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Hard landing ahead for Singapore’s residential collective sale market

Changing market dynamics have made committing to a GLS site less risky for developers than bidding for an en bloc site

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Ry-Anne Lim

Ry-Anne Lim

Published Mon, May 20, 2024 · 04:39 PM
    • Pine Grove’s S$1.95 billion asking price translated to a land price of S$1,434 per square foot per plot ratio. 
    • Pine Grove’s S$1.95 billion asking price translated to a land price of S$1,434 per square foot per plot ratio.  PHOTO: BT FILE

    IT HAS been a tough time for Singapore’s residential en bloc sale market, with one unsuccessful attempt after another. Earlier this month, Pine Grove condominium found no takers for its S$1.95 billion asking price. It was the 99-year leasehold site’s fifth bid at a collective sale.

    Meanwhile, a flood of supply from the government’s land sales (GLS) programme will continue to divert developers’ attention and resources away from the private land sale market.

    And with property players turning more risk-averse, condo owners’ high asking prices will be even harder to match, market watchers told The Business Times.

    ResidentialCollective saleGovernment Land SalesSingapore residential propertyprivate home salesSpotlight

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