two camps of
sell and stay owners. You will be surprised
how a quiet and peaceful housing estate
suddenly turns upside down when talk of
collective sale begins.
En bloc is not a straight-forward business
deal. It is about money, greed, emotion,
uncertainty and fear. I shared my experience
of the ugly side of an en bloc sale in my
book No B.S. Guide to Property
Investment:Objections came from a small
group of residents. They thought that it was
almost impossible to find an equivalent
project with the same spacious layout and big
site area. There were also new owners who
just settled down in their new home after a lot
of work doing the renovation.
Then unexpected things happened. People
were targeting owners of big units who owned
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more shares of the condominium. There was
also a rumor that the fengshui of this place
was bad. This was followed by stories of
harmful radiation from a rooftop antenna,
terminal illness of a few residents, a suicide
case
I am neutral to property investors who
speculate in en bloc sale provided they
use honest means and show respect to
owners who hold a different view.
Is a collective sale good or bad for the
residential market?
The 2007 en bloc fever was caused by the
need of developers to refill their depleting
landbank. The 2017 en bloc fever is caused
by the need of developers to refill their
landbank after being outbid by Chinese
developers.
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 SINGAPORE PROPERTY WEEKLY Issue 330

The property agencies, bank analysts and new en bloc sales in the market.
owners of old estates are all excited by the
revived collective sale market. It helps to fuel
the optimism of a market recovery after a
quiet market in the last few years.

Many believe in a bull market formula for the

local residential property market:

high bid for new site = higher psf price of new

project = higher sales volume = higher asking
price in resale market = booming property
market
This formula seems to work in the last few
years. But two critical factors are missing in
the equation: a stable economy and willing
buyers.
Jones Lang LaSalle estimated that about
12,700 new private homes from 10 collective
sales will be launched in 2018 and 2019. The
number can be higher given the closing of
According to URA, 15,085 units (17,827 units
including ECs) remained unsold as at the end
of 2nd Quarter 2017. The vacancy rate of
completed private residential units (excluding
ECs) remained unchanged at 8.1 percent.
Jones Lang LaSalles figures show that the
17 collective sale sites closed since last year
have 3,141 existing homes.

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 SINGAPORE PROPERTY WEEKLY Issue 330

If all of these home owners need a whether you are an industry stakeholder or a
replacement private residential unit, they are home buyer when you answer this question.
at most consuming only one-fifth of these
By guest contributor Property Soul, a
unsold units, not forgetting the fact that there
successful property investor, blogger, and
will be 12,700 new units to be launched in the
author of the No B.S. Guide to Property
next two years from the en bloc sites.
Investment.
What if many of the collective sale owners are
keeping the sale proceeds for retirement and
opt for a cheaper HDB home?

Is our population growth and home buyers

able to create a housing demand fast and big
enough to consume the surge in supply?

Above all, developers are under the

restriction to sell all the units from the
collective sale within five years or pay 15
percent ABSD of the land price.

Do you think the current en bloc sale fever is

good or bad for the market? Let me know

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 SINGAPORE PROPERTY WEEKLY Issue 330

Non-Landed Residential Resale Property Transactions for the Week of Sep 11 Sep 15

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
1 THE CLIFT 495 980,000 1,979 99 9 THE TRILLIUM 1,399 2,500,000 1,787 FH
1 THE SAIL @ MARINA BAY 861 1,688,800 1,961 99 9 LEONIE SUITES 936 1,660,000 1,773 99
1 EMERALD GARDEN 1,259 1,990,000 1,580 999 9 THE INSPIRA 1,259 2,230,000 1,771 FH
2 SKYSUITES@ANSON 1,012 2,398,130 2,370 99 9 BELLE VUE RESIDENCES 2,443 4,153,100 1,700 FH
2 SKYSUITES@ANSON 667 1,445,070 2,165 99 9 URBANA 1,324 2,250,000 1,699 FH
2 SKYSUITES@ANSON 667 1,435,500 2,151 99 9 8 @ MOUNT SOPHIA 1,453 2,040,000 1,404 103
2 76 SHENTON 624 1,065,000 1,706 99 9 ORCHARD TOWERS 1,970 2,630,000 1,335 FH
3 THE METROPOLITAN CONDOMINIUM 1,399 1,710,000 1,222 99 9 ORCHARD COURT 1,453 1,505,000 1,036 99
3 THE METROPOLITAN CONDOMINIUM 1,733 2,080,000 1,200 99 9 HORIZON TOWERS 2,303 2,368,888 1,028 99
4 HARBOURLIGHTS 1,249 1,688,000 1,352 FH 10 ARDMORE THREE 1,744 7,249,140 4,157 FH
4 THE INTERLACE 1,755 1,920,000 1,094 99 10 ARDMORE THREE 1,744 7,109,995 4,077 FH
4 THE INTERLACE 3,563 3,857,000 1,083 99 10 THE NASSIM 2,906 9,880,000 3,400 FH
5 THE ROCHESTER 1,302 1,650,000 1,267 99 10 GRAMERCY PARK 2,691 7,260,800 2,698 FH
5 HUNDRED TREES 1,475 1,830,000 1,241 956 10 GRAMERCY PARK 2,626 7,023,000 2,674 FH
5 THE PARC CONDOMINIUM 1,216 1,450,000 1,192 FH 10 GRAMERCY PARK 2,594 6,900,800 2,660 FH
5 LANDRIDGE CONDOMINIUM 1,894 2,080,000 1,098 FH 10 GRAMERCY PARK 1,884 4,824,060 2,561 FH
5 DOVER PARKVIEW 969 955,000 986 99 10 THREE BALMORAL 1,539 3,364,000 2,185 FH
5 PALM GREEN 1,259 1,200,000 953 FH 10 RV RESIDENCES 689 1,476,800 2,144 999
5 WEST BAY CONDOMINIUM 872 758,000 869 99 10 RV RESIDENCES 904 1,645,800 1,820 999
7 SELEGIE CENTRE 872 790,000 906 FH 10 LEEDON RESIDENCE 4,069 7,400,000 1,819 FH
8 TYRWHITT 139 883 920,000 1,042 FH 10 D'GROVE VILLAS 2,702 4,750,000 1,758 FH
9 THE CLAYMORE 2,680 6,800,000 2,537 FH 10 FERRELL RESIDENCES 1,841 3,050,000 1,657 FH
9 THE PIER AT ROBERTSON 657 1,270,000 1,934 FH 10 ONE JERVOIS 1,292 2,100,000 1,626 FH
9 CAIRNHILL CREST 1,733 3,260,000 1,881 FH 10 THE CORNWALL 786 1,210,000 1,540 FH

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 SINGAPORE PROPERTY WEEKLY Issue 330

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
10 D'LEEDON 1,711 2,570,000 1,502 99 14 THE ALCOVE 2,314 1,580,000 683 99
10 CLIFTEN 1,066 1,600,000 1,501 FH 15 AALTO 2,443 4,550,000 1,862 FH
10 CHATEAU LE FAME 1,141 1,500,000 1,315 FH 15 THE SEAWIND 657 1,197,540 1,824 FH
10 JERVOIS JADE APARTMENTS 1,141 1,180,000 1,034 99 15 THE SEA VIEW 1,647 2,730,000 1,658 FH
11 26 NEWTON 474 1,202,034 2,538 FH 15 PEBBLE BAY 2,809 4,650,000 1,655 99
11 NOVELIS 527 980,000 1,858 FH 15 ONE AMBER 958 1,500,000 1,566 FH
11 PARK INFINIA AT WEE NAM 1,582 2,900,000 1,833 FH 15 THE ESTA 1,345 2,050,000 1,524 FH
11 PARK INFINIA AT WEE NAM 1,464 2,560,000 1,749 FH 15 SUITES @ AMBER 635 930,000 1,464 FH
11 NOVELIS 807 1,320,000 1,635 FH 15 MEIER SUITES 1,798 2,550,000 1,419 FH
11 ZEDGE 495 770,000 1,555 FH 15 SUITES @ AMBER 635 860,000 1,354 FH
11 AMARYLLIS VILLE 657 980,000 1,493 99 15 IMPERIAL HEIGHTS 452 610,000 1,349 FH
11 LUCIDA 1,066 1,548,888 1,453 FH 15 CAMELOT BY-THE-WATER 5,834 7,800,000 1,337 99
12 TRELLIS TOWERS 549 800,000 1,457 FH 15 WATER PLACE 1,561 2,020,000 1,294 99
12 TREVISTA 861 1,100,000 1,277 99 15 CRYSTAL RHU 1,270 1,600,000 1,260 FH
12 THE ARTE 1,625 1,930,000 1,187 FH 15 EASTERN LAGOON 721 888,000 1,231 FH
12 CITY REGENCY 990 1,085,000 1,096 FH 15 PARC BLEU 764 850,000 1,112 FH
12 BALESTIER PLAZA 1,001 1,000,000 999 FH 15 SANCTUARY GREEN 1,399 1,520,000 1,086 99
12 ST MICHAEL'S PLACE 1,227 1,200,000 978 FH 15 N.A. 969 950,000 981 FH
13 R MAISON 667 890,000 1,334 FH 16 BEDOK RESIDENCES 527 835,000 1,583 99
13 8@WOODLEIGH 947 1,188,888 1,255 99 16 BEDOK RESIDENCES 603 935,000 1,551 99
13 NIN RESIDENCE 1,281 1,480,000 1,155 99 16 RIVIERA RESIDENCES 1,066 1,290,000 1,211 FH
13 D' ALMIRA 1,539 1,380,000 897 FH 16 CHANGI COURT 840 810,000 965 FH
14 DAKOTA RESIDENCES 1,830 2,500,000 1,366 99 16 BAYSHORE PARK 3,326 2,950,000 887 99
14 EUHABITAT 560 690,000 1,233 99 16 EAST MEADOWS 1,238 1,020,000 824 99
14 ASTORIA PARK 936 852,000 910 99 16 BEDOK COURT 1,173 838,000 714 99
14 THE HELICONIA 2,239 1,820,000 813 FH 16 BEDOK COURT 1,733 1,168,000 674 99
14 WING FONG MANSIONS 958 735,000 767 FH 17 JLB RESIDENCES 753 705,000 936 946

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 SINGAPORE PROPERTY WEEKLY Issue 330

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
17 PARC OLYMPIA 1,647 1,430,000 868 99 23 THE DAIRY FARM 1,163 1,300,000 1,118 FH
17 ESTELLA GARDENS 1,259 930,000 738 FH 23 HILLVIEW HEIGHTS 958 1,050,000 1,096 FH
18 THE TROPICA 1,238 940,000 759 99 23 HILLSTA 570 598,000 1,048 99
18 MELVILLE PARK 1,345 825,000 613 99 23 HILLBROOKS 1,066 1,000,000 938 FH
19 THE TEMBUSU 474 755,000 1,594 FH 23 HILLBROOKS 1,507 1,300,000 863 FH
19 THE VUE 420 555,000 1,322 FH 23 HILLVIEW REGENCY 1,195 930,000 778 99
19 BARTLEY RESIDENCES 1,808 2,100,000 1,161 99 23 REGENT GROVE 1,173 788,000 672 99
19 RESIDENCES @ JANSEN 614 660,000 1,076 999 23 REGENT GROVE 1,173 775,000 661 99
19 TANGERINE GROVE 1,389 1,490,000 1,073 FH 23 HILLTOP GROVE 3,175 1,738,000 547 99
19 N.A. 1,033 1,030,000 997 9999 25 THE WOODGROVE 872 650,000 746 99
19 PARC VERA 1,410 1,350,000 957 99 25 ROSEWOOD 1,173 830,000 707 99
19 KENSINGTON PARK CONDOMINIUM 1,744 1,600,000 918 999 26 THE CALROSE 1,421 1,710,000 1,204 FH
19 RIVER ISLES 1,141 950,000 833 99 26 BULLION PARK 1,259 1,265,000 1,004 FH
19 RIO VISTA 1,249 930,000 745 99 27 THE ESTUARY 926 828,000 894 99
19 PALM HAVEN 2,131 1,390,000 652 999 27 SELETARIS 1,292 988,000 765 FH
20 SKY HABITAT 1,711 2,515,300 1,470 99
21 NOTTINGHILL SUITES 398 590,000 1,481 FH NOTE: This data only covers non-landed residential resale property
21 SPRINGDALE CONDOMINIUM 926 1,030,000 1,113 999 transactions with caveats lodged with the Singapore Land Authority.
21 CLEMENTI PARK 807 885,000 1,096 FH Typically, caveats are lodged at least 2-3 weeks after a purchaser
21 CAVENDISH PARK 1,227 1,238,000 1,009 99 signs an OTP, hence the lagged nature of the data.
21 THE RAINTREE 1,270 1,280,000 1,008 99
21 PANDAN VALLEY 1,668 1,680,000 1,007 FH
21 THE HILLSIDE 1,528 1,520,000 994 FH
21 HILLVIEW GREEN 1,324 1,260,000 952 999
21 THE HILLSIDE 1,044 940,000 900 FH
21 BEAUTY WORLD CENTRE 1,873 1,450,000 774 99
22 THE LAKESHORE 1,141 1,160,000 1,017 99

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