East Coast development goes on collective sale by auction - the first since 1997

Singapore

A SMALL freehold apartment block off East Coast Road will soon be put up for collective sale at a public auction - which is a rarity in Singapore, as most en bloc sales take place via tender.

This is believed to be only the second time a collective sale will be held through a public auction; the first was more than two decades ago, in January 1997, when Far East Organization outbid DBS Land for Scotts Tower.

Joy Tan, Edmund Tie's head of auction and sales, said that a public auction is a more transparent process for the owners and for the prospective buyers in a collective sale.

"If successful, we will have more alternative modes of sale for en bloc sites," she said.

She noted that in Hong Kong, sites up for redevelopment are commonly sold …