# Residential en bloc sales get nudge with extended ABSD deadline, but pricing still a big hurdle

- **Source:** The Business Times
- **Published:** 2026-07-28T10:43:20.000Z
- **Author:** Ry-Anne Lim
- **Original:** https://www.businesstimes.com.sg/property/residential-en-bloc-sales-get-nudge-extended-absd-deadline-pricing-still-big-hurdle
- **Topics:** Government & Policy, Transactions & Deals

## Featured rationale

Longer timelines could return large collective-sale sites to developers’ consideration, but high asking prices and ample GLS supply may continue limiting completed transactions.

## AI summary

From Jul 29, qualifying en bloc redevelopments yielding at least 700 homes receive six years for ABSD remission, while projects yielding at least 1,400 receive seven years.

## Original article

[SINGAPORE] A longer runway for construction and sales of mega en bloc redevelopments will put large collective sale sites back on developers’ radar, but price – not time – will still make or break deals, property players said.

Starting Wednesday (Jul 29), developers of large en bloc sites yielding at least 700 new homes will have a critical sales deadline extended by one year. This will give them six years to complete construction and sell all units before they have to fork out a hefty additional buyer’s stamp duty (ABSD) payment on the cost of the land.

For mega projects yielding at least 1,400 homes, the ABSD remission deadline will be extended to seven years, though developers must sell at least half the units by the end of the sixth year.

In a speech on Tuesday (Jul 28) announcing the changes, Minister for National Development (MND) Chee Hong Tat said the move aimed to “set the right incentives” for developers to rejuvenate large estates and encourage more land intensification.

Leonard Tay, Knight Frank head of research, described the move as “a long time coming”.

Historically, large-scale redevelopments faced materially different execution, construction and sales risks compared with “conventionally-sized” residential projects, yet were subject to the same five-year ABSD deadline.

“It is only logical that a sense of proportion-to-scale should be adopted into the policy, so that differences in size are recognised on a realistic and practical level,” Tay said.

A spokesperson at the Real Estate Developers’ Association of Singapore likewise noted that the “re-calibration” of the ABSD regime was timely, necessary and appropriate, to reflect the realities of large-scale en bloc redevelopments.

“(This will give) development projects the time required for safety, quality, sustainability and innovative concepts to be properly applied.”

Realion Group chief executive Desmond Sim saw the move as providing reprieve for developers, saying the ABSD remission deadline was “a band-aid that needs to be ripped off but is now being slowly pulled back”.

However, it is just one of many hurdles to closing a collective sale deal, Sim noted.

The largest obstacle, especially for massive sites carrying billion-dollar price tags, remains the asking price, said Sim, and the extension of the deadline might have the unintended effect of leading owners to stick to their positions.

While Sim expects to see more activity in the collective sale process as a result, he cautioned this may not lead to more sites being sold.

As Tay put it: “The revision does not fundamentally alter project economics,” and may not trigger a broad resurgence in en bloc activity.

Singapore’s collective sales market, once a hotbed of deals that yielded large windfall gains for owners of ageing condominiums, fell into an extended period of inactivity as owners’ asking prices reached levels judged as untenable by developers.

With the en bloc market now stirring again, the move to extend the ABSD remission deadline could give some potential sales a leg up.

The previously uniform deadline effectively pushed developers to “prioritise speed of sales over optimal launch phasing, pricing and product strategy”, or sometimes avoid taking on such large sites altogether, said Wong Shanting, Newmark’s head of research.

Extending the ABSD sales timeline should reduce the “size disadvantage” associated with such sites and reopen the window for older projects in need of renewal, she added.

At the same time, Tricia Song, CBRE’s research head for South-east Asia and Singapore, noted that larger sites are more efficient in “reaping economies of scale during construction”.

“They are also more transformational and thus better able to achieve ‘rejuvenation effects’ on the precinct, and ultimately offer better value to end-buyers with more facilities spread over lower maintenance costs,” said Song.

Alan Cheong, Savills executive director of research and consultancy, believes the longer ABSD runway could also “help break the logjam surrounding larger en bloc sites”, especially those on freehold and 999-year leasehold land.

The collective sales market has been subdued in recent years, with transactions falling from an estimated 17 in 2021 to just four in 2025, said Huttons Asia chief executive Mark Yip.

This is a far cry from the market’s pre-pandemic boom, when 28 deals worth a combined S$8.7 billion were completed in 2017, followed by another 38 totalling S$10.8 billion in 2018, said ERA chief executive Marcus Chu.

Still, DBS researchers said the market has begun to show signs of renewed momentum. Recent transactions include Thomson View by a consortium comprising UOL, Singapore Land and CapitaLand; Loyang Valley by a SingHaiyi-led consortium, and Tan Boon Liat building by Kingsford Group.

“With Singapore’s safe-haven status fuelling increasingly competitive GLS (government land sale)... bids, we expect more en bloc transactions to emerge, which could result in the cooling of land prices and hopefully prevent overall property prices from being too ‘bubbly’,” they said.

Renewed activity could come partly from large and ageing residential developments, especially those on 99-year leases, said Nicholas Mak, Mogul.sg chief research officer.

For instance, he estimated that Mandarin Gardens condominium in Siglap could yield 3,000 to 4,200 new homes if redeveloped. Pine Grove in Ulu Pandan, and Braddell View could similarly yield up to 2,050 and 2,500 units, respectively. Both projects have failed to secure buyers in previous collective-sale attempts.

Still, the large price tag attached to big sites is a challenge. Other key challenges include divergent owner interests and uncertain deal completion timeframe, said Song from CBRE.

“Developers generally prefer GLS sites due to greater transaction certainty with the government as the only seller, and thus a more straightforward and faster process,” she said.

Developers have also had “ample opportunities” to replenish their land banks through the GLS programme, said Newmark’s Wong.

In the second half of 2026, authorities will release around 4,745 private housing units on the confirmed list of the GLS programme. Sites on offer include two prime region parcels in Orchard and Holland Plain, three in the city fringe where new residential estates are planned, two in the suburbs on East Coast Road and Jurong East.

This brings the full-year confirmed list supply to 9,320 units, more than 50 per cent higher than the annual average confirmed list supply over the past decade, MND had said.

Yip of Huttons added that whether more en bloc sites launch for sale will depend on the proportion of foreigners and investors in the development.

“The prohibitive 60 per cent ABSD on foreigners will lead to a veto on a collective sale as the replacement home will likely cost more than what they can receive in the event of a successful sale,” Yip said. Investors may likewise oppose a sale because of the ABSD they could incur when buying another residential property.

Some market insiders also questioned why the longer timelines applied only to en bloc redevelopments, arguing that mega GLS projects, such as those in the Jurong Lake District, would benefit from some concessions given the massive undertaking it would require.

## Chinese translation

> Translation model: grok_cli

### 延长ABSD期限为住宅集体出售添动力，但定价仍是最大障碍

业界人士称此举“早该落实”，但不一定转化为更多地块成交

[新加坡] 业界人士表示，大型集体出售重建项目在建设与销售方面获得更长缓冲期，将使大型集体出售地块重回发展商视野，但决定交易成败的仍是价格——而非时间。

自周三（7月29日）起，可供应至少700个新住宅单位的大型集体出售地块发展商，关键销售期限将延长一年。这意味着他们有六年时间完成建设并售出全部单位，才须就土地成本缴纳高额额外买方印花税（ABSD）。

对于可供应至少1,400个单位的超大型项目，ABSD减免期限将延长至七年，但发展商须在第六年年底前售出至少一半单位。

国家发展部部长徐芳达于周二（7月28日）宣布相关调整时表示，此举旨在为发展商“设定正确激励”，以更新大型住宅区，并鼓励更集约的土地开发。

莱坊研究主管Leonard Tay形容此举“早该落实”。

历史上，大型重建项目在执行、建设与销售风险上，与“常规规模”住宅项目存在显著差异，却适用同样的五年ABSD期限。

Tay表示：“政策中纳入与规模相称的比例意识合乎逻辑，从而在现实与操作层面认可规模差异。”

新加坡房地产发展商公会发言人同样指出，对ABSD制度的“再校准”及时、必要且恰当，以反映大型集体出售重建的现实情况。

“（这将给予）开发项目足够时间，妥善落实安全、质量、可持续性与创新概念。”

Realion集团首席执行官Desmond Sim认为此举为发展商提供喘息空间，称ABSD减免期限“是一块需要撕掉的创可贴，如今正在被慢慢揭开”。

不过，Sim指出，这只是促成集体出售交易的诸多障碍之一。

他说，尤其是对标价达数十亿新元的超大地块而言，最大障碍仍是要价；而期限延长可能产生意想不到的效果，使业主更坚持自身立场。

尽管Sim预期集体出售流程会因此更活跃，但他提醒这未必会带来更多地块成交。

正如Tay所言：“修订并未从根本上改变项目经济性”，也可能无法触发集体出售活动的广泛回升。

新加坡的集体出售市场曾一度交易火热，为老化共管公寓业主带来可观收益，但随着业主要价被发展商视为难以承受，市场进入长期沉寂。

随着集体出售市场再度蠢蠢欲动，延长ABSD减免期限或可为部分潜在交易助一臂之力。

Newmark研究主管Wong Shanting表示，此前统一的期限实际上迫使发展商“优先追求销售速度，而非最佳推盘节奏、定价与产品策略”，有时甚至完全回避承接如此大型的地块。

她补充说，延长ABSD销售时间线应可降低这类地块的“规模劣势”，并为亟需更新的老旧项目重新打开窗口。

与此同时，世邦魏理仕东南亚及新加坡研究主管Tricia Song指出，较大地块在“建设期间实现规模经济”方面更有效率。

Song表示：“它们也更具转型意义，因而更有能力在片区产生‘更新效应’，并最终以更低的维护成本分摊更多设施，为终端买家提供更佳价值。”

第一太平戴维斯研究与咨询执行董事Alan Cheong认为，更长的ABSD缓冲期也“有助于打破围绕较大型集体出售地块的僵局”，尤其是永久地契与999年地契地块。

合登亚洲首席执行官Mark Yip表示，近年集体出售市场较为低迷，交易从2021年估计的17宗降至2025年仅4宗。

这与疫情前的繁荣相去甚远：2017年完成28宗、合计87亿新元的交易，2018年再录得38宗、合计108亿新元，ERA首席执行官Marcus Chu表示。

不过，星展研究员称市场已开始显现回暖迹象。近期交易包括由华业、新地与凯德组成财团收购的Thomson View、以新海逸为首财团收购的Loyang Valley，以及金丰集团收购的陈文烈大厦。

他们表示：“随着新加坡避风港地位推高政府售地（GLS）竞争……我们预期会有更多集体出售交易出现，这可能使地价降温，并有望防止整体房价过于‘泡沫化’。”

Mogul.sg首席研究官Nicholas Mak表示，回暖活动部分可能来自大型老化住宅项目，尤其是99年地契项目。

例如，他估计位于实乞纳的Mandarin Gardens共管公寓若重建，可供应3,000至4,200个新单位。乌鲁班丹的Pine Grove与Braddell View同样可分别供应多达2,050及2,500个单位。这两个项目此前集体出售均未能成功觅得买家。

不过，大地块附带的高昂总价仍是挑战。CBRE的Song表示，其他关键挑战还包括业主利益分歧与交易完成时限不确定。

她说：“发展商普遍更偏好GLS地块，因为政府是唯一卖方，交易确定性更高，流程也更直接、更快。”

Newmark的Wong表示，发展商也通过GLS计划获得了“充足机会”补充土地储备。

2026年下半年，当局将在GLS确认名单上释出约4,745个私人住宅单位。供应地块包括乌节与Holland Plain两幅核心区地段、三幅规划新建住宅区的城市边缘地段，以及东海岸路与裕廊东两幅郊区地段。

国家发展部此前表示，这将使全年确认名单供应达到9,320个单位，较过去十年年均确认名单供应高出逾50%。

合登的Yip补充说，是否有更多集体出售地块推出销售，将取决于项目中外国人与投资者的比例。

Yip说：“针对外国人的60%惩罚性ABSD，将导致对集体出售投否决票，因为重置住房的成本很可能高于成功出售后所能获得的款项。”投资者同样可能反对出售，因为购置另一套住宅物业时可能须缴纳ABSD。

部分市场人士也质疑，为何更长时限仅适用于集体出售重建项目，认为如裕廊湖区等超大型GLS项目，鉴于工程规模庞大，也应获得一定宽限。