En bloc deadlock to continue in 2023

MANY residential collective sale sites will likely remain unsold next year, as a mismatch in price expectations between buyers and sellers continues. The situation is exacerbated by factors such as high replacement cost for homeowners, uncertain macroeconomic conditions for developers, as well as property cooling measures.

This year, 12 collective sale sites were sold out of 36 put on the market. According to a compilation done by real estate consultancy Colliers, the deals done as of Dec 5 were worth close to S$2.6 billion. For comparison, S$2.3 billion worth of deals were done last year.

The list includes the largest transaction this year – Chuan Park condominium at S$890 million – as well as Golden Mile Complex, which is a mixed development. The Chuan Park sale was given a stop order by the Strata Titles Board on Dec 9, as a group of six minority owners continue to object to the transaction.