Date: 15 December 2018, Author: Wendy Wong, Source: CNA
Brief: Since the onset of July’s cooling measures, more than 30 collective sales sites have failed to find successful bidders at the close of tender where around 15 en bloc projects have sought to lower their asking prices. With the exception of at least two en bloc projects i.e. Mandarin Gardens, after finding out that the land parcel it sits on was undervalued, has raised its asking price by close to 12.5% to S$2.79 bil in November, and in a bid to secure a majority consensus, Pine Grove also raised its price in October by S$140 mil to S$1.86 bil. En bloc sales volume in 2019 is expected to drop to 10% to 20% of this year’s value and barring potential external economic shocks, some en bloc projects may relaunch in the first quarter whilst maintaining its initial asking price, according to CBRE & Huttons Asia respectively.