Two estates gunning for en bloc sales

5 Jun 2017

The Interlace (pictured) began as Gillman Heights – one of the first HUDC to be privatised in 1996 and then later sold via an en bloc sale – an aim both Tampines Court and Florence Regency are now hoping to achieve.

Following the recent collective sales of Rio Casa and Eunosville, two more privatised HUDC estates – Tampines Court and Florence Regency – are eyeing the en bloc sales path, reported The Straits Times.

The 560-unit Tampines Court is expected to launch its tender next month as almost 82 percent of owners have already agreed to the sale, showed a Facebook page.

The owners are looking to sell the 702,000 sq ft site for at least S$960 million.

Notably, the consent of at least 80 percent of the owners must be secured before a property can be offered for en bloc sale.

Built in the 1980s, Tampines Court, which features 14 blocks with 128 apartments and 432 maisonettes, was privatised in 2002.

This is the estate’s third try for a collective sale, with its first attempt in 2008 dismissed by the Strata Titles Board, while its second try in 2011 failed to obtain the requisite approval from owners.

Meanwhile, Florence Regency in Hougang Avenue 2 is expected to start its en bloc sale process soon.

“An extraordinary general meeting to start the signing process would likely be in July,” revealed Tan Hong Boon, regional director of capital markets at JLL, which is the property’s marketing agent.

Nestled on around 389,000 sq ft site, Florence Regency has 71 years left on its lease.

“We expect more HUDC estates to start the en-bloc process, due to recent successful sales,” said Wong Xian Yang head of research and consultancy at OrangeTee.

Rio Casa was sold for S$575 million, while Eunosville in Sims Avenue was clinched for S$765 million – or above the asking prices of the owners of both estates.

The bumper deals may see homeowners raising their asking prices for future collective sale tenders, said analysts.

However, too high prices “may dissuade many developers from participating”, noted Wong.

“Land prices are expected to rise, but I do not think we will see an accelerated rise in en-bloc values.”


This article was edited by Denise Djong.


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