What does the increasing en-bloc sale mean for Singapore property market?

Another government land nearby could be up for grabs soon.

After UOL and UIC made a successful acquisition of the 175 unit-Raintree Gardens in Potong Pasir for S$334m, there's another potential government land sale to keep an eye on as developers scour the en bloc space for land.

According to DBS Group Research, the commercial and residential site at Upper Serangoon Road (next to the Bidadari HDB) is estimated to be launched in December 2016.

The land's total area is 201k sqft with a plot ratio of 2.8 and estimated ground floor area of 564k sqft. The land has 70 years remaining tenure.

The research firm notes that there is increasing en-bloc sales as developers are hungry amid a dearth of land bank supply in Singapore.

It adds that the strong interest also implies that developers have a more positive outlook in the medium term, as these land banks have tighter rules including QC charges in seven years if the units are not fully sold and the en-bloc process will likely be longer.

UOL and UIC's acquisition of RainTree Gardens is the second en-bloc sale of a privatised former HUDC estate this year.

Shunfu Ville, Bishan was the first en-bloc sale this year in nine years at S$639m (S$557 psf ppr).

Prior to these two transactions, the last en bloc of former HUDC estate, now D’Leedon, was acquired by CapitaLand in June 2007.

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