Successful en bloc sales now spread out geographically over Singapore

Successful en bloc sales are now more spread out geographically over Singapore instead of being concentrated in the prime districts.

According to property consultant Knight Frank, the first three months of the year saw 18 collective sales being sealed.

Out of these, at least seven were in areas not traditionally known as hot beds for en bloc sales.

They include Hong Leong Garden in the west, Flamingo Valley in the east and Green Meadows to the north.

When these 18 sites are redeveloped, they will yield a total gross floor area of at least 6.3 million square feet or around 5,280 apartments of 1,200 square feet each.

During the first quarter, developers paid S$2.7 billion to acquire redevelopment sites.

This was twice what they spent in the same period last year.If development charges and lease upgrading premiums were added, the amount was over S$3 billion.

Source: Channel NewsAsia, 19 March 2007

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