Newly-minted en bloc millionaires offer rich pickings for banks

Singapore

BANKS have been homing in on residents who have sold homes through an en bloc sale, a property transaction process which is throwing up a uniquely Singapore species of freshly minted millionaires who are collectively worth billions of dollars.

Last Monday, 11 United Overseas Bank bankers descended on the residents of Dunearn Gardens as they got their cheques for the sale of the 114-unit freehold residential development located off Newton Road.

The sale was made in April to a fully-owned unit of EL Development - the property arm of building firm Evan Lim Group - for S$468 million.

Each apartment owner got about S$2.69 million to S$7.98 mil…