Square Foot Research Singapore

Enbloc Market

The enbloc market is expected to be subdued this year. Bigger sites are no longer attractive, given that 10% ABSD (15% on and after 12 January 2013) will be imposed if the redevelopment is not completed and fully sold by the end of 5 years. This corrodes developer's margin, which based on today's asking prices for enbloc sites, is already low at 15-20%. On the other hand, enbloc site are likely located in mid to high-end districts, where foreigners make up a good proportion of potential buyers. These buyers are also affected by the 15% ABSD. It's a double whammy for developers.
 
The theme this year appears to be small mixed-use site, especially those with retail component. Developers have more leeway in terms of the mix ratio, and retail units, given its very little supply in the market (mostly controlled by corporates), can command very good prices. Small sites also have less risk of not fully sold by the end of 5 years, thereby avoiding the ABSD.
 

Historical enbloc sales, breakdown by year

Note: Based on caveats lodged, actual sales are likely to be higher.
Source: URA, http://www.squarefoot.com.sg

Historical enbloc sales, breakdown by district

Note: Based on caveats lodged, actual sales are likely to be higher.
Source: URA, http://www.squarefoot.com.sg

Top 20 largest enbloc sales

Note: Based on caveats lodged, excludes development charges or differential premium if payable.
Source: URA, http://www.squarefoot.com.sg
Contract
Date
Postal
District
Project Name Number of
Units
Tenure Transacted Price
($)
New Project
28 Jun 2007 10 FARRER COURT 618 99 Yrs From 01/09/1977 1,338,800,000 D'LEEDON
17 Mar 2018 9 PACIFIC MANSION 290 Freehold 980,000,000
22 Aug 2017 18 TAMPINES COURT 560 101 Yrs From 01/12/1985 970,000,000
12 Apr 2018 10 TULIP GARDEN 164 Freehold 906,889,000
3 Oct 2017 15 AMBER PARK 200 Freehold 906,700,000
11 Jan 2018 5 PARK WEST 436 99 Yrs From 08/03/1982 840,888,888
27 Apr 2007 10 LEEDON HEIGHTS 314 Freehold 835,000,000 LEEDON RESIDENCES
31 May 2017 14 EUNOSVILLE 330 102 Yrs From 01/02/1986 765,781,819
13 Feb 2018 3 PEARL BANK APARTMENT 288 99 Yrs From 02/06/1970 728,000,000
19 May 2016 20 SHUNFU VILLE 358 99 Yrs From 01/05/1986 638,000,000
20 Oct 2017 19 FLORENCE REGENCY 336 103 Yrs From 01/12/1985 629,000,000
3 Aug 2007 9 GRANGEFORD APARTMENT 192 99 Yrs From 01/12/1974 625,000,000 TWIN PEAKS
8 Mar 2018 21 GOODLUCK GARDEN 210 Freehold 610,000,000
24 May 2017 19 RIO CASA 286 104 Yrs From 01/02/1986 575,000,000
5 Feb 2007 4 GILLMAN HEIGHTS 607 99 Yrs From 01/07/1985 548,000,000 THE INTERLACE
15 Feb 2018 21 BROOKVALE PARK 160 999 Yrs From 23/03/1885 530,000,000
12 Feb 2007 9 HORIZON TOWERS 210 99 Yrs From 17/08/1979 500,000,000
26 Jul 2017 19 SERANGOON VILLE 244 100 Yrs From 01/03/1986 499,000,000
1 Dec 2017 10 ROYALVILLE 104 Freehold 477,940,000
3 Mar 2007 10 ANDERSON 18 71 Freehold 477,700,000 NOUVEL18

Historical enbloc sales

See historical enbloc sales for a specific year

Note: Available since 1995
Note: Based on caveats lodged, excludes development charges or differential premium if payable.
Source: URA, http://www.squarefoot.com.sg
Contract
Date
Postal
District
Project Name Completion Number of
Units
Tenure Transacted Price
($)
8 Apr 2019 7 SELEGIE CENTRE Unknown 58 Freehold 120,000,000

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