In all consideration, 2022 was a pretty good year for en bloc sales. Even when there are signs of a global recession looming, properties such as Loyang Valley, Meyer Park, and Oxley Garden continue to be put up for collective sale.
As of July 2022, there were 12 successful en bloc sales valued at $3.5 billion, despite the Government raising the ABSD rate to 35% for entities, with an additional 5% non-remittable ABSD for developers in December 2021.
Can we expect more en bloc sales to occur in 2023? Let’s find out.
En Bloc Sales from 2017 to 2022
Before we dive in, let’s take a look at how en bloc sales performed from 2017 to 2022.
2017 and 2018 were good years for en bloc sales, with more than 60 projects for collective sale in a sudden spike from previous years. In total, there was a total sale of $18.9 billion. The 2016 to 2018 en bloc cycle totalled 65 deals worth $19.1 billion and came close to beating the high of $21.8 billion achieved in the record-breaking 2005 to 2007 cycle.
While the en bloc frenzy slowed down in 2019 following property cooling measures in 2018, which raised Additional Buyer’s Stamp Duty (ABSD) for property developers from 15% to 30%, en bloc sales are still pretty healthy.
In 2021, there were 11 successful en bloc sites, with a total collective sale valued at $2.2 billion. In comparison, 2020 and 2019 saw many properties entering the failed en bloc list, with only 10 successful en bloc sales recorded.
In 2022, there was some expectation that we may see an increase in collective sales as developers looked to replenish their land bank. The PropertyGuru Singapore Property Market Report Q2 2022 also predicted developers favouring smaller- to medium-sized en bloc launches. So the question remains…
Will There Be More Enbloc Sales in 2023?
While the en bloc market seems to be doing well, economists point out potential recession risks for consumers and developers in the coming year.
Dr. Tan Tee Khoon, Country Manager – Singapore, PropertyGuru, concurs, adding how the comparatively higher ABSD rates (brought on by the December 2021 property cooling measures), rising interest rates and construction costs, and increased land betterment charge rates are also factors to take into consideration. Local buying demand may chill in view of increasing mortgage loan rates affecting affordability and borrowing.
“As a risk aversion strategy, land-strapped developers would prefer smaller- to medium-sized collective sales sites. Unlike the 2018 en bloc cycle where developers had a stronger need to replenish their land banks, there are more challenges in the current cycle, especially with the recent spate of cooling measures.”
Some developers may be encouraged to revisit sites that have been unsuccessful thus far at securing an en bloc deal in 2023. Many of these failed en bloc sale sites have actually cut their asking prices in their second and subsequent collective sales attempts, making it even more attractive for developers.
The Collective Sale Committee can also list the property for sale once more but only after a 12-month interval.
Past Failed En Bloc Sale List: Did These 73 Sites Manage to Sell?
Here are some sites that owners have previously tried to put up for an en bloc acquisition. We’ve also included whether or not they have been sold successfully after the price has been adjusted, and their current status.
Note: Due to the nature of en bloc/collective sales, these properties may be put up on the market more than once. This list is not exhaustive. Should there be a development that we have missed, do let us know.
| Past unsuccessful en bloc sites | District | Failed en bloc sale reserve price | Current status |
| People’s Park Centre | 1 | $1.8 billion (July 2022) | Relaunched for collective sale; $1.8 billion (November 2022) |
|
Gloria Mansion |
2 |
$79 million (June 2018) |
Sold for $70.3 million (January 2022) |
|
Flynn Park |
2 |
$325 million (January 2019) |
Sold for $371 million (September 2021) |
|
Kentish Green |
8 |
$200 million (February 2019) |
Unsuccessful en bloc |
|
Verdun House |
8 |
$60 million (March 2018) |
Sold for $55.1 million (April 2022) |
|
Elizabeth Towers |
9 |
$630 million (June 2022) |
Unsuccessful en bloc |
|
Horizon Towers |
9 |
$1.1 billion (September 2022) |
Unsuccessful en bloc |
|
Grange Heights |
9 |
$820 million (January 2019) |
Unsuccessful en bloc |
|
Cairnhill Astoria |
9 |
$196 million (September 2018) |
Unsuccessful en bloc |
|
The Regalia |
9 |
$403 million (August 2018) |
Unsuccessful en bloc |
|
St Thomas Ville |
9 |
$58 million (February 2019) |
Unsuccessful en bloc |
|
Peace Centre / Peace Mansion |
9 |
$688 million |
Sold for $650 million (December 2021) |
| High Point | 9 | $550 million (March 2022) | Unsuccessful en bloc; Shun Tak Holdings withdrew a $556.7 million winning bid in December 2021 |
|
Cavenagh Garden |
9 |
$480 million (January 2019) | Unsuccessful en bloc |
|
Trendale Tower |
9 |
$178 million (August 2022) |
Sellers are in talks for private treaty negotiations |
|
Leonie Gardens |
9 |
$800 million (May 2018) |
Unsuccessful en bloc |
|
2, 4, 6 Emily Road |
9 |
$24 million (June 2020) |
Sold for $18 million (March 2021) |
|
Spanish Village |
10 |
$828 million (February 2019) | Unsuccessful en bloc |
| Orchard Bel Air | 10 | $587.5 million (July 2022) | Unsuccessful en bloc |
|
Gisborne Light |
10 |
$37 million (September 2018) |
Unsuccessful en bloc |
|
Sutton Place |
10 |
$285 million (August 2022) |
Unsuccessful en bloc |
|
Pinetree Condo |
10 |
$148 million (July 2018) | Unsuccessful en bloc |
|
Fernhill Court |
10 |
$125 million (May 2018) |
Unsuccessful en bloc |
|
Holland Tower |
10 |
$65 million (May 2018) | Unsuccessful en bloc |
|
Dalvey Court |
10 |
$160 million (June 2018) |
Unsuccessful en bloc |
|
D’Grove Villas |
10 |
$392 million (September 2018) | Unsuccessful en bloc |
|
Beaufort on Nassim |
10 |
$223 million (August 2019) | Unsuccessful en bloc |
|
Queen Astrid Gardens |
10 |
$123.8 million (February 2021) | Unsuccessful en bloc |
|
Minbu Villa |
11 |
$145.8 million (November 2018) | Unsuccessful en bloc |
|
Gilstead Mansion |
11 |
$63 million (October 2018) | Unsuccessful en bloc |
|
Gilstead Court |
11 |
$153 million (January 2019) | Unsuccessful en bloc |
|
Watten Estate Condominium |
11 |
$500 million (September 2021) | Sold for $550.8 million (October 2021) |
|
Kingsley Mansion |
12 |
$45.5 million (August 2018) | Unsuccessful en bloc |
| Ampas Apartment | 12 | $105 million (December 2017) | Unsuccessful en bloc; Oxley Holdings calls off the sale (November 2021) |
|
Summer Green |
12 |
$48 million (July 2018) | Unsuccessful en bloc |
|
Lakeside Apartments |
12 |
$240 million (March 2022) | Sold for $273.9 million (May 2022) |
|
Ava Towers |
12 |
$248 million (May 2018) | Unsuccessful en bloc |
|
St Michael’s Condo |
12 |
$112 million (April 2018) | Unsuccessful en bloc |
|
St Francis Court |
12 |
$95 million (May 2019) | Unsuccessful en bloc |
|
Balestier Regency |
12 |
$218 million (May 2018) | Unsuccessful en bloc |
|
Euro-Asia Apartments |
12 |
$218 million (June 2022) | Sold for $222.18 million (July 2022) |
|
Wing Fong Mansions |
14 |
$176 million (June 2020) | Unsuccessful en bloc |
|
Wing Fong Court |
14 |
$108 million (June 2020) | Unsuccessful en bloc |
|
Green Court |
14 |
$28 million (January 2020) | Unsuccessful en bloc |
|
Windy Heights |
14 |
$806.2 million (August 2018) | Unsuccessful en bloc |
|
Blossom Mansion |
14 |
$32.8 million (July 2018) | Unsuccessful en bloc |
|
Le Arc Apartments |
14 |
$18.5 million (April 2019) | Unsuccessful en bloc |
|
Vicenta Lodge |
14 |
$27.2 million (February 2022) | Sold for $27.2 million (March 2022) |
|
Tivoli Lodge |
14 |
$17.3 million (August 2020) | Sold, entered private treaty after having been launched for collective sale |
|
Advance Apartments |
14 |
$26.5 million (September 2020) | Sold for $26.5 million (December 2020) |
|
Laguna Park |
15 |
$1.48 billion (April 2019) | Unsuccessful en bloc |
|
Haig Road flats |
15 |
$48 million (March 2022) | Sold for $49.3 million after 3rd attempt (April 2022) |
|
Margate Point |
15 |
$36.5 million (February 2019) | Unsuccessful en bloc |
| Mandarin Gardens | 15 | $2.79 billion (February 2019) | Unsuccessful en bloc |
|
Fernwood Towers |
15 |
$688 million (September 2018) | Unsuccessful en bloc |
| Meyer Park | 15 | $420 million (October 2022) | Unsuccessful en bloc |
|
La Ville |
15 |
$148 million (October 2021) | Sold for $152 million after 3rd attempt (December 2021) |
|
United Mansion |
15 |
$98 million (April 2018) | Unsuccessful en bloc |
|
Teck Guan Ville |
16 |
$60 million (June 2018) | Unsuccessful en bloc; Tee Land backs out (July 2018) |
|
Cascadale |
16 |
$270 million (October 2019) | Unsuccessful en bloc |
| Loyang Valley | 17 | $980 million (October 2022) | – |
|
Elias Green |
18 |
$780 million (October 2018) |
Unsuccessful en bloc |
|
Cheng Hoe House |
19 |
$28 million (August 2018) | Unsuccessful en bloc |
|
Fragrant Gardens |
19 |
$65 million (July 2018) | Unsuccessful en bloc |
|
Fortune Park |
19 |
$115 million (September 2021) | Unsuccessful en bloc |
|
Jansen Mansion |
19 |
$18.9 million (June 2022) | Sold for $19.1 million after 3rd attempt (June 2022) |
|
Choon Kim House |
19 |
$50 million (January 2019) | Unsuccessful en bloc |
|
Casa Riviera |
19 |
$55 million (October 2018) | Unsuccessful en bloc |
|
Rosalia Park |
19 |
$175 million (May 2018) | Unsuccessful en bloc |
|
Kovan Apartments |
19 |
$33 million (January 2018) | Unsuccessful en bloc |
|
Kovan Lodge |
19 |
$43 million (December 2017) | Unsuccessful en bloc |
| Chuan Park | 19 | $938 million (March 2022) | Sold for $890 million (July 2022) |
|
The Stradia |
19 |
$23.8 million (May 2021) | Unsuccessful en bloc |
| Kensington Park | 19 | $1.28 billion (May 2022) | Unsuccessful en bloc |
|
Faber Garden |
20 |
$1.18 billion (October 2018) | Unsuccessful en bloc |
|
Bishan Park Condominium |
20 |
$680 million (September 2019) | Unsuccessful en bloc |
| Thomson View Condominium | 20 | $950 million (May 2022) | Unsuccessful en bloc |
|
Braddell View |
20 |
$20.8 billion (August 2019) | Unsuccessful en bloc |
|
Pine Grove |
21 |
$1.86 billion (February 2019) | Unsuccessful en bloc |
|
Parkview Mansions |
22 |
$260 million (June 2022) | Sold for $260 million (July 2022) |
|
Lakeside Tower |
22 |
$305 million (May 2018) | Sold for $273.9 million (May 2022) |
|
Lakepoint Condo |
22 |
$640 million (April 2022) | Unsuccessful en bloc |
|
Nicon Gardens |
23 |
$110 million (March 2018) | Unsuccessful en bloc |
Did you know: HDB flats may also go on collective sale? Read about the HDB Selective En Bloc Redevelopment Scheme (SERS) here.
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