Hard landing ahead for Singapore’s residential collective sale market

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.