# Former HUDC estates hopeful about hitting en bloc thresholds under proposed collective sale measures

- **Source:** Channel NewsAsia
- **Published:** 2026-08-12T22:00:00.000Z
- **Author:** Erin Liam
- **Original:** https://www.channelnewsasia.com/singapore/proposed-en-bloc-measures-former-hudc-estate-collective-sales-6314416
- **Topics:** Transactions & Deals

## Featured rationale

The change may unlock redevelopment of ageing former HUDC estates and expand housing supply, although high reserve prices, lease top-ups and developer risks could still constrain transactions.

## AI summary

Singapore has proposed lowering en bloc consent thresholds from 80% to 70% for developments aged 40 to 59 years and 65% for older estates.

## Original article

SINGAPORE: Some former Housing and Urban Development Company (HUDC) estates are hopeful that proposed lower en bloc thresholds could improve their chances of securing a collective sale. Pine Grove is pushing forward with its fourth attempt, which will conclude in mid-September, while Ivory Heights and Laguna Park have ended their en bloc attempts earlier this year, after failing to reach the current 80 per cent consent threshold. These former HUDC estates have yet to be sold collectively, alongside Lakeview Estate and Braddell View. Built in the 1970s and 1980s for middle-income households and later privatised, they sit on sprawling sites with a large number of units. Analysts previously said that the developments, which are reaching the mid-point of their 99-year lease, could potentially yield significantly more homes if redeveloped. For instance, the 516-unit Laguna Park plot could reportedly yield about 1,700 new units, while the 660-unit Pine Grove may be redeveloped to offer over 2,000 new homes, said PropNex CEO Kelvin Fong. Management corporation strata title (MCST) and collective sale committee members at the estates said they were optimistic about prospects of en bloc attempts should the proposed changes take effect, especially as maintenance needs of the ageing estates become more pressing. “This is about the best time. Everything has come into place,” said Mrs Cheryn Liew, Pine Grove’s MCST chairperson. She pointed to the proposed measures on top of the recently revised additional buyer’s stamp duty (ABSD) rules , which would give developers of large en bloc projects more time to sell units. “We are really too big, and the asset is really too old - 42 years old. The lights in that whole estate are also getting very dark,” she said. “To be honest, the shelf life has gone kaput many years (ago).” The Ministry of Law tabled a Bill on Aug 4 to lower the consent threshold for older developments aged 40 to 59 years from 80 per cent to 70 per cent, and from 80 per cent to 65 per cent for those aged 60 years and above.

The change could reduce the “hold-up” problem that many of these estates face from proceeding with a collective sale – particularly because of its sheer size – said Professor Sing Tien Foo, provost's chair professor of real estate at the National University of Singapore (NUS). At the same time, other proposed measures would tighten rules governing en bloc attempts, including raising the threshold to convene a general meeting to form a collective sale committee and halving the timeline for collective sale committees to secure signatures for a collective sale agreement from 12 months to six months. Prof Sing said these measures strike a balance between facilitating a collective sale and protecting the safeguards of owners who wish to stay. “Different owners may have different considerations. If you allow (en bloc exercises) to be carried out too frequently and even without strong support, it can create a lot of tension among the residents,” he said. RENEWED HOPE The law ministry said lowering the consent threshold would give owners of older developments a more practical option to consider redevelopment where there is broad support. Many developments have got significantly older since Singapore's collective sale regime was introduced in 1999. Such estates often require substantial investment for maintenance, repairs and upgrading works to remain safe and liveable, the ministry added. According to official government records, about one in 20 private non-landed residential units are over 40 years old.

For the former HUDC estates that have edged slowly towards the elusive 80 per cent, the lowering of the consent threshold is a welcome measure. Laguna Park concluded its fifth attempt with a reserve price of S$1.48 billion (US$1.16 billion) in early April, ahead of the expiry of its collective sale agreement in mid-August, with about 49 per cent of signatures secured. “We're definitely going to miss the boat on this one. So let's just kind of close this exercise and then prepare better for the next one,” said Ms Rita Waswani, the secretary of the estate’s collective sale committee. A key challenge was engaging owners, such as those who live overseas and those with medical issues requiring a power of attorney, leading to long-drawn processes. “But now that we have that experience, we thought it'll be a good way to rethink how we want to do this. And then, by the time Laguna Park is 50 in 2028, we can relaunch again,” she said. She raised concerns about the shortened timeline to collect signatures. For large estates, to reduce the timeline by half and give them 10 percentage points fewer signatures to collect is not proportionate, she added. “So, I just feel the six months is going to be a challenge unless the CSC is very, very well prepared and owners are very decisive ... No room for wait-and-see at all. People have to be decisive and sign, don't sign, close the story.” Ivory Heights ended its third official attempt in June with a reserve price of S$1.68 billion, and about 60 per cent of signatures. Mr Sambanthan Thavarajah, a member of that collective sale committee, cited mismatched pricing expectations as a main challenge in garnering the necessary signatures. But he is optimistic about future efforts, should a collective sale attempt be relaunched. He added that the shorter timeline is not an issue, since most of the signatures were gathered in the first six months. “All major roadblocks I see have been removed. Only the psychological part that can't do anything,” he said, pointing to some residents’ emotional attachment to their homes. Meanwhile, Pine Grove has gathered 64 per cent of signatures at its reserve price of S$1.78 billion, and Mrs Liew said the estate needs “less than a hundred” signatures to meet the current 80 per cent threshold by Sep 20, pending the passing of the law. The Bill will be debated by Members of Parliament (MPs) at the next available sitting, before they vote on it at the third reading. If passed and then assented to by the president, the amendments will take effect at a later date. If passed, most of the amendments would apply to ongoing en bloc exercises where the first signature to the collective sale agreement has not been obtained before the law comes into force. However, committees that are still collecting signatures will be allowed to convene general meetings to decide whether to terminate the agreement, and if so, to approve terms for a new agreement that will be subject to the new rules. Such collective sale committees will be given seven months from the start date to meet the required consent threshold for the new agreement. Mrs Liew said: "We have to decide come end of this month whether are we going for the 70 per cent or are we going to soldier on with this 80 per cent … it should be doable, it's just that we need the residents to be more forthcoming and realise what are the other challenges ahead should this en bloc fail."

NEED FOR RENEWAL Maintenance costs at the three estates have crept up over the years, presenting an impetus for redevelopment. At Pine Grove, a mandatory periodic facade inspection, lift replacement, spalling concrete repairs and sewerage repairs could cost the estate at least S$5 million. At this year’s annual general meeting (AGM), a resolution was passed for the monthly maintenance and sinking fund contribution fees to be raised by about 50 per cent from S$318.28 to S$479.60. Mrs Liew said the council might have to raise fees at the next annual general meeting to keep up with repair costs, adding that she was not keen on a special levy, as it would be financially taxing for some senior residents. A key concern is lifts, for which some replacement parts have become obsolete, she said. “I actually dread to think ... there are so many seniors and wheelchair residents in the apartment blocks. What would happen if something happened? I do not know how the paramedics are going to go up to the 17th floor to get our dear friend down,” she said. Laguna Park recently attempted to raise management fund and sinking fund contributions from residents by about 14 per cent and 40 per cent respectively. However, both resolutions failed. Ms Waswani noted that former HUDC estates – which were mainly built for those who did not qualify for Housing and Development Board (HDB) flats but could not yet afford private homes – do not come with “luxurious” condominium finishes. “The actual materials used to build were supposed to be low-cost maintenance, but the Laguna Park of 2026 is not the Laguna Park of 1978, and the Laguna Park of 2038 will not be the Laguna Park of 2026,” she said, pointing to the ageing infrastructure. “We have to keep trying (for en bloc), because there's no way this is going to last for 50 more years, so the writing is on the wall. It's not a question of if, it's a question of when,” she said. The situation is similar at Ivory Heights, where lift upgrading has become a pressing issue. Residents would have to fork out cash to cover the cost of lift replacement – which is at least a few million dollars – said Mr Thavarajah, although he did not disclose exact numbers. “For me it is particular because (it’s a) safety concern. Something can happen in the lift. Old people or young people can get caught,” he said.

CLEARING THE FIRST HURDLE Despite the need for maintenance, some residents are hesitant to participate in a collective sale because of their attachment to their homes. “Some people don't want to sell ... (They say) I grew up 30 years here. This is a 40-year-old building, the best of my life was spent here. “That one we cannot put a value,” said Mr Thavarajah. Ms Waswani said some residents “think with their heart” when it comes to these decisions. “(Some residents say) I work my whole life for this apartment. I want to leave it to my children,” she said. “I think with freehold, you leave a legacy to your kids. But with a leasehold, is it really a legacy, or are you leaving them a headache?” she said, adding that there is a need to “build awareness” before the estate launches a new attempt.

A more practical concern is the costs and hassle of finding a replacement home. Mr Tan Hong Boon, executive director of AlpsEdge Real Estate, noted that home prices have gone up in recent years. Some older residents or those who are already retired may choose to move to an HDB flat, with some spare cash for retirement – a route now made more accessible with the removal of the 15-month wait-out period. “But if they were to look at another private property of the same size, chances are it's very difficult for them to find,” he said. Units at HUDCs are generally more spacious. For example, a three-bedroom unit at Pine Grove can range from about 1,600 sq ft to 1,900 sq ft. By comparison, a three-bedroom unit at the upcoming Thomson Reserve condominium is estimated to be 950 sq ft. Ultimately, hitting the minimum number of signatures is just the first step. The next is finding a suitable developer willing to pay at the price point. Mr Chew Peet Mun, managing director of Investment and Development at CapitaLand Development Singapore, said the proposed changes provide flexibility in the execution of certain redevelopment projects, particularly larger, older residential estates, including former HUDC developments. This may broaden the range of opportunities available for developers to consider. Each site is assessed on its individual merits, taking into account factors such as location, planning parameters, development potential, land pricing, execution considerations and prevailing market conditions, he added. These large-scale redevelopments come with risks, said NUS Prof Sing. Unlike Government Land Sale (GLS) tenders, buying these estates is less straightforward because the collective sale may come with legal processes. “So the lowering of the threshold is just one factor. The second most important factor is the expectation. You need to set a reasonable expected price. The developer also has to evaluate whether it is possible for profitability based on current interest,” he said. “So if you set a very high price, the gap is too high. It's very difficult to find potential buyers.” The challenge of meeting price expectations is compounded by the fact that the older the estate, the more developers will have to pay for a top-up of the 99-year leases. Consequently, they might offer a lower reserve price. Mr Tan said setting price expectations right is a “process of education”. The collective sale committee should have an understanding of the market, with the help of a consultant. Owners are naturally more concerned about whether they will be compensated enough to find a replacement property. “So sometimes, their expectation is hinged on the replacement cost or expectation of what they should get, rather than what the market will pay for the site. “As a committee and a consultant, we have to then try to manage sellers’ expectations as well as the buyer's expectations … so both sides can eventually come to an agreement.”

## Chinese translation

> Translation model: openai_codex_cli

### 拟议集体出售措施下，前 HUDC 屋苑对达到 en bloc 门槛抱有希望

分析师表示，这些前 HUDC 屋苑占地广阔，99 年地契正接近中点，如果重建，可能提供多得多的住房。

新加坡：一些前 Housing and Urban Development Company（HUDC）屋苑希望，拟议下调的 en bloc 门槛能提高它们成功达成集体出售的机会。Pine Grove 正推进其第四次尝试，该尝试将于 9 月中旬结束；Ivory Heights 和 Laguna Park 则在未能达到当前 80% 同意门槛后，已于今年较早时候结束其 en bloc 尝试。这些前 HUDC 屋苑尚未完成集体出售，其他还包括 Lakeview Estate 和 Braddell View。它们建于 1970 年代和 1980 年代，面向中等收入家庭，后来完成私有化，占地广阔且单位数量众多。分析师此前表示，这些项目的 99 年地契正接近中点，如果重建，可能显著增加住房供应。例如，PropNex 首席执行官 Kelvin Fong 表示，据报道，拥有 516 个单位的 Laguna Park 地块可提供约 1,700 个新单位，而拥有 660 个单位的 Pine Grove 可能重建为超过 2,000 套新住宅。这些屋苑的管理层委员会分层地契（MCST）和集体出售委员会成员表示，如果拟议修订生效，他们对 en bloc 尝试的前景感到乐观，尤其是老化屋苑的维修需求日益迫切。Pine Grove 的 MCST 主席 Cheryn Liew 女士说：“这大概是最好的时机。一切都已经到位。”她提到，除了拟议措施外，最近修订的额外买方印花税（ABSD）规则也会给予大型 en bloc 项目的发展商更多时间出售单位。她说：“我们真的太大了，而这项资产也真的太旧了，已经 42 年。整个屋苑的灯也变得非常昏暗。”“老实说，很多年前它的使用寿命就已经完蛋了。”律政部于 8 月 4 日提交一项法案，拟将楼龄 40 至 59 年的较旧项目同意门槛从 80% 下调至 70%，并将楼龄 60 年及以上项目的门槛从 80% 下调至 65%。

新加坡国立大学（NUS）房地产教务长讲席教授 Sing Tien Foo 教授表示，这一改变可能减少许多此类屋苑在推进集体出售时面临的“卡住”问题，尤其是因为它们规模庞大。与此同时，其他拟议措施将收紧 en bloc 尝试的相关规则，包括提高召开大会以成立集体出售委员会的门槛，并将集体出售委员会为集体出售协议征集签名的期限从 12 个月减半至 6 个月。Sing 教授表示，这些措施在便利集体出售与保护希望留下的业主保障之间取得平衡。他说：“不同业主可能有不同考量。如果允许（en bloc 活动）过于频繁地进行，甚至在没有强力支持的情况下进行，就可能在居民之间制造许多紧张关系。”重燃希望 律政部表示，下调同意门槛将让较旧项目的业主在有广泛支持的情况下，更实际地考虑重建选项。自新加坡于 1999 年引入集体出售制度以来，许多项目已经显著老化。该部补充说，这类屋苑往往需要大量投资用于保养、维修和升级工程，以保持安全和宜居。根据政府官方记录，约每 20 个私人非有地住宅单位中就有 1 个超过 40 年楼龄。

对于那些缓慢接近但仍难以达到 80% 门槛的前 HUDC 屋苑而言，下调同意门槛是一项受欢迎的措施。Laguna Park 的第五次尝试以 14.8 亿新元（11.6 亿美元）的保留价于 4 月初结束，早于其集体出售协议 8 月中旬到期，当时已取得约 49% 的签名。该屋苑集体出售委员会秘书 Rita Waswani 女士说：“我们肯定会错过这一次机会。所以就先结束这次程序，然后为下一次做更好的准备。”一个主要挑战是与业主接触，例如居住在海外的业主，以及因医疗问题需要授权书的业主，这导致流程漫长。她说：“但现在我们有了这种经验，我们觉得这是一个重新思考要如何推进的好机会。然后，到 Laguna Park 在 2028 年满 50 年时，我们可以再次启动。”她对缩短征集签名期限表示担忧。她补充说，对大型屋苑而言，把期限减半，同时只少收集 10 个百分点的签名，并不成比例。她说：“所以，我只是觉得 6 个月会是一个挑战，除非 CSC 准备得非常非常充分，而且业主非常果断……完全没有观望空间。大家必须果断，签或不签，把事情了结。”Ivory Heights 的第三次正式尝试于 6 月结束，保留价为 16.8 亿新元，签名约达 60%。该集体出售委员会成员 Sambanthan Thavarajah 先生指出，价格预期不匹配是获得必要签名的主要挑战。但如果重新启动集体出售尝试，他对未来努力持乐观态度。他补充说，较短的期限不是问题，因为大部分签名是在前 6 个月内收集到的。他说：“我看到的所有主要障碍都已经被移除。只有心理层面的部分无能为力。”他指的是一些居民对其住家的情感依恋。与此同时，Pine Grove 已按 17.8 亿新元的保留价收集到 64% 的签名，Liew 女士表示，在法律通过仍待定的情况下，该屋苑需要“不到一百个”签名，才能在 9 月 20 日前达到当前 80% 的门槛。该法案将在下一次可安排的国会会议上由国会议员（MPs）辩论，之后他们将在三读时投票表决。如果通过并随后获得总统批准，修正案将在较后日期生效。如果通过，大部分修正案将适用于正在进行的 en bloc 活动，前提是在法律生效前尚未取得集体出售协议的第一份签名。不过，仍在收集签名的委员会将被允许召开大会，以决定是否终止协议；如果终止，则批准一份受新规则约束的新协议条款。这类集体出售委员会将自起始日起获得 7 个月时间，以达到新协议所需的同意门槛。Liew 女士说：“到这个月底，我们必须决定是争取 70%，还是继续硬撑这个 80%……这应该是做得到的，只是我们需要居民更加主动，并意识到如果这次 en bloc 失败，前方还会有什么其他挑战。”

更新需求 三个屋苑的维修成本多年来不断上升，成为推动重建的动力。在 Pine Grove，强制性定期外墙检查、电梯更换、混凝土剥落修补和污水系统维修，可能令屋苑至少花费 500 万新元。在今年的年度大会（AGM）上，一项决议获得通过，将每月维修费和偿债基金缴款约提高 50%，从 318.28 新元增至 479.60 新元。Liew 女士表示，理事会可能必须在下一次年度大会上提高费用，以跟上维修成本；她补充说，她不倾向于征收特别费，因为这会给一些年长居民带来财务压力。她说，一个主要担忧是电梯，因为一些替换零件已经停产。她说：“我其实不敢想……公寓楼里有这么多年长者和坐轮椅的居民。如果发生了什么事会怎样？我不知道医护人员要怎么上到 17 楼，把我们的好朋友带下来。”Laguna Park 最近试图将居民的管理基金和偿债基金缴款分别提高约 14% 和 40%。不过，两项决议均未通过。Waswani 女士指出，前 HUDC 屋苑主要是为不符合 Housing and Development Board（HDB）组屋资格、但又尚负担不起私人住宅的人士而建，并没有“豪华”的公寓装修。她指着老化的基础设施说：“实际用于建造的材料本应是低成本维护，但 2026 年的 Laguna Park 已不是 1978 年的 Laguna Park，而 2038 年的 Laguna Park 也不会是 2026 年的 Laguna Park。”她说：“我们必须继续尝试（en bloc），因为这里不可能再撑 50 年，形势已经很明显。这不是会不会的问题，而是什么时候的问题。”Ivory Heights 的情况类似，电梯升级已成为迫切问题。Thavarajah 先生表示，居民将不得不拿出现金来支付更换电梯的费用，至少要几百万新元，尽管他没有披露确切数字。他说：“对我来说，这一点很特别，因为（这是）安全问题。电梯里可能出事。老人或年轻人可能会被困住。”

跨过第一道门槛 尽管存在维修需求，一些居民因对住家的依恋而不愿参与集体出售。Thavarajah 先生说：“有些人不想卖……（他们说）我在这里长大 30 年。这是一栋 40 年楼龄的建筑，我人生最好的时光都在这里度过。”“这一点我们无法定价。”Waswani 女士表示，一些居民在作出这些决定时“用心去想”。她说：“（有些居民说）我一辈子都在为这套公寓工作。我想把它留给我的孩子。”她说：“我认为永久地契可以给孩子留下传承。但如果是租赁地契，这真的是传承吗，还是你留给他们一个麻烦？”她补充说，在屋苑启动新尝试之前，有必要“建立认知”。

一个更实际的担忧是寻找替代住家的成本和麻烦。AlpsEdge Real Estate 执行董事 Tan Hong Boon 先生指出，房价近年来已经上涨。一些年长居民或已经退休的人可能会选择搬到 HDB 组屋，并留下一些现金用于退休；随着 15 个月等候期的取消，这条路径如今更容易实现。他说：“但如果他们要找另一套同等面积的私人住宅，很可能非常难找到。”HUDC 的单位通常更宽敞。例如，Pine Grove 的三卧室单位面积可从约 1,600 平方英尺到 1,900 平方英尺不等。相比之下，即将推出的 Thomson Reserve 公寓的三卧室单位估计为 950 平方英尺。归根结底，达到最低签名数量只是第一步。下一步是找到愿意按该价格水平付款的合适发展商。CapitaLand Development Singapore 投资与发展董事总经理 Chew Peet Mun 先生表示，拟议修订为某些重建项目的执行提供灵活性，尤其是规模较大、楼龄较旧的住宅屋苑，包括前 HUDC 项目。这可能扩大可供发展商考虑的机会范围。他补充说，每个地块都会根据其个别优点进行评估，并考虑地点、规划参数、发展潜力、土地定价、执行因素和当前市场状况等因素。NUS 的 Sing 教授表示，这些大型重建项目存在风险。与政府售地（GLS）招标不同，购买这些屋苑并不那么直接，因为集体出售可能涉及法律程序。他说：“所以下调门槛只是一个因素。第二个最重要的因素是预期。你需要设定合理的预期价格。发展商也必须根据当前利息评估是否可能盈利。”“所以如果你设定一个非常高的价格，差距太大。就很难找到潜在买家。”满足价格预期的挑战还因屋苑越老、发展商为补足 99 年地契所需支付的费用越高而变得更复杂。因此，他们可能提出较低的保留价。Tan 先生表示，正确设定价格预期是一个“教育过程”。在顾问的帮助下，集体出售委员会应对市场有所了解。业主自然更关心自己是否会获得足够补偿，以找到替代物业。“所以有时候，他们的预期取决于替代成本，或他们认为自己应该得到多少，而不是市场会为该地块支付多少。”“作为委员会和顾问，我们随后必须努力管理卖方的预期以及买方的预期……这样双方最终才能达成协议。”