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, https://www.squarefoot.com.sg

Historical enbloc sales, breakdown by district

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

Top 20 largest enbloc sales

Note: Based on caveats lodged, excludes development charges or differential premium if payable.
Source: URA, https://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
27 Apr 2007 10 LEEDON HEIGHTS 314 Freehold 835,000,000 LEEDON RESIDENCES
19 May 2016 20 SHUNFU VILLE 358 99 Yrs From 01/05/1986 638,000,000
3 Aug 2007 9 GRANGEFORD APARTMENT 192 99 Yrs From 01/12/1974 625,000,000 TWIN PEAKS
5 Feb 2007 4 GILLMAN HEIGHTS 607 99 Yrs From 01/07/1985 548,000,000 THE INTERLACE
12 Feb 2007 9 HORIZON TOWERS 210 99 Yrs From 17/08/1979 500,000,000
3 Mar 2007 10 ANDERSON 18 71 Freehold 477,700,000 NOUVEL18
22 Nov 2007 10 WESTWOOD APARTMENTS 48 Freehold 435,000,000 3 Orchard By-the-Park
23 May 2006 16 WATERFRONT VIEW 583 99 Yrs From 01/01/1985 385,000,000 WATERFRONT WAVES,WATERFRONT KEY,WATERFRONT GOLD,WATERFRONT ISLE
29 May 2006 10 LUCKY TOWER 91 Freehold 383,000,000 Gramercy Park
30 Aug 2006 10 NASSIM PARK 104 Freehold 380,000,000 NASSIM PARK RESIDENCES
28 Jul 2015 9 THONG SIA BUILDING 45 Freehold 380,000,000
22 Mar 2007 9 HILL COURT 102 Freehold 361,000,000 THE LAURELS
2 May 2007 10 HIMIKO COURT 176 Freehold 336,000,000 THE TRIZON
6 Oct 2016 13 RAINTREE GARDENS 175 99 Yrs From 01/04/1987 334,200,000
21 Feb 2000 9 CAIRNHILL COURT 75 Freehold 311,984,678
19 Apr 2006 9 HILLTOP APARTMENTS 102 Freehold 294,000,000 HILLTOPS
28 Nov 2006 10 HOLLAND HILL MANSION 117 Freehold 292,000,000 PARVIS
23 Oct 2006 9 FUTURA 72 Freehold 287,300,000 New Futura
5 Apr 2006 10 CASA ROSITA 114 Freehold 278,665,425 GOODWOOD RESIDENCE

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, https://www.squarefoot.com.sg
Contract
Date
Postal
District
Project Name Completion Number of
Units
Tenure Transacted Price
($)
30 Mar 2017 14 N.A. 1979 8 Freehold 14,900,000

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