What is Enbloc Sale?
Enbloc = in a lump; as a whole
Thus, an Enbloc Sale basically means: all owners of separate units in an apartment, condominium or even an office building, coming together to collectively sell their properties to a developer for comprehensive redevelopment.
Why Enbloc Sale?
- allows owners to sell their properties for at a higher price than they could fetch by selling individually in the open market by converting the unused land or development potential in their property development into cash.
- allows developers to utilize their purchased land / development’s potential.
When is Enbloc Sale Feasible?
Enbloc Sale is normally feasible when one or a combination of the followings is evident in the development:
- An increase in Plot Ratio of the land
- Re-zoning of the land to a higher use
- The land is not fully built up or utilized to its allowable development potential
The Enbloc Sale Process
- Checking the value of land
- Checking owners’ interest
- Sale preparation
- Marketing the land for sale
- Private treaty/ public tender and evaluation
- Legal completion of enbloc sale
- Delivery of vacant possession
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