Is it a case of “the more the merrier” for the collective sale market? Apparently so as not 1 or 2 but 5 freehold properties went up for collective sale with a total value exceeding $1.2 billion.
5 location-diverse freehold sites go en bloc for $1.2 billion in total
The 5 residential sites to go on en bloc sale are not only condominium developments but the list also includes 3 single-storey detached houses in Lorong H Telok Kurau. The latter is owned by individual families thus there is no need to seek approval from the Strata Titles Board. The minimum asking prices of these 3 houses range between $36 to $38 million.
In the first 4 and a half months of this year, 26 sites have already been sold en bloc to the tune of $8.33 billion. That is close to the $8.79 billion total for the whole of 2017.
Demand for residential properties remains strong when the price is right
Though developers have been voraciously snapping up land last year, their appetite has yet to peter out entirely.
Strong primary and secondary sales have also boosted their confidence in the medium future of the market, hence they are likely to still be on the lookout for land to acquire. The over-bidding may dull a little but when the price is right, keen buyers will be present.
Cavenagh Gardens which is located in the prime spot near Orchard road has a minimum bid price of $480 million which translates to $1,640 psf ppr. Over in Yew Siang road, Flynn Park has the potential to be developed into a new property with much higher floors and sea views.
It’s asking price? $363.8 million. With prices reasonable and not yet exorbitant, investors and developers may be tempted to purchase with mid-term returns in mind.