Are the days of Singapore’s en bloc fever over?
Last year saw just four completed collective sales and a success rate of 25 per cent
IT WAS yet another quiet year for the collective sales market in 2024, with four successful deals out of just 16 properties put on the market – half of 2023’s 32 properties.
Market watchers noted a prolonged drought in the market, particularly for residential en bloc deals as the mismatch in price expectations between buyers and sellers continued. All eyes have now turned to the commercial market, which appears to hold more potential for investors and developers with higher yields and greater demand.
According to data crunched for The Business Times by real estate consultancy CBRE, some S$2.3 billion worth of residential and commercial collective sales concluded as at Dec 31, 2024. These include Concorde Hotel and Shopping Mall, which was bought out by majority-owner Hotel Properties Limited for S$821 million in November, making it the largest transaction of the year.
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