{"id":43522,"date":"2021-09-23T13:09:24","date_gmt":"2021-09-23T05:09:24","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=43522"},"modified":"2024-11-07T16:12:38","modified_gmt":"2024-11-07T08:12:38","slug":"what-factors-necessary-possible-en-bloc-collective-sale","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/what-factors-necessary-possible-en-bloc-collective-sale\/","title":{"rendered":"What factors are necessary for a possible en bloc or collective sale?"},"content":{"rendered":"
<\/div>

Earlier in September 2021, Flynn Park at 18-22 Yew Siang Road went en bloc at S$371 million, making it the largest collective sale of the year.<\/p>\n

Brokered by Savills Singapore, the buyer (a joint venture between Hoi Hup Realty Private Limited and Sunway Developments Pte. Ltd.) bought all 72 apartments at S$1,355 psf per plot ratio (or S$1,318 psf ppr when including the 7% bonus gross floor area from balconies<\/a>).<\/p>\n

Several other ageing properties have been put for collective sale, or at least, seen its majority owners’ doing so. One of them is the 50-storey International Plaza, the commercial-and-residential building in Tanjong Pagar, which has a record reserve price of S$2.7b – marking it as Singapore’s largest en-bloc deal in its number of units and value once a buyer is found.<\/p>\n

Indeed, Singapore’s lucrative en bloc sales have often made overnight millionaires out of property owners, making them highly prized real estate options. 99.co looks at what factors contribute to a successful en bloc sale<\/a>.<\/p>\n

\"Amber<\/a>
In 2017, CDL and Hong Realty bagged the Amber Park en bloc sale for S$906m, making it the largest freehold collective sale for its time.<\/figcaption><\/figure>\n

In land-scarce Singapore, old buildings have traditionally been torn down to accommodate newer, swankier developments. En bloc stems from French for ‘all together’ or ‘as one block’. It translates to a sizeable collective sale of a condominium development by one purchaser (usually the government or a property developer) to be redeveloped and priced<\/a> into a new project.<\/p>\n

For condos less than ten years old since TOP, at least 90% of all owners must sell, while condos older than ten years need at least 80% of all owners to do the same.<\/p>\n

Such collective sales translate into a mini golden handshake for each landlord, as the reserve price is set at a premium that is usually higher than the current resale market value.<\/p>\n

It’s a lucrative win-win situation for both parties with en blocs, as the buyer will also eventually recoup his cost and make a healthy profit with the new planned development.<\/p>\n

\"d'leedon\"<\/a>
The largest en bloc sale on record happened in 2007, where 618 HUDC apartments in Farrer Court were sold for S$1.339 billion, or S$2.122-S$2.238m per apartment. The site is now where d’Leedon condominium (pictured) is.<\/figcaption><\/figure>\n

The largest en bloc sale happened in 2007, where all 618 apartments of Farrer Court were collectively bought for S$1.339 billion, working out to a payout of approximately S$2.122 to S$2.238 million per apartment.<\/p>\n

Not bad at all when you consider the market price for the same units was only about S$500,000 to S$600,000 before the en bloc negotiations started. The site was subsequently redeveloped into the d’Leedon, the grand apartment complex with over 1,715 high-end luxury apartments by Farrer Road.<\/p>\n

\"Flynn<\/a>
The entrance into Flynn Park, which has been sold for S$371m, marking the largest en bloc sale in 2021 so far. All 72 apartments in the 208,443-sqft area were sold at S$1,355 psf per plot ratio (S$1,318 psf ppr inclusive of bonus balconies).<\/figcaption><\/figure>\n

What factors contributed to a potential collective sale?<\/h2>\n

1. Age of the development<\/h3>\n

Older developments are decrepit, requiring expensive ongoing maintenance, so replacing the building with something new and more profitable makes financial sense. Furthermore, older developments (especially those approved before 1990) have usually not been built up to the prevailing Master Plan plot ratio, so it will undoubtedly yield a much higher return for a redevelopment today, given its land value.<\/p>\n

2. Location<\/h3>\n

Has the area been earmarked for redevelopment by the government? It’s no secret that if the condominium development is in prime Districts (9, 10, 11 or 15), an en bloc sale is relatively high compared to the rest of the island, as there are fewer chances of government land sites being released in these areas.<\/p>\n

Likewise, is there a new MRT or other exciting developments coming up in the area? Such developments usually manifest as a hike in the area’s land and property prices.<\/p>\n

For instance, the redevelopment plans for the Greater Southern Waterfront have certainly played a role in the recent lucrative collective sale of Flynn Park. Said Wong Swee Chun, Chairman, and MD, Hoi Hup Realty Private Limited (purchase of the en bloc), “We are very pleased to secure the tender of Flynn Park. It is a rare hillside plot that offers panoramic views to the South.<\/p>\n

“It is tranquil, lush and green, yet enjoys proximity to the MRT network and is minutes to the city. It will also benefit significantly from its adjacency to the new Southern Waterfront development. We look forward to developing a premium product on this unique site.”<\/p>\n

3. Plot ratio<\/h3>\n

Condos with a lower plot ratio means fewer units are sitting on the plot of land. The land can be used more intensively by putting up more units for future developments. The profits will also increase by putting up a new, more densely packed development, so these plots of land are potential cash cows for en bloc sales where a larger plot ratio is allowed.<\/p>\n

4. En bloc fatigue<\/h3>\n

When an en bloc sale isn’t successful the first time, owners might feel discouraged from going through the whole process again and may opt to not go for en bloc again.<\/p>\n

5. Size of the apartment and alternative options<\/h3>\n

The older the condo, the more spacious the units. While some owners might be keen to sell their units for money, others might reject the offer because of having to settle for small units elsewhere.<\/p>\n

6. Residential makeup of the development<\/h3>\n

An old development is to have a larger, more ageing population living in it, with most residents also being the owners of their units. In such cases, it is usually easier to convince the older folk to take the golden handshake and to move to a smaller, newer unit somewhere else where they will be more comfortable in their remaining years.<\/p>\n

7. Size of the development<\/h3>\n

The chances of a collective sale are higher in smaller developments, as there is a higher probability of getting most owners to agree to sell their units collectively.<\/p>\n

On the flip side, having a smaller pool of people to contend with can also mean that sale efforts can be thwarted more easily if even a small percentage of the owners don’t want to go ahead with en bloc, making it difficult to achieve the required 80% consent level.<\/p>\n

–<\/p>\n

Is your development currently undergoing or planning for en bloc or collective sale? Let us know in the comments section below or on our Facebook post<\/a>.\u00a0<\/b><\/h2>\n

If you found this article helpful,\u00a099.co<\/a> recommends En Bloc Sales \u2013 how does it work?<\/a> and Property Jargon of the Day: En-Bloc Sale<\/a>.<\/p>\n

Looking for a property? Find the home of your dreams today in Singapore\u2019s fastest-growing\u00a0property portal 99.co<\/span><\/a>! If you would like to estimate the potential value of your property, check out\u00a099.co\u2019s Property Value Tool<\/span><\/a>\u00a0for free. Meanwhile, if you have an interesting property-related story to share with us, drop us a message\u00a0here<\/span><\/a>\u00a0\u2014 and we\u2019ll review it and get back to you.<\/p>\n

–<\/p>\n

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Earlier in September 2021, Flynn Park at 18-22 Yew Siang Road went en bloc at S$371 million, making it the largest collective sale of the year. Brokered by Savills Singapore, the buyer (a joint venture between Hoi Hup Realty Private Limited and Sunway Developments Pte. Ltd.) bought all 72 apartments at S$1,355 psf per 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