# Proposed lower consent thresholds could revive en bloc market, but boom unlikely: Analysts

- **Source:** Channel NewsAsia
- **Published:** 2026-08-04T10:19:35.000Z
- **Author:** Vanessa Lim
- **Original:** https://www.channelnewsasia.com/singapore/en-bloc-condominiums-revive-new-changes-analysts-6297541
- **Topics:** Private Residential, Government & Policy, Transactions & Deals

## Featured rationale

More ageing developments may test the en bloc market, but acquisition costs, replacement-home prices and developers’ preference for GLS sites could constrain successful transactions.

## AI summary

Proposed amendments would lower collective-sale consent thresholds to 70% for developments aged 40 to 59 years and 65% for those aged at least 60 years.

## Original article

SINGAPORE: Lowering the consent thresholds for collective sales of older condominiums could encourage more ageing developments to test the en bloc market, although this is unlikely to trigger another boom, property analysts said. Developers' appetite, acquisition costs and realistic pricing will continue to determine whether deals go through, they added. On Tuesday (Aug 4), the Ministry of Law tabled amendments to the law that would lower the required consent for collective sales from 80 per cent to 70 per cent for developments aged between 40 and 59 years, and to 65 per cent for those aged 60 years and above. The proposed amendments are aimed at facilitating the redevelopment of Singapore's ageing private housing stock while introducing stronger safeguards for minority owners. SRI head of research and data analytics Mohan Sandrasegeran said the changes could help remove some of the procedural obstacles that have prevented otherwise viable collective sale attempts from progressing. “In larger or older estates, securing the final portion of consent can be particularly difficult, even where a substantial majority of owners supports redevelopment,” he said. Singapore's en bloc market has remained subdued since the last property cycle peaked in 2017 and 2018, when 28 and 38 collective sale transactions respectively were completed, according to ERA Research and Market Intelligence. Activity fell sharply to six transactions in 2019, and has remained relatively muted since, with between four and 12 deals completed annually.

OLDER DEVELOPMENTS Analysts generally agreed that older developments unlock greater value. Projects with relatively low existing plot ratios, sizeable land parcels, ageing buildings, or locations that have benefited from improved transport links and amenities are likely to attract developer interest, said Mr Sandrasegeran. Older freehold developments may be especially appealing, although well-located 99-year leasehold projects could also remain viable, he added. According to official government records, m ore than 360,000 private non-landed residential units are currently below 40 years, while 20,000 private non-landed residential units are above 40 years. Huttons Group senior director of data analytics Lee Sze Teck estimated there are around 150 private non-landed developments aged between 40 and 59 years, and fewer than 10 developments aged 60 years and above that could potentially benefit from the revised thresholds. About 40 per cent of these older developments are located in Districts 9, 10 and 11 in Singapore's core central region, potentially increasing the likelihood of successful en bloc sales in areas with relatively limited Government Land Sales supply, he added. ERA Singapore chief executive Marcus Chu said the lower thresholds would give more ageing estates the opportunity to enter the collective sale market and could "turn the spotlight back" on en bloc sales, particularly when combined with the recent extension of developers' Additional Buyer's Stamp Duty (ABSD) remission timelines for large projects. He added that ageing condominiums built to lower plot ratios, particularly those in mature estates with little undeveloped land, could be comprehensively redeveloped to make better use of scarce land. Commenting on the proposed amendments, PropNex chief executive officer Kelvin Fong said some of the unsuccessful en bloc developments in the past, such as Braddell View, Laguna Park and Pine Grove, could potentially yield significantly more homes if redeveloped under current planning parameters. EN BLOC BOOM? Mr Mohan said securing the final tranche of consent can be particularly difficult in larger or older estates, even where a substantial majority of owners supports redevelopment. The proposed changes could encourage developments whose previous en bloc attempts narrowly missed the required consent level to return to the market, he said. However, he does not expect the amendments alone to trigger a broad-based en bloc boom. "Developers will continue to compare collective sale sites against Government Land Sales opportunities," Mr Sandrasegeran said. "Unlike state land tenders, en bloc acquisitions can involve lease top-up premiums, development charges, demolition costs, complex site conditions and longer transaction timelines.”

He added that developers must also factor in the ABSD obligations imposed on residential land acquisitions. Last week, it was announced that housing developers taking on large en bloc projects will get more time to complete and sell units under revised ABSD rules . The changes took effect for residential land acquired on or after Jul 29. While Mr Lee expects more developments to test the market, he said successful sales will ultimately depend on realistic reserve prices and the ownership profile of each development. Projects with a high proportion of foreign owners or investors may face greater challenges because replacement costs for such owners tend to be higher, he said. SAFEGUARDS Analysts were divided on whether the proposed safeguards strike the right balance between facilitating redevelopment and protecting owners who do not wish to sell. The Bill seeks to raise the minimum support needed to form a collective sale committee to 35 per cent of owners, up from the current requirement of 20 per cent of owners by share value or 25 per cent of the number of units in the development. Collective sale committees would also have six months instead of 12 months to secure signatures for a collective sale agreement. The Bill also proposes that the waiting period following a failed en bloc attempt would be extended from two years to three years. Mr Chu said requiring stronger initial support strikes a balanced approach by reducing the likelihood of collective sale attempts with limited backing, although the shorter signing period could prove more challenging for larger developments. Mr Lee similarly said the tighter safeguards provide adequate protection for minority owners while still making collective sales more achievable. Mogul.sg chief research officer Nicholas Mak said that while the stronger safeguards improve checks and balances between owners who support and oppose collective sales, the shorter timeline for collecting signatures could encourage high-pressure tactics by pro-en bloc owners racing to meet the new deadline. In turn, that could heighten tensions among neighbours despite the additional safeguards, he said. He said a major obstacle to successful en bloc sales is the rising cost of replacement homes. "Property owners who are thinking whether to agree to an en bloc sale would have to consider the cost of the replacement homes that they must purchase before they move out of their current homes. "Some owners, especially those with children or a multi-generational family, would want to buy a replacement home that is the same size or has the same number of bedrooms as their current homes. Hence, downgrading to a smaller dwelling unit is not an option. "As the prices of new and resale homes continue to rise, these owners would be forced to raise the asking prices for their existing properties, which would pose a challenge to a successful en bloc sale."

## Chinese translation

> Translation model: openai_codex_cli

### 分析师：拟议降低同意门槛或重振集体出售/en bloc 市场，但不太可能出现热潮

一名分析师表示，集体出售取得所需签名的时间缩短，可能会加剧不愿出售的邻里之间的紧张关系。

新加坡：房地产分析师表示，降低较老公寓集体出售的同意门槛，可能鼓励更多老化项目测试集体出售/en bloc 市场，尽管这不太可能引发另一轮热潮。他们补充说，发展商的胃口、收购成本和现实定价将继续决定交易能否完成。周二（8 月 4 日），律政部提交法律修正案，拟将楼龄 40 至 59 年项目的集体出售所需同意比例从 80% 降至 70%，楼龄 60 年及以上项目则降至 65%。拟议修正案旨在促进新加坡老化私人住宅存量的重建，同时为少数业主引入更强的保障。SRI 研究与数据分析主管 Mohan Sandrasegeran 表示，这些变化可能有助于消除一些程序性障碍，这些障碍此前阻碍了其他方面可行的集体出售尝试向前推进。他说：“在较大或较老的屋苑中，即使绝大多数业主支持重建，取得最后一部分同意也可能尤其困难。”根据 ERA Research and Market Intelligence 的数据，自上一轮房地产周期在 2017 年和 2018 年见顶以来，新加坡的集体出售/en bloc 市场一直低迷，当时分别完成了 28 宗和 38 宗集体出售交易。2019 年活动急剧下降至 6 宗交易，此后一直相对平淡，每年完成 4 至 12 宗交易。

较老项目 分析师普遍认为，较老项目能释放更大价值。Sandrasegeran 先生表示，现有地积比相对较低、地块面积可观、建筑老化，或受益于交通连接和设施改善的项目，可能会吸引发展商兴趣。他补充说，较老的永久地契项目可能尤其具有吸引力，尽管位置优越的 99 年地契项目也可能仍具可行性。根据官方政府记录，目前有超过 360,000 个私人非有地住宅单位楼龄低于 40 年，而 20,000 个私人非有地住宅单位楼龄超过 40 年。Huttons Group 数据分析高级董事 Lee Sze Teck 估计，约有 150 个楼龄 40 至 59 年的私人非有地项目，以及少于 10 个楼龄 60 年及以上的项目，可能从修订后的门槛中受益。他补充说，这些较老项目中约 40% 位于新加坡核心中央区的第 9、10 和 11 邮区，在政府售地（GLS）供应相对有限的地区，可能提高集体出售成功的可能性。ERA Singapore 首席执行官 Marcus Chu 表示，较低门槛将让更多老化屋苑有机会进入集体出售市场，并可能让集体出售重新成为焦点，尤其是在结合近期延长大型项目发展商额外买方印花税（ABSD）豁免期限的情况下。他补充说，以较低地积比建造的老化公寓，特别是位于未开发土地稀缺的成熟屋苑中的公寓，可以进行综合重建，以更好地利用稀缺土地。PropNex 首席执行官 Kelvin Fong 在评论拟议修正案时表示，过去一些未成功集体出售的项目，例如 Braddell View、Laguna Park 和 Pine Grove，如果按照当前规划参数重建，可能带来显著更多住宅。集体出售/en bloc 热潮？Mohan 先生表示，在较大或较老的屋苑中，即使绝大多数业主支持重建，取得最后一批同意也可能尤其困难。他说，拟议变化可能鼓励此前集体出售尝试以微弱差距未达到所需同意水平的项目重返市场。不过，他不认为仅凭修正案就会引发广泛的集体出售热潮。Sandrasegeran 先生说：“发展商将继续把集体出售地块与政府售地机会进行比较。”“与国有土地招标不同，集体出售收购可能涉及补足地契溢价、发展费、拆除成本、复杂的地块条件和更长的交易时间表。”

他补充说，发展商还必须考虑住宅土地收购所承担的 ABSD 义务。上周，有关方面宣布，根据修订后的 ABSD 规则，承接大型集体出售项目的住宅发展商将获得更多时间完成并售出单位。这些变化适用于 7 月 29 日或之后收购的住宅土地。Lee 先生预计会有更多项目测试市场，但他说，成功出售最终将取决于现实的保留价以及每个项目的业主结构。他说，外国业主或投资者比例较高的项目可能面临更大挑战，因为这类业主的置换成本往往更高。保障措施 分析师对于拟议保障措施是否在促进重建和保护不愿出售的业主之间取得适当平衡意见不一。该法案拟将成立集体出售委员会所需的最低支持率提高至 35% 的业主，高于目前按份额价值 20% 的业主或按项目单位数 25% 的要求。集体出售委员会也将有 6 个月而不是 12 个月来取得集体出售协议签名。该法案还建议，将一次失败的集体出售尝试之后的等待期从两年延长至三年。Chu 先生表示，要求更强的初始支持是一种平衡做法，可降低支持有限的集体出售尝试出现的可能性，尽管较短的签名期可能对较大项目更具挑战。Lee 先生同样表示，更严格的保障措施为少数业主提供了足够保护，同时仍使集体出售更容易实现。Mogul.sg 首席研究官 Nicholas Mak 表示，尽管更强的保障措施改善了支持和反对集体出售的业主之间的制衡，但较短的收集签名时间表可能鼓励支持集体出售/en bloc 的业主为赶上新期限而采取高压策略。他说，这反过来可能在额外保障措施下仍加剧邻里之间的紧张关系。他说，成功集体出售的一大障碍是置换住房成本上升。“正在考虑是否同意集体出售的业主，必须考虑他们在搬离现有住房前必须购买的置换住房成本。“一些业主，尤其是有子女或多代同堂家庭的业主，会希望购买与当前住房面积相同或卧室数量相同的置换住房。因此，降级到较小住宅单位不是一个选项。“随着新房和转售房价格继续上涨，这些业主将被迫提高其现有物业的要价，这将对成功的集体出售构成挑战。”