There is a bit of action in the en-bloc sale market as individual owners scramble to get a foot into the fast-rising private home market, which has left many developers hungry for land.
The strong response shown by developers at recent tender exercises is a clear motivating factor.
But for those who are banking on an en-bloc jackpot, it is best not to count on a sure-win yet.
Unless property prices pick up quickly, a speedy success may elude these owners for now. This is because most developers are unlikely to rush for the available collective sale sites at the prices the owners want, said experts.
So far this year, five residential sites have been put up for sale en bloc, and more are expected in the next few months.
A few tenders have closed, but no sale has been concluded.
‘The en-bloc sale market won’t move very fast because owners are asking high prices,’ said property consultant Nicholas Mak, a real estate lecturer at Ngee Ann Polytechnic.
Collective sale prices tend to be on the high side as owners look to a premium above the value of their individual units. But those days of large profits made in quick sales have yet to return. Continue reading
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