Credit Suisse believes en-bloc momentum will pick up in the coming month, easing developers’ land bank concerns.

Analysts Louis Chua, Nicholas Teh and Terrence Lee believe the market is “on the cusp of a virtuous en-bloc cycle”. They point out that 10 residential en-bloc deals worth $354 million were executed in the last 12 months, with another 18 more projects in the pipeline totalling more than $7.3 billion.

“We draw similarities between the current en-bloc cycle and the past episodes in 2005-2007 and 2016-2018, with key drivers - healthy residential sentiment, dwindling inventory set to breach record lows by early 202, and limited government land supportive,” the analysts say in a May 31 research note.

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