en bloc

Singapore home sales soar in July on minute-to-midnight buying

SINGAPORE (Aug 15): Private home sales in Singapore soared to the highest in 16 months in July as buyers rushed to snap up properties hours before curbs aimed at quelling speculation came into effect.

Developers sold 1,724 units last month, the Urban Redevelopment Authority said in a statement Wednesday. That’s more than double the 654 units sold in June and the highest since March 2017.

This ground engineering firm may see a turnaround as construction projects heat up

SINGAPORE (Apr 10): Singapore’s construction sector looks likely to streak ahead in 2018, on the back of the en bloc fever and a rise mega infrastructure projects. And this ground engineering solutions provider is hoping the rise in demand for its services can lift it out of the doldrums.

Foundation and geotechnical engineering specialist CSC Holdings has been plagued by losses for the past four consecutive years.

From FY15 to FY17, CSC posted full-year losses of $16.7 million, $6.9 million, and $25.6 million, respectively.

Which developers to 'buy' as the en bloc cycle peaks?

SINGAPORE (Apr 10): RHB is maintaining its “overweight” call on Singapore’s real estate sector while expecting developers to be more selective in their en bloc bids going forward, with preferences for relatively smaller and well-located sites.  

In a Tuesday report, analyst Vijay Natarajan says the current residential cycle could be nearing is peak, and therefore likely to slow down by the second half of the year. This comes on observations of a steady build-up in the supply pipeline, rising land costs, a tighter policy framework and the sufficient restocking of landbank.

3 developers that could benefit most from the property boom

SINGAPORE (Mar 21): A rising tide is said to lift all boats. But amid a wave of en bloc deals on the back of improving sentiment in the Singapore property sector, SAC Advisors believes some developers could cruise to greater heights than others.

Fragrance Group to pay $220 mil in en bloc purchase of Eunos Mansion

SINGAPORE (Mar 9): Fragrance Group, through its wholly-owned subsidiary Fragrance Treasures, has entered into a collective sale and purchase agreement to acquire Eunos Mansion condominium for $220 million.

The freehold property, which sits on a land area of approximately 111,735 sq ft at 205 Jalan Eunos, is zoned for “residential” use at a plot ratio of 1.6.

Fragrance Treasures intends to redevelop the property into a condominium development with full suite of facilities.

Private home prices continue to recover, but watch out for falling rents, rising supply

SINGAPORE (Jan 26): Prices of private residential property in Singapore is keeping up its recovery even as rental rates continue to decline, according to real estate statistics for 4Q17 released today by the Urban Redevelopment Authority (URA).

Private home prices increased by 0.8% in 4Q17, keeping pace with the 0.7% increase in the previous quarter.

For the full year in 2017, prices of private homes increased by 1.1%, compared to a 3.1% decline a year ago.

SingHaiyi scoops up Park West condo in en bloc sale for $841 mil

SINGAPORE (Jan 11): SingHaiyi Group’s joint-venture firm, SingHaiyi Gold, is acquiring Park West condominium along Jalan Lempeng in Clementi in a collective purchase at a price of $840.9 million.

Owners of the property accepted SingHaiyi’s bid on Thursday, the group says in a filing to SGX.

This is Park West’s third collective sale attempt, after an earlier attempt in 2007 attempt failed to achieve the requisite 80% consensus among owners, and an en bloc tender in 2011 at an indicative price of $803 million did not receive any bids.

Chip Eng Seng acquires Changi Garden in en bloc sale for $248.8 mil

SINGAPORE (Oct 17): CEL Real Estate Development, the wholly-owned subsidiary of construction and property group Chip Eng Seng Corporation, has won the tender to acquire Changi Garden en bloc for a purchase price of $248.8 million at a $888 psf per plot ratio.

Located at the junction of Upper Changi Road North and Jalan Mariam, the site presently has 84 residential and retail units and spans about 18,590 sq m. It has a maximum allowable gross floor area (GFA) of 26,000 sq m with a plot ratio of 1.4.

Increased DC rates reduce profitability for recent en bloc transactions

SINGAPORE (Sept 12): The Singapore government in September raised the development charge (DC) rates for non-landed residential by 18.8% on average due to the euphoria seen in land transactions, according to DBS.

All except two sectors have already increased their rates by 6-29%.

In a Tuesday report, analyst Rachel Tan says, “We believe the higher rates might impact en bloc transactions which have not been granted Provisional Permit (PP) before September 1, 2017, thus raising land costs.”

All eyes on Normanton Park collective sale as en bloc market heats up

SINGAPORE (Aug 23): The collective sale of privatised housing estate Normanton Park with a reserve price of $800 million will be closely watched, says CIMB Research.

“The en bloc market is likely to remain buoyant as developers continue to restock their low land inventory,” says CIMB analyst Lock Mun Yee in a Tuesday report. “More importantly, replacement costs have risen as land bids appear to be reflecting some expectation of forward growth in end-product pricing.”

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