The en bloc wave in Singapore could be sweeping up two more condominium developments soon as owners are mulling whether to proceed with the collective sales, The (Singapore) Business Times reported.
Respective collective sales committees for the 209-unit Vista Park condominium in Pasir Panjang and the How Sun Park estate in Singapore's Bartley area are now waiting to secure the consent from at least 80% of the properties' owners to commence the sales process, the publication noted. Consent for the sale of Vista Park is expected within three weeks following a Sept. 28 meeting, while approval for How Sun Park is expected to hit 80% within seven days from Oct. 8.
According to the Oct. 7 report, the Vista Park property could be taken to the market, in its third attempt at a collective sale, with a S$345 million asking price and a S$62 million development premium for the replenishment of the site's 99-year term lease. The site has a gross floor area of 446,948 square feet and a 1.4 plot ratio.
Meanwhile, the paper added, that How Sun Park, which has a 1.4 plot ratio and gross floor area of roughly 76,920 square feet, could hit the market with a S$72 million price tag that is subject to a S$12.7 million charge, depending on the property's development baseline.
Year-to-date, 16 development sites have been sold en bloc in the city-state. The transactions accumulated an estimated S$5.83 billion, higher compared with the S$1 billion recorded for full-year 2016, The Business Times added.
JLL senior consultant Karamjit Singh was quoted by the paper as saying the heat of the en bloc market in Singapore could be sustained until mid-2018, when concerns regarding the market are expected to peak, leading to the implementation of cooling measures.
As of Oct. 6, US$1 was equivalent to S$1.37.