En Bloc Potential

En-bloc seems to the buzz word in the property market of late. With two big projects, i.e. Eunosville and Rio Casa successfully en-bloc’ed, now the question in most owners’ mind is; when is my turn?

Literature: The Edge Property

east grove

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First en bloc of the year

Vital statistics are as follows:

One Hill

Lum Chang Holdings Limited aquired One Tree Hill Gardens for S$65 million. Owners at One Tree Hill Gardens are expected to receive between S$4.3 million and S$9.1 million in gross sale proceeds.

The freehold site is expected to accommodate up to 15 landed units, with the launch date likely to be next year.

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Source: The Business Times

Successful en bloc in 2016

More residential properties are expected to go en bloc in 2017, following the success of three collective sales this year. Three successful en bloc deals this year, valued at S$1 billion, may be igniting the interest of other property owners to do the same.  Raintree Gardens in Potong Pasir was acquired by a joint venture (JV) between UOL Group and United Industrial Corporation in October for S$334.2 million, Harbour View Gardens in Pasir Panjang was purchased by Roxy-Pacific Holdings in August for S$33.25 million, and Chinese developer Qingjian Realty bought Shunfu Ville in May for S$638 million.

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Raintree Gardens at Potong Pasir was successfully en bloc

Source:

The Business Times

Raintree Gardens sold en bloc

Here are the vital statistics of the en bloc sale:

Project Name Raintree Gardens
Price sold $334,200,000,000
Total units 175
Site Area (sq ft) 201,405
Plot Ratio 2.8
psf ppr (including premium to top up lease) $797

With the estimate of $500 psf for the construction cost, the estimate break-even cost for this development is $1,300 per square feet. Each house hold of Raintree Gardens is expected to pocket about $1.9m from the en sale. Not bad! Looks like en bloc is making a comeback. This marks the third successful en bloc sale this year. Not bad in a so call lack luster property market.

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