PROPERTY agents are expected to push out a steady stream of relaunched en bloc sales over the next few months, as they attempt a last hurrah before their collective sales agreements (CSAs) inked last year expire.

Asking prices for such sites this time round are about 10 to 20 per cent lower than last year. Agents hope developers will bite, given their strong participation in recent government land tenders, The Business Times reported yesterday.

Data from Credo Real Estate show there were 14 en bloc sale sites launched in Q3 last year but which are still unsold, while another 30 launched in Q4 last year have yet to find takers.

These include The Riverwalk, Elizabeth Towers, Cairnhill Mansion, Grange Heights, Chancery Court, Thomson View Condo, Villa delle Rose, Spanish Village, Estoril and Vista Park.

From the time the minimum 80 per cent consent level is secured for a CSA, agents have up to 12 months to find a buyer and submit an application to the Strata Titles Board for an order for the collective sale.

Said Colliers International executive director of investment sales Ho Eng Joo: "We can expect to see a rush on the part of owners and agents to take another shot at the market.

"If you don't do that, the old CSA expires and any fresh attempt at an en bloc sale will fall under new rules that took effect last October - and these are a lot more onerous." On Tuesday, Colliers relaunched Amber Glades along Amber Gardens with an indicative price of about $127 million or $1,140 psf per plot ratio, inclusive of development charges. This is about 15 per cent lower than the price sought by the owners in October last year.

In recent weeks, Landmark Tower in Chin Swee Road, Pinetree Condo in the Balmoral area and Royalville in Bukit Timah have also been relaunched at indicative prices ranging from 10 to 20 per cent below their offer prices in Q3 or Q4 last year.

Knight Frank managing director Tan Tiong Cheng has this advice for en bloc sellers: "Developers are no longer prepared to pay the price owners had expected last year. But if you can still collect a premium from an en bloc sale than if you were to sell your unit on your own, why not adjust your pricing and collect the windfall"

"You may also be able to take advantage of a more subdued market to shop for a replacement property."

The strong bidding at recent state tenders, for instance, for a reservoir-fronting condo site in Yishun and a "white" site at Serangoon Central, is another factor. "This has brought back a bit more confidence in the market," said Credo Real Estate managing director Karamjit Singh.

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