"I am a BLOGGER NOT an expert. This is a BLOG not a 'go-to' website for official information. I represent no one's view save my own. I have neither legal nor financial training, nor do I have anything to do with the real estate industry. My understanding of the Collective Sale Process is from a layman's position only. My calculations, computations and tables are homespun and may contain errors. Please note that nothing in this blog constitutes any legal or financial advice to anyone reading it. You should refer to your lawyer, CSC or financial adviser for expert advice before making any decision. This disclaimer is applicable to every post and comment on the blog. Read at your own risk."
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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.

Enbloc Follow Up

It has been a while since a number of estates were burned (ahem, I mean sold) enbloc and spanking new condominiums have since risen from their ashes. It's time to take a look at how the developers fared in their bargain basement purchases.
(*Source of raw data REALIS. Not all units sold will lodge a caveat so the data is never complete. Profit and construction costs are only estimates.  All charts are my own, and as such prone to error and inaccuracy.  Read at your own risk. 

Let's start with poor ....Minton Rise    (ex-hudc) sold for a song in 2007.
96% of the units sold in the new condo have lodged their caveats and so the total sales proceeds as well as their square footage can be totted up.

The total sales proceeds were an astounding 1.13 billion .... The original owners got a paltry $611k each. No doubt they were treated to the same nonsense about 'premium above present market price' and failed to get a residual land valuation.

Next Up... ...Waterfront View    . This Enbloc is notable not only for their poor enbloc proceeds / unit  but also the landmark decision in the High Court which underlined the Law on financial loss with regard to CPF. CPF is monopoly money - whatever about losing your accrued interest - you also can lose the principle sum without it going towards financial loss.
This estate is hard for me to estimate - because 4 condominiums arose from where once the single ex-HUDC estate stood. How to estimate the construction costs? I've given it a very conservative $900k.
I include the summary of the raw data too, for reference.

Who's next...
How about the earliest HUDC Enbloc .... Amberville.... in Marine parade. Now, at the time, their enbloc windfall was considered pretty good and the owners were happy. Mind you, nobody knew anything back then. It took forever for the new condominium to be built.

Let's move on to ...Gillman Heights..... The developer ran into trouble selling their high class apartments and are heading for their 3rd Year of Extension on the Additional Buyer's Stamp Duty (ABSD) for unsold units. According to one website; The Interlace has 105 units still unsold. They need to drop their prices to avoid paying mucho moolah in fines. I put their construction cost at $600m - because of the unusual design - but it could be higher.

And finally ... Farrar Court .... The first ex-Hudc estate to do justice to the 607 owners and realised the full potential of their choice site. It is not their fault the developer has been struggling to sell off all the units - not surprising as the design is SO ugly and fails to attract. Again I put the construction cost at an arbitrary $600m.  D'Leedon is in it's 2nd Yr of ABSD Extension and heading for a 3rd.


  1. Developer got lucky. Nobody expected prices to go north the way they did at that time.

  2. Farrer Court was marketed by Enbloc Maestro Mr Karamjit Singh. He's also involved in the exemplary payout for Shunfu and Raintree.
    It's never easy engaging hundreds of residents with such diverse personalities, backgrounds and demands. Mr Singh's team are true professionals; open, forthright and engaging with SPs, welcoming and incorporating residents contribution. Getting SPs involved in the process and thus gaining their trust. Put the estate in the best possible light, winning owners confidence.
    Prepared well with their product knowledge, negotiated hard to optimise returns for their clients.

    Diligence is the mother of good luck. Benjamin Franklin

    Fortune favors the prepared mind. Louis Pasteur

    Luck is a dividend of sweat. The more you sweat the luckier you get. Ray Kroc of MacDonalds

    What's luck got to do with it? Minuscule at best. Good decent men, doing honest, hard work is too often underrated.

    PS That Developers are Professionals and do their due diligence is beyond doubt. I'm speaking from the perspective of an SP at the mercy of sub par mediocrity MA/SC.

  3. SC is under time pressure, yet lacks urgency.
    What is their plan? Is there one?
    This debacle is of their own doing, leaves our beleaguered SC with few and only bad choices:

    1) Do nothing. Fat chance it will happen naturally. A lack of progress will see Eldan and Huttons bolt. SPs will lose patience and become increasingly agitated by an indifferent SC.

    2) Further enhance RP to increase signature count. Tried and tested method; however, after emphatically stating that: "any higher unworkable, impossible figure", "too big to swallow" it lacks credence. Not dinkum; but keeps Enbloc hopes alive.

    3) End it now. Problem here is the need to call for an EOGM and face the wrath of SPs for Enbloc travesty. Can SC provide satisfactory answers for Conflict of Interest, lack of updates, withholding critical information, refusal to take up valuation offer, habitual blunders, breaches of the Law, favoritism for Huttons...

    Option 2 is appealing as it gives semblance of a functional SC, keeps the peace, avoids direct confrontation with SPs and can naturally end with a whimper. SC can now surpass themselves and put forth an even more ambitious RP.
    Now, let us wait in anticipation of Politburo's imminent announcement and respond enthusiastically. Just like in the DPRK. They pretend to be Enbloc experts; working hard behind the scene, a thankless task, for the good of all Tampines Courters; we must likewise pretend that there's real hope.