Dec 21, 2010
The total amount of collective sales transactions in
So far, the most expensive transaction in the en bloc market this year was the Meng Gardens Apartments, which changed hands for S$137 million.
However, several properties are expected to be up for sale next year, with an asking price of more than S$500 million. For instance, the Pine Grove building has already secured the 80 percent approval from owners for an en bloc sale, and it is said to have an indicative price of about S$1.7 billion. If successful, it would be the most expensive en bloc sales deal in the country.
While many analysts expect en bloc sales to double next year, some are still wary that the future supply of land sites under the GLS programme may provide competition, as the government is expected to release up to 30 land sites under the confirmed and reserved list.
But most analysts are optimistic and said the en bloc sales market will still surge despite the GLS land releases.
Ms. Christina Sim, director of investment sales at Cushman and
“A lot of GLS sites are in outer central region areas. For developers who are land banking, I think there is a market for the mid-to-high-end range of properties,” she added.
Info courtesy - Propertyguru