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
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
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
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
19 Apr 2018 11 DUNEARN GARDENS 114 Freehold 468,000,000
22 Nov 2007 10 WESTWOOD APARTMENTS 48 Freehold 435,000,000 3 Orchard By-the-Park

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
($)
1 Nov 2018 10 DARBY PARK 1995 55 99 Yrs From 26/01/1993 92,714,566
20 Aug 2018 23 PHOENIX HEIGHTS 1980 32 99 Yrs From 01/01/1969 33,100,000
13 Jul 2018 15 TIAN COURT Unknown 8 Freehold 16,800,000
12 Jul 2018 13 61 WOODSVILLE CLOSE 1955 1 Freehold 4,200,000
2 Jul 2018 13 11 MEYAPPA CHETTIAR ROAD Unknown 2 Freehold 16,000,000
2 Jul 2018 13 69/69A/71/71A WOODSVILLE CLOSE Unknown 2 9999 Yrs From 01/09/1966 8,400,000
2 Jul 2018 13 73A WOODSVILLE CLOSE 1982 1 Freehold 3,260,000
2 Jul 2018 13 AO JIANG APARTMENTS 1987 8 Freehold 19,350,000
28 Jun 2018 16 TECK GUAN VILLE 1987 14 Freehold 60,000,000
21 Jun 2018 15 75/77/79 LORONG H TELOK KURAU 1953 3 Freehold 37,888,000
13 Jun 2018 12 KEMAMAN POINT 1993 89 Freehold 143,880,000
7 Jun 2018 9 67 CAIRNHILL ROAD Unknown 1 Freehold 100,000,000
1 Jun 2018 10 PARK HOUSE Unknown 60 Freehold 375,497,670
22 May 2018 14 1-21 LORONG 18 GEYLANG Unknown 11 Freehold 38,210,000
18 May 2018 2 CHINATOWN PLAZA Unknown 70 Freehold 260,000,000
18 May 2018 3 LANDMARK TOWER 1985 139 99 Yrs From 16/06/1980 286,000,000
16 May 2018 11 CHANCERY COURT 1981 144 99 Yrs From 25/03/1981 401,777,000
10 May 2018 10 VILLA D'ESTE Unknown 12 Freehold 93,000,000
9 May 2018 11 PEAK COURT CONDOMINIUM 1983 20 Freehold 118,880,001
4 May 2018 10 BALMORAL GARDENS 1982 8 Freehold 82,999,995
24 Apr 2018 14 56/331-335/339 LORONG 28 GEYLANG/GUILLEMARD ROAD 1963 5 Freehold 20,546,455
20 Apr 2018 10 OLINA LODGE 1990 67 Freehold 230,900,000
19 Apr 2018 11 DUNEARN GARDENS 1992 114 Freehold 468,000,000
16 Apr 2018 2 ASIA GARDENS 1985 84 Freehold 343,000,000
12 Apr 2018 10 TULIP GARDEN 1985 164 Freehold 906,889,000
5 Apr 2018 15 POMEX COURT 1986 19 Freehold 37,600,000
4 Apr 2018 10 THE ESTORIL 1984 44 Freehold 223,938,000
29 Mar 2018 9 CAIRNHILL HEIGHTS 1985 19 Freehold 72,588,888
27 Mar 2018 12 AMPAS APARTMENTS 1990 43 Freehold 95,000,000
21 Mar 2018 9 MAKEWAY VIEW 1989 32 Freehold 168,000,000
17 Mar 2018 9 PACIFIC MANSION Unknown 290 Freehold 980,000,000
15 Mar 2018 15 KATONG PARK TOWERS 1987 118 99 Yrs From 05/04/1982 345,000,000
8 Mar 2018 10 TOHO MANSIONS Unknown 32 Freehold 120,428,000
5 Mar 2018 10 LOTUS AT JERVOIS Unknown 20 Freehold 46,300,000
1 Mar 2018 10 HOLLANDIA 1985 48 Freehold 183,383,800
14 Feb 2018 9 CAIRNHILL MANSIONS Unknown 61 Freehold 362,000,000
14 Feb 2018 9 RIVIERA POINT 1993 33 Freehold 72,000,000
13 Feb 2018 3 PEARL BANK APARTMENT 1976 288 99 Yrs From 02/06/1970 728,000,000
7 Feb 2018 10 CITY TOWERS Unknown 79 Freehold 401,933,798
26 Jan 2018 10 THE WILSHIRE Unknown 20 Freehold 98,800,000
18 Jan 2018 21 KISMIS VIEW 1984 43 99 Yrs From 21/11/1983 102,750,000
11 Jan 2018 5 PARK WEST 1985 436 99 Yrs From 08/03/1982 840,888,888

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