Sorry to break it to you, but en bloc is usually announced for much older buildings, so if you’re hoping to become a millionaire from en bloc, it’s probably not going to happen since most of the real estates in Singapore are relatively new and functional.
However, if you do own a property that fulfills all the criteria mentioned, you might be able to gain huge returns(enough to make you a millionaire) through the sale.
But, considering the fact that you have to purchase a new house, pay stamp duties, and taxes, you’ll probably be losing a substantial amount of capital gains upfront.
Tip: As selling your property through en bloc takes a longer time to finalise, the property prices may fluctuate by a great extent depending on market cycles.
Thus, it’s highly recommended to source for new homes at a reasonable price so that you can keep most of the capital gains!
Case Study: The Largest And Most Valuable En Bloc Sales In Singapore
The en Penrose showflat location sales have been a hot topic for discussion for the past several years.
One such transaction was recorded earlier in the year 2007 when 618 apartments were sold for a total of $1.339 billion at Farrer Court.
The developers handed over almost $2.122 to $2.238 million to the individual owners in that property.
The previous owners were able to make hefty profits from this sale, and the developers then turned that property into D’leedon that is now considered a famous apartment complex containing 1,715 luxurious and high-end residential units.
This sale was exciting for many reasons – one of it being its astronomical pricing in that point of time.
To add on, here are some noteworthy En bloc sales that were closed before the year 2007; they include:
- Anderson 18 was sold for $478 million at that time. Known as the famous ‘Nouvel 18’ today.
- Gillman Heights property was sold for $548 million. The land now houses the popular ‘Interlace’.
- Grangeford Apartments were sold for $625 million, and developers turned it into Twin Peaks.
- Leedon Heights was sold for $835 million and soon became popular with the new name
Readmore: How To Identify Which Property Has En Bloc Potential?