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Will En Bloc Make a Comeback in 2023? We Review the Past Failed En Bloc List

Cheryl Chiew
Will En Bloc Make a Comeback in 2023? We Review the Past Failed En Bloc List
In all consideration, 2022 was a pretty good year for en bloc sales. Even when there are signs of a global recession looming, properties such as Loyang Valley, Meyer Park, and Oxley Garden continue to be put up for collective sale.
As of July 2022, there were 12 successful en bloc sales valued at $3.5 billion, despite the Government raising the ABSD rate to 35% for entities, with an additional 5% non-remittable ABSD for developers in December 2021.
Can we expect more en bloc sales to occur in 2023? Let’s find out.

En Bloc Sales from 2017 to 2022

Before we dive in, let’s take a look at how en bloc sales performed from 2017 to 2022.
2017 and 2018 were good years for en bloc sales, with more than 60 projects for collective sale in a sudden spike from previous years. In total, there was a total sale of $18.9 billion. The 2016 to 2018 en bloc cycle totalled 65 deals worth $19.1 billion and came close to beating the high of $21.8 billion achieved in the record-breaking 2005 to 2007 cycle.
While the en bloc frenzy slowed down in 2019 following property cooling measures in 2018, which raised Additional Buyer’s Stamp Duty (ABSD) for property developers from 15% to 30%, en bloc sales are still pretty healthy.
In 2021, there were 11 successful en bloc sites, with a total collective sale valued at $2.2 billion. In comparison, 2020 and 2019 saw many properties entering the failed en bloc list, with only 10 successful en bloc sales recorded.
In 2022, there was some expectation that we may see an increase in collective sales as developers looked to replenish their land bank. The PropertyGuru Singapore Property Market Report Q2 2022 also predicted developers favouring smaller- to medium-sized en bloc launches. So the question remains…

Will There Be More Enbloc Sales in 2023?

While the en bloc market seems to be doing well, economists point out potential recession risks for consumers and developers in the coming year.
Dr. Tan Tee Khoon, Country Manager – Singapore, PropertyGuru, concurs, adding how the comparatively higher ABSD rates (brought on by the December 2021 property cooling measures), rising interest rates and construction costs, and increased land betterment charge rates are also factors to take into consideration. Local buying demand may chill in view of increasing mortgage loan rates affecting affordability and borrowing.
"As a risk aversion strategy, land-strapped developers would prefer smaller- to medium-sized collective sales sites. Unlike the 2018 en bloc cycle where developers had a stronger need to replenish their land banks, there are more challenges in the current cycle, especially with the recent spate of cooling measures."
Some developers may be encouraged to revisit sites that have been unsuccessful thus far at securing an en bloc deal in 2023. Many of these failed en bloc sale sites have actually cut their asking prices in their second and subsequent collective sales attempts, making it even more attractive for developers.
The Collective Sale Committee can also list the property for sale once more but only after a 12-month interval.

Past Failed En Bloc Sale List: Did These 73 Sites Manage to Sell?

Here are some sites that owners have previously tried to put up for an en bloc acquisition. We’ve also included whether or not they have been sold successfully after the price has been adjusted, and their current status.
Note: Due to the nature of en bloc/collective sales, these properties may be put up on the market more than once. This list is not exhaustive. Should there be a development that we have missed, do let us know.
People’s Park Centre
1
$1.8 billion (July 2022)
Relaunched for collective sale; $1.8 billion (November 2022)
Gloria Mansion
2
$79 million (June 2018)
Sold for $70.3 million (January 2022)
Flynn Park
2
$325 million (January 2019)
Sold for $371 million (September 2021)
Kentish Green
8
$200 million (February 2019)
Unsuccessful en bloc
Verdun House
8
$60 million (March 2018)
Sold for $55.1 million (April 2022)
Elizabeth Towers
9
$630 million (June 2022)
Unsuccessful en bloc
Horizon Towers
9
$1.1 billion (September 2022)
Unsuccessful en bloc
Grange Heights
9
$820 million (January 2019)
Unsuccessful en bloc
Cairnhill Astoria
9
$196 million (September 2018)
Unsuccessful en bloc
The Regalia
9
$403 million (August 2018)
Unsuccessful en bloc
St Thomas Ville
9
$58 million (February 2019)
Unsuccessful en bloc
Peace Centre / Peace Mansion
9
$688 million
Sold for $650 million (December 2021)


High Point

9
$550 million (March 2022)
Unsuccessful en bloc; Shun Tak Holdings withdrew a $556.7 million winning bid in December 2021
Cavenagh Garden
9
$480 million (January 2019)
Unsuccessful en bloc
Trendale Tower
9
$178 million (August 2022)
Sellers are in talks for private treaty negotiations
Leonie Gardens
9
$800 million (May 2018)
Unsuccessful en bloc
2, 4, 6 Emily Road
9
$24 million (June 2020)
Sold for $18 million (March 2021)
Spanish Village
10
$828 million (February 2019)
Unsuccessful en bloc
Orchard Bel Air
10
$587.5 million (July 2022)
Unsuccessful en bloc
Gisborne Light
10
$37 million (September 2018)
Unsuccessful en bloc
Sutton Place
10
$285 million (August 2022)
Unsuccessful en bloc
Pinetree Condo
10
$148 million (July 2018)
Unsuccessful en bloc
Fernhill Court
10
$125 million (May 2018)
Unsuccessful en bloc
Holland Tower
10
$65 million (May 2018)
Unsuccessful en bloc
Dalvey Court
10
$160 million (June 2018)
Unsuccessful en bloc
D’Grove Villas
10
$392 million (September 2018)
Unsuccessful en bloc
Beaufort on Nassim
10
$223 million (August 2019)
Unsuccessful en bloc
Queen Astrid Gardens
10
$123.8 million (February 2021)
Unsuccessful en bloc
Minbu Villa
11
$145.8 million (November 2018)
Unsuccessful en bloc
Gilstead Mansion
11
$63 million (October 2018)
Unsuccessful en bloc
Gilstead Court
11
$153 million (January 2019)
Unsuccessful en bloc
Watten Estate Condominium
11
$500 million (September 2021)
Sold for $550.8 million (October 2021)
Kingsley Mansion
12
$45.5 million (August 2018)
Unsuccessful en bloc


Ampas Apartment

12
$105 million (December 2017)
Unsuccessful en bloc; Oxley Holdings calls off the sale (November 2021)
Summer Green
12
$48 million (July 2018)
Unsuccessful en bloc
Lakeside Apartments
12
$240 million (March 2022)
Sold for $273.9 million (May 2022)
Ava Towers
12
$248 million (May 2018)
Unsuccessful en bloc
St Michael’s Condo
12
$112 million (April 2018)
Unsuccessful en bloc
St Francis Court
12
$95 million (May 2019)
Unsuccessful en bloc
Balestier Regency
12
$218 million (May 2018)
Unsuccessful en bloc
Euro-Asia Apartments
12
$218 million (June 2022)
Sold for $222.18 million (July 2022)
Wing Fong Mansions
14
$176 million (June 2020)
Unsuccessful en bloc
Wing Fong Court
14
$108 million (June 2020)
Unsuccessful en bloc
Green Court
14
$28 million (January 2020)
Unsuccessful en bloc
Windy Heights
14
$806.2 million (August 2018)
Unsuccessful en bloc
Blossom Mansion
14
$32.8 million (July 2018)
Unsuccessful en bloc
Le Arc Apartments
14
$18.5 million (April 2019)
Unsuccessful en bloc
Vicenta Lodge
14
$27.2 million (February 2022)
Sold for $27.2 million (March 2022)
Tivoli Lodge
14
$17.3 million (August 2020)
Sold, entered private treaty after having been launched for collective sale
Advance Apartments
14
$26.5 million (September 2020)
Sold for $26.5 million (December 2020)
Laguna Park
15
$1.48 billion (April 2019)
Unsuccessful en bloc
Haig Road flats
15
$48 million (March 2022)
Sold for $49.3 million after 3rd attempt (April 2022)
Margate Point
15
$36.5 million (February 2019)
Unsuccessful en bloc


Mandarin Gardens

15
$2.79 billion (February 2019)
Unsuccessful en bloc
Fernwood Towers
15
$688 million (September 2018)
Unsuccessful en bloc
Meyer Park
15
$420 million (October 2022)
Unsuccessful en bloc
La Ville
15
$148 million (October 2021)
Sold for $152 million after 3rd attempt (December 2021)
United Mansion
15
$98 million (April 2018)
Unsuccessful en bloc
Teck Guan Ville
16
$60 million (June 2018)
Unsuccessful en bloc; Tee Land backs out (July 2018)
Cascadale
16
$270 million (October 2019)
Unsuccessful en bloc
Loyang Valley
17
$980 million (October 2022)
Elias Green
18
$780 million (October 2018)
Unsuccessful en bloc
Cheng Hoe House
19
$28 million (August 2018)
Unsuccessful en bloc
Fragrant Gardens
19
$65 million (July 2018)
Unsuccessful en bloc
Fortune Park
19
$115 million (September 2021)
Unsuccessful en bloc
Jansen Mansion
19
$18.9 million (June 2022)
Sold for $19.1 million after 3rd attempt (June 2022)
Choon Kim House
19
$50 million (January 2019)
Unsuccessful en bloc
Casa Riviera
19
$55 million (October 2018)
Unsuccessful en bloc
Rosalia Park
19
$175 million (May 2018)
Unsuccessful en bloc
Kovan Apartments
19
$33 million (January 2018)
Unsuccessful en bloc
Kovan Lodge
19
$43 million (December 2017)
Unsuccessful en bloc
Chuan Park
19
$938 million (March 2022)
Sold for $890 million (July 2022)
The Stradia
19
$23.8 million (May 2021)
Unsuccessful en bloc
Kensington Park
19
$1.28 billion (May 2022)
Unsuccessful en bloc
Faber Garden
20
$1.18 billion (October 2018)
Unsuccessful en bloc
Bishan Park Condominium
20
$680 million (September 2019)
Unsuccessful en bloc


Thomson View Condominium

20
$950 million (May 2022)
Unsuccessful en bloc
Braddell View
20
$20.8 billion (August 2019)
Unsuccessful en bloc
Pine Grove
21
$1.86 billion (February 2019)
Unsuccessful en bloc
Parkview Mansions
22
$260 million (June 2022)
Sold for $260 million (July 2022)
Lakeside Tower
22
$305 million (May 2018)
Sold for $273.9 million (May 2022)
Lakepoint Condo
22
$640 million (April 2022)
Unsuccessful en bloc
Nicon Gardens
23
$110 million (March 2018)
Unsuccessful en bloc
Did you know: HDB flats may also go on collective sale? Read about the HDB Selective En Bloc Redevelopment Scheme (SERS) here.
For more property news, content and resources, check out PropertyGuru’s guides section.
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Disclaimer: The information is provided for general information only. PropertyGuru Pte Ltd makes no representations or warranties in relation to the information, including but not limited to any representation or warranty as to the fitness for any particular purpose of the information to the fullest extent permitted by law. While every effort has been made to ensure that the information provided in this article is accurate, reliable, and complete as of the time of writing, the information provided in this article should not be relied upon to make any financial, investment, real estate or legal decisions. Additionally, the information should not substitute advice from a trained professional who can take into account your personal facts and circumstances, and we accept no liability if you use the information to form decisions.

More FAQs About Failed En Bloc List in Singapore

If You Suffer Financial Losses During An En Bloc, You Can File A Dispute With The Strata Titles Boards. Any en bloc sale owners who experience financial loss have the option to contest the amount received by filing a dispute with the strata title boards (STB).

En bloc sales process takes around 18 to 40 months to complete.

The Collective Sale Committee has the ability to form a private treaty with the developers if no buyer is found or if the en bloc offer receives no bids. They may also list the home for sale once more but only after a 12-month interval.