1. En bloc property has been gaining momentum in 2021. There were 9 completed en bloc sales in 2021. An uptick from 4 each in 2020 and 2019. However it is still a far cry from the 33 and 24 en bloc sales in 2018 and 2017 respectively. But the momentum may carry on into 2022.
2. The first en bloc sale in 2021 happened along 93B, 93C, 95 Lorong N Telok Kurau. 3 adjacent landed properties which were sold for $23.6m or $911psf ppr to ABR Holdings (ooh.. Swensen’s) and LWH Holdings joint venture. They intend to build 24 residential units on the plot.
3. Surrey Point (around Newton) was sold for $47.8m or $1,434psf ppr to Amara Holdings (yes, the hotel). The buyer didn’t say what they are doing with it but the plot can yield up to 36 units.
4. 2, 4, 6 Mount Emily Road (Selegie area) were sold for $18m or $1,115psf ppr to ZACD (HK listco).
5. Maxwell House (Tanjong Pagar) was sold for $276.8m or $1,539psf ppr to Chip Eng Seng (construction listco), SingHaiYi (SG listco) and Chuan Investments. They intend to rebuild it to a mixed development with 20% increase in gross floor area as the plot ratio has been raised from 4.3 to 5.6.
6. Flynn Park (Pasir Panjang) was sold for $371m or $1,539psf ppr to Hoi Hup Realty and Sunway Developments (subsidiary of Malaysia listed Sunway Group). Currently it has 72 apartments and the buyers only indicated it will be a ‘premium product’.
7. Watten Estate (Bukit Timah) was sold for $550.8m or $1,723psf ppr to UOL (SG listco) and SingLand (which is also part of UOL indirectly). The property can be redeveloped into 286 units and the buyers acquired this plot to replenish their land bank.
8. La Ville (Tanjong Rhu) was sold for $152m or $1,540psf ppr to ZACD (second en bloc in 2021).
9. Peace Centre + Mansion was sold for $650m or $1,426psf ppr to CEL Development (Chip Eng Seng’s subsidiary), SingHaiYi (second en bloc in 2021) and Ultra Infinity (listco KSH’s subsidiary). The redevelopment will continue to be a mixed use – commercial + residential.
10. High Point (Orchard area) was sold for $556.7m or $2,537 psf ppr to Shun Tak (HK listco). The buyer intends to redevelop it to a 98-unit project.
11. There have been numerous sites listed for sale and we can expect more deals to complete in 2022, should there be no additional cooling measures imposed by the government.
12. Some of the sites listed for sale include: International Plaza $2,700m, Chuan Park $938m, The Bayron $376m, High Street Plaza $239m, Queen Astrid Gardens $123.8m, Kai Fook Mansion $123m, Siglap Shopping Centre $120m and more.
13. The rich has not been impacted by Covid. They might even be enriched by it as stocks, properties and cryptocurrencies have rebounded strongly from the lows.
14. Credit Suisse projected Singapore might have 437,000 millionaires by 2025 ~(8% of population), a 62% increase from 270,000 in 2020. These series of en bloc will play a part to achieve that projection.
