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There is one thing worse than an Enbloc ----- and that is an Enbloc done badly. Since the majority have the necessary mandate to sell, then they owe it to all SPs to make a success of it. Minority SPs can only watch and wait, if they sell then lets pray it's at a price we can move on with, if they don't sell, then we are happy to stay for a few more years.

Total number of units en bloc-ed to date

How many units in the country have been en bloc-ed to date? 15,467. As can be seen from my unofficial graph, the total number of units sold in the last 2 years is nowhere near the total in the boom years of 2005 to 2007.

The ex-HUDCS in the outer areas (OCR) that were sold in 2006/2007 (Amberville, Waterfront View, Minton Rise are showing strong  sales in their new developments as can be seen from this chart from URA (the red/blue/pink notations are my additions). Indeed, the mass market properties in OCR places such as Pasir Ris, Simei, Tanah Merah Tampines, and Bedok are being snapped up like there was no tomorrow.

D'Leedon in upmarket D10 is lagging behind. Yes, the developer paid top dollar when acquiring the land through an en bloc,  but  neither the price paid nor it's ex-HUDC status have any bearing on it's present identity and lack-lustre performance.  Something about this project just does not gel with would-be buyers. 

I looked up some other new projects in the D10 to see how they were/are faring:

Apart from D'Leedon, they are all freehold and the ones launched are either sold out or showing healthy sales. The one to watch here will be Leedon Residence which will be directly opposite D'Leedon and will probably be priced >$2000 psf.  So D'Leedon is competitively priced in comparison. Mind you, if I had to choose between Silversea and D'Leedon (both around the same price), Silversea would trump because of it's superior location.

So, what else could be causing the lower than expected sales?

Personally, I think it's behemoth size at 1,715 units makes it too big for comfort. The developer could have divided the land into 2 or 3 different developments - as in the Waterfront Collection - people like to feel they are buying into exclusivity, not an entire neighbourhood.  Looking at the floor plans, there are next to no balconies, a crucial mistake if Westerners are their target sector.
But not to worry, they bought the land at $762 psfppr and are currently selling it at a median price of $1577 psf.  The development will eventually sell out and we shall see then just how much money was won or lost.

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