# Amended laws spur collective sale hopes, even as developers remain choosy - **Source:** EdgeProp Singapore - **Published:** 2026-10-23T03:45:00.000Z - **Author:** Cecilia Chow - **Original:** https://www.edgeprop.sg/property-news/amended-laws-spur-collective-sale-hopes-even-developers-remain-choosy - **Topics:** Transactions & Deals ## Featured rationale The changes may expand en bloc supply, but selective developers, narrowing owner premiums and redevelopment risks could continue limiting transactions, favouring smaller sites with flexible uses. ## AI summary At least 19 strata developments are exploring en bloc sales after consent thresholds were cut to 70% for projects aged 40–59 years and 65% for older projects. ## Original article Six weeks after Parliament passed a Bill on Sept 8 lowering the consent threshold for collective sales of older developments, at least 19 strata developments are exploring or preparing for en bloc sales. Many are still in the early stages of the collective sale process, notes JLL. They range from those assessing the feasibility of a collective sale to those that have already appointed marketing agents. These include privatised HUDC estates such as Braddell View and Lakeview Estate, commercial developments including The Arcade and Manhattan House, and mixed-use projects such as Upper Serangoon Shopping Centre. Read also: Bukit Sembawang looks to buy Kallang Distripark land for new waterfront homes and park at $196.04 mil However, the growing number of collective sale hopefuls has yet to translate into more deals. Whether it will “ultimately depends on realistic pricing from owners”, says Nicholas Ng, head of land and collective sales at JLL Singapore. “From experience, large projects embarking on collective sales for the first time rarely succeed, as owners have not yet experienced failure and often maintain unrealistic price expectations,” he adds. Developers remain selective, with only three significant collective sales recorded this year: Tan Boon Liat Building, which Kingsford Group agreed to purchase for $950 million in July; Loyang Valley, acquired by SingHaiyi Group for $880 million in April; and the rear block of The Centrepoint, purchased by Frasers Property for $391.9 million in February. Among those preparing for another attempt is International Plaza, the 50-storey Tanjong Pagar landmark whose owners have formed a new collective sale committee (CSC). It will be the development’s second attempt, following an unsuccessful launch at $2.7 billion in 2021 — then the highest asking price for an en bloc sale. Completed 50 years ago, International Plaza occupies a 75,089 sq ft site with 43 years remaining on its 99-year lease. The new CSC is chaired by Gerald Cheong, executive director of Tian Teck Investment Holdings, which owns a substantial stake in International Plaza. Kevin Liang, who chaired the previous CSC, returns as secretary. Read also: Beauty World Plaza makes fresh collective sale bid at $165 mil The committee has yet to set the reserve price, as it is “in the midst of appointing a marketing agent and a lawyer”, Liang says. More sites, few takers Tenders for 10 collective sale sites have recently closed, or are scheduled to close in October, with more to follow in November. Several have attracted enquiries but no firm bids. For example, People’s Park Centre in Chinatown, launched for the third time at $1.48 billion, received no bids when its tender closed on Sept 16. The development is now in a 10-week private treaty period ending Nov 24. “While there were no bids at the close of the tender, there were some enquiries,” says Sunny Wong, division director at ERA Realty, which is handling the sale. City Plaza, a freehold mixed-use development in Paya Lebar Central, is also in private treaty after its third collective sale tender closed on Oct 13 without a bid. The guide price was $970 million. Terence Lian, head of investment sales at Huttons Asia, says expressions of interest have been received. Read also: Balestier Regency relaunched for collective sale at unchanged price of $255 mil Two residential developments marketed by JLL — Lakeside Towers in Jurong West and Gilstead Court in Newton — have likewise entered private treaty after their tenders closed on Oct 1 and Oct 13, respectively. The 144-unit Lakeside Towers, on its third attempt, had a reserve price of $350 million, or $1,277 psf per plot ratio (ppr). The development has 48 years remaining on its lease. Gilstead Court, a 48-unit freehold condo in prime District 11, is on its fourth attempt since 2008, with a reserve price of $198 million, or $1,874 psf ppr. “Both Lakeside Towers and Gilstead Court attracted viewing activity during the marketing phase,” says Ng. Their private treaty periods end around Dec 9 and Dec 21, respectively. High Point, a 59-unit freehold condo on Mount Elizabeth, is also in its private treaty period, which ends on Dec 21, after its sixth collective sale tender by ETC (a member of Realion Group) closed on Oct 12. The development had a guide price of $580 million. Meanwhile, two developments relaunched for collective sale this month have tenders closing in November. Balestier Regency, a 72-unit freehold development on Jalan Ampas, is making its fifth attempt at an unchanged guide price of $255 million. Its tender closes on Nov 12. Beauty World Plaza, a 999-year leasehold mixed-use development next to Beauty World MRT Station, is on its third attempt at $165 million, with the tender closing on Nov 19. Smaller sites, alternative uses widen buyer pool While several larger collective sale sites have struggled to secure buyers, some smaller properties offering redevelopment flexibility have attracted stronger interest. Pek Chuan Building on Lavender Street drew three bids when its third collective sale tender closed on Oct 7. GH15 Ventures, an investment vehicle of GH15 Investments, a company registered to operate hostels and dormitories, won with a bid of $80.68 million. The successful bid was 4.8% above the $77 million asking price. It also exceeded the $80 million sought in the building’s two earlier attempts, in October 2025 and March 2026. Terry Wong of Colliers Singapore represented the bidder, while Dillon Loi of Mount Everest Properties marketed the property. The four-storey building can be redeveloped up to 12 storeys, while the buyer may also apply for a change of use to a hotel or mixed-use development. The property has about 51 years remaining on its lease. Redevelopment flexibility is also generating interest in two freehold sites marketed by Knight Frank Singapore, whose tenders close on Oct 23. One is Trendale Tower at 79 Cairnhill Road, which is on its fourth collective sale attempt. Completed in 1982, the 20-storey freehold development comprises just 18 apartments on a 21,709 sq ft site. Its guide price of $168 million translates to $2,248 psf ppr, including the 7% bonus gross floor area (GFA) for balconies, according to Knight Frank. The site could be redeveloped into a boutique luxury condo or a long-stay serviced apartment project. URA has indicated support for Serviced Apartment 2 (SA2) use under an outline planning permission application, subject to approvals. Melvin Chay, interim head of capital markets at Knight Frank Singapore, says interest has been strong. “We have received a healthy mix of enquiries from developers exploring conventional residential redevelopment for sale, as well as investors with a longer-term investment horizon evaluating the potential for SA2 use for recurring income,” he says. The two strategies have widened the pool of potential buyers beyond traditional residential developers, he adds. Chay says developers have also identified a shortage of large-format apartments, which are in demand. The other site, 154 Kampong Ampat, is a seven-storey industrial building in Tai Seng-MacPherson with a guide price of $105 million, or about $913 psf ppr. Its existing GFA of 114,969 sq ft exceeds what its current zoning permits, while authorities have indicated support for workers’ dormitory use. The property has drawn enquiries from developers, dormitory investors and owner-occupiers, Knight Frank says. In March, Soon Hock Enterprise, a developer and investor specialising in industrial assets, bought another industrial property, Kewalram House, for $120.51 million — $510,000 above its reserve price. The pricing gap Despite renewed interest in collective sales, developers remain cautious about acquiring en bloc sites, especially when Government Land Sale (GLS) sites offer a simpler alternative. JLL’s Ng says developers have become “very selective”, partly because collective sale sites generally take longer to secure than GLS sites. “Many GLS sites benefit from proximity to MRT stations, which is a significant advantage given Singapore’s growing rail network connectivity,” he adds. For owners, however, the motivation to pursue a collective sale rests largely on the premium they can secure over the resale value of their individual properties. Lee Liat Yeang, Dentons Rodyk senior partner of corporate real estate group, says owners typically expect a “healthy premium”, particularly as those selling residential properties must also find replacement homes. “This issue is particularly difficult if the owner is not a Singapore citizen or is a Singapore citizen with more than one residential property, given the potential additional buyer’s stamp duty (ABSD) exposure if they buy again,” adds Lee. Over the past two decades, the premium from a collective sale has narrowed significantly. Ian Loh, managing director of Quinvest Chambers International Property Consultants, estimates the premium at 20% to 40% today, compared with 40% to 60% during the 2017 to 1H2018 en bloc wave, and 60% to 100% at the 2005–2006 peak. Meanwhile, GLS land prices have continued to set new benchmarks. A site on Peck Hay Road fetched $1,865 psf ppr, a post-2018 high for the Core Central Region, while sites at Lorong Puntong and New Upper Changi Road set benchmarks of $1,612 and $1,537 psf ppr in the city fringe and suburbs respectively. However, rising GLS prices are unlikely to drive developers towards collective sale sites, says Norman Ho, senior partner at Rajah & Tann Singapore. En bloc acquisitions carry greater uncertainty, Ho continues, including potential objections from minority owners to the Strata Titles Board and delayed vacant possession, with owners generally allowed to remain up to six months after the sale is completed. GLS sites, by contrast, can be developed once they are awarded. Higher GLS prices also push up the cost of replacement homes, making it harder for owners to agree on a reserve price, Ho notes. He does not expect another wave of collective sales like the one nearly a decade ago. “A replacement home is also pricier, and the premium is much lower than before, so there is less incentive for them to sell and take the trouble to move out,” he says. Owners who bought their units recently may also be reluctant to sell if doing so would trigger the seller’s stamp duty within the four-year holding period, JLL’s Ng adds. Will lower consent thresholds make a difference? The amendments to the Land Titles (Strata) Act are intended to make it easier for older developments to secure the majority consent needed for a collective sale. Once the changes take effect, the consent threshold will fall from 80% to 70% for developments aged 40 to 59 years, and to 65% for those aged 60 years and above. This could give some developments that previously struggled to secure sufficient consent another opportunity. At Lagoon View, a 480-unit privatised HUDC estate in Marine Parade, the CSC had secured only 61% consent by end-August. The neighbouring 516-unit Laguna Park also failed to reach the 80% threshold in a recent attempt. However, the amendments come with another significant change: CSCs will have just six months, instead of 12, to gather the required signatures. The waiting period after a failed collective sale attempt will also be extended from two years to three. “Sometimes, owners take their own sweet time just because they have 12 months,” says Jeremy Lake, managing director of investment sales and capital markets at Savills Singapore. “Now they will only have six months, so it will focus their attention, which is actually a good thing.” However, Lake cautions that developments with 600 or more owners may struggle to secure the necessary consent within the shorter timeframe. International Plaza is one such development. With 962 strata units comprising shops, offices and homes, securing 70% consent within six months could prove challenging. “It’s a large-scale mixed-use development,” says Liang, the CSC secretary. Other large mixed-use developments are also looking to revive their collective sale ambitions. Orchard Towers, launched at $1.6 billion in 2022, failed to secure a buyer, and a subsequent 2023 attempt fell short of the 80% consent threshold. Its owners are said to be restarting the process. The owners of Far East Shopping Centre on Orchard Road are also said to be in the early stages of another collective sale attempt, following the collapse of a $908 million deal in 2024. While lower consent thresholds may encourage more developments to pursue collective sales, securing a buyer remains a different challenge. “With ABSD, GFA harmonisation, rising redevelopment costs and other regulatory considerations, developers face tighter margins and greater financial risks,” says Quinvest’s Loh. “Ultimately, easing the collective sale process does not necessarily translate into stronger developer demand or more successful en bloc transactions,” he adds. ## Chinese translation > Translation model: grok_cli ### 法律修订点燃集体出售希望，发展商仍精挑细选 提供另类重建用途的较小集体出售地块，正吸引更广泛的潜在买家关注。 国会于9月8日通过法案、下调较旧发展项目集体出售的同意门槛后六周，至少有19个分层地契发展项目正在探讨或筹备集体出售。 仲量联行指出，许多项目仍处于集体出售流程的早期阶段，既有正在评估集体出售可行性的，也有已委任营销代理的。 其中包括已私有化的HUDC组屋区，如Braddell View和Lakeview Estate；商业项目如The Arcade和Manhattan House；以及混合用途项目如Upper Serangoon Shopping Centre。 另读：Bukit Sembawang拟以新币1.9604亿元购入Kallang Distripark地块，打造滨水新宅与公园 不过，集体出售意愿升温尚未转化为更多成交。仲量联行新加坡土地与集体出售主管Nicholas Ng表示，最终能否成交“取决于业主能否给出符合现实的定价”。 他补充说：“根据经验，大型项目首次尝试集体出售鲜少成功，因为业主尚未经历失败，往往仍抱有不切实际的价格预期。” 发展商仍精挑细选，今年仅录得三宗重大集体出售：Kingsford Group于7月同意以新币9.5亿元购入Tan Boon Liat Building；SingHaiyi Group于4月以新币8.8亿元购入Loyang Valley；以及Frasers Property于2月以新币3.919亿元购入The Centrepoint后座。 准备再次尝试的项目中包括International Plaza。这座50层的丹戎巴葛地标，业主已组成新的集体出售委员会（CSC）。这将是该项目第二次尝试，此前于2021年以新币27亿元推出未果——当时为集体出售最高叫价。 International Plaza于50年前竣工，占地75,089平方英尺，99年地契尚余43年。 新集体出售委员会由Tian Teck Investment Holdings执行董事Gerald Cheong担任主席，该公司在International Plaza持有可观股权。此前委员会主席Kevin Liang此次出任秘书。 另读：Beauty World Plaza以新币1.65亿元再度竞投集体出售 Liang表示，委员会尚未设定底价，因为“正委任营销代理和律师”。 地块增多，接盘者寥寥 10个集体出售地块的投标近日已截止，或定于10月截止，11月还将有更多项目。 多个项目吸引了询价，但未获确实出价。例如，牛车水的People’s Park Centre第三次以新币14.8亿元推出，9月16日投标截止时无人出价。该项目现进入为期10周的私人协议期，至11月24日结束。 负责此次出售的ERA Realty部门董事Sunny Wong表示：“投标截止时虽无出价，但有一些询价。” 位于Paya Lebar Central的永久地契混合用途项目City Plaza，第三次集体出售投标于10月13日截止同样无人出价，现亦进入私人协议阶段。指导价为新币9.7亿元。 合登亚洲投资销售主管Terence Lian表示，已收到意向表达。 另读：Balestier Regency以不变的新币2.55亿元再次推出集体出售 仲量联行代理的两个住宅项目——裕廊西的Lakeside Towers和牛顿的Gilstead Court——投标分别于10月1日和10月13日截止后，同样进入私人协议阶段。 拥有144个单位的Lakeside Towers正进行第三次尝试，底价为新币3.5亿元，或每平方英尺地积比（ppr）新币1,277元。该项目地契尚余48年。 Gilstead Court是位于优质第11区的48个单位永久地契公寓，自2008年以来已是第四次尝试，底价为新币1.98亿元，或每平方英尺地积比新币1,874元。 Ng表示：“Lakeside Towers和Gilstead Court在营销阶段均吸引了看楼活动。”两者的私人协议期分别约于12月9日和12月21日结束。 位于Mount Elizabeth、拥有59个单位的永久地契公寓High Point，由ETC（瑞联集团成员）进行的第六次集体出售投标于10月12日截止后，现亦处于私人协议期，至12月21日结束。该项目指导价为新币5.8亿元。 与此同时，本月重新推出集体出售的两个项目，投标将于11月截止。 位于Jalan Ampas、拥有72个单位的永久地契项目Balestier Regency正进行第五次尝试，指导价维持新币2.55亿元不变，投标于11月12日截止。 毗邻Beauty World地铁站、拥有999年地契的混合用途项目Beauty World Plaza正进行第三次尝试，叫价新币1.65亿元，投标于11月19日截止。 较小地块与另类用途扩大买家池 尽管多个较大的集体出售地块难以觅得买家，一些具备重建弹性的较小物业则吸引了更强兴趣。 位于Lavender Street的Pek Chuan Building第三次集体出售投标于10月7日截止，共获三份出价。GH15 Investments的投资工具GH15 Ventures以新币8,068万元中标，该公司注册业务为经营旅舍和宿舍。 成交价较新币7,700万元的叫价高出4.8%，亦超过该大厦前两次尝试（2025年10月和2026年3月）所求的新币8,000万元。 高力国际新加坡的Terry Wong代表出价方，Mount Everest Properties的Dillon Loi负责营销该物业。 这座四层建筑可重建至最多12层，买家亦可申请改作酒店或混合用途发展。该物业地契尚余约51年。 重建弹性也令莱坊新加坡代理的两个永久地契地块受到关注，投标于10月23日截止。 其一是位于Cairnhill Road 79号的Trendale Tower，正进行第四次集体出售尝试。 该20层永久地契项目于1982年竣工，占地21,709平方英尺，仅有18套公寓。莱坊表示，指导价新币1.68亿元相当于每平方英尺地积比新币2,248元，已计入阳台7%额外总楼面面积（GFA）。 该地块可重建为精品豪华公寓或长住服务公寓项目。市区重建局已在大纲规划许可申请中表明支持服务公寓2（SA2）用途，惟须获批。 莱坊新加坡资本市场临时主管Melvin Chay表示，兴趣相当强劲。他说：“我们收到了相当多元的询价，既有探索传统住宅重建后出售的发展商，也有投资期限更长、评估SA2用途以获取经常性收入的投资者。” 他补充说，这两种策略已将潜在买家池扩大到传统住宅发展商之外。 Chay表示，发展商也注意到大户型公寓供应短缺，而这类单位有需求。 另一地块是位于Tai Seng-MacPherson的七层工业楼154 Kampong Ampat，指导价为新币1.05亿元，或约每平方英尺地积比新币913元。 其现有总楼面面积114,969平方英尺超出当前区划所允许的规模，当局亦表明支持劳工宿舍用途。莱坊表示，该物业已吸引发展商、宿舍投资者和自用买家询价。 3月，专攻工业资产的发展商兼投资者Soon Hock Enterprise以新币1.2051亿元购入另一工业物业Kewalram House，较底价高出新币51万元。 定价差距 尽管集体出售再度受到关注，发展商对收购集体出售地块仍持谨慎态度，尤其是政府售地（GLS）地块提供了更简便的替代选择。 仲量联行的Ng表示，发展商已变得“非常精挑细选”，部分原因是集体出售地块通常比政府售地地块需要更长时间才能落实。他补充说：“许多政府售地地块靠近地铁站，在新加坡轨道交通网络日益完善的背景下，这是显著优势。” 对业主而言，推动集体出售的动机主要取决于相对个别物业转手价值所能获得的溢价。德尊律师事务所企业房地产组高级合伙人Lee Liat Yeang表示，业主通常期望获得“可观溢价”，尤其是出售住宅物业的业主还需另觅替换住房。 Lee补充说：“若业主并非新加坡公民，或是持有超过一套住宅物业的新加坡公民，这一问题尤为棘手，因为再次购房可能面临额外买方印花税（ABSD）。” 过去二十年，集体出售溢价已显著收窄。Quinvest Chambers International Property Consultants董事总经理Ian Loh估计，如今溢价约为20%至40%，而2017年至2018年上半年集体出售浪潮期间为40%至60%，2005年至2006年高峰期则为60%至100%。 与此同时，政府售地价格持续刷新基准。Peck Hay Road一处地块成交价达每平方英尺地积比新币1,865元，为2018年后核心中央区高位；Lorong Puntong和New Upper Changi Road地块则分别在城市边缘和郊区创下每平方英尺地积比新币1,612元和1,537元的基准。 不过，Rajah & Tann Singapore高级合伙人Norman Ho表示，政府售地价格上升不太可能推动发展商转向集体出售地块。 Ho续称，集体出售收购不确定性更大，包括少数业主可能向分层地契局提出反对，以及延迟交空，业主通常可在出售完成后继续居住最多六个月。相比之下，政府售地地块一经中标即可开发。 Ho指出，政府售地价格走高也会推高替换住房成本，使业主更难就底价达成一致。 他预计不会再出现近十年前那样的集体出售浪潮。他说：“替换住房也更贵，溢价又远低于从前，因此业主出售并费心搬家的动力更弱。” 仲量联行的Ng补充说，近期购房的业主若出售会在四年持有期内触发卖方印花税，也可能不愿出售。 更低的同意门槛能否带来改变？ 《土地业权（分层）法》的修订旨在让较旧发展项目更容易取得集体出售所需的多数同意。 修订生效后，楼龄40至59年的项目同意门槛将由80%降至70%，楼龄60年及以上的项目则降至65%。 这可能让一些此前难以取得足够同意的项目再获机会。 位于马林百列、拥有480个单位的已私有化HUDC组屋区Lagoon View，集体出售委员会截至8月底仅取得61%同意。邻近拥有516个单位的Laguna Park在近期尝试中亦未能达到80%门槛。 不过，修订还伴随另一重大变化：集体出售委员会收集所需签名的时间将由12个月缩短至仅六个月。集体出售失败后的等候期也将由两年延长至三年。 第一太平戴维斯新加坡投资销售与资本市场董事总经理Jeremy Lake表示：“有时业主会慢慢来，只因为他们有12个月时间。” “现在他们只有六个月，这将促使他们集中注意力，这其实是好事。” 不过，Lake提醒，拥有600名或以上业主的项目，可能难以在更短时限内取得必要同意。 International Plaza正是此类项目。该项目有962个分层单位，涵盖商铺、办公和住宅，要在六个月内取得70%同意可能颇具挑战。集体出售委员会秘书Liang表示：“这是一个大型混合用途发展项目。” 其他大型混合用途项目也正寻求重启集体出售计划。 Orchard Towers于2022年以新币16亿元推出未能觅得买家，随后2023年的尝试未能达到80%同意门槛。据悉其业主正重启流程。 乌节路Far East Shopping Centre的业主据悉也处于另一次集体出售尝试的早期阶段，此前一宗新币9.08亿元的交易于2024年告吹。 尽管更低的同意门槛可能鼓励更多项目追求集体出售，觅得买家仍是另一挑战。Quinvest的Loh表示：“面对额外买方印花税、总楼面面积统一、重建成本上升及其他监管考量，发展商利润更紧、财务风险更大。” 他补充说：“归根结底，简化集体出售流程并不必然转化为更强的发展商需求，或更多成功的集体出售交易。”