MRT, schools, or luck? Factors behind Singapore’s latest en bloc triumphs
Thomson View, which was sold en bloc for $810 million to a joint venture between UOL Group and CapitaLand Development, marked the largest collective sale deal of 2025. (Photo: Edmund Tie)
En bloc might soon get a lot more interesting.
The government is currently reviewing the 80% consent threshold required for collective sales — a move that has caught the attention of many. While no changes have been proposed and nothing is guaranteed, the mere possibility of a lower threshold has sparked speculation, particularly among owners of ageing leasehold developments that struggle to meet the existing requirement.
Homeowners are excited because en bloc is Singapore’s closest thing to hitting a property jackpot - decades-old units suddenly turning into multimillion-dollar cheques. However, the journey is anything but straightforward. Some developments close a deal on their first tender. Others persist through years of relaunches. Many never succeed.
Recent case studies illustrate this vividly. Several developments — Thomson View Condominium, Chuan Park, Lakeside Apartments and Pearl Bank Apartments — finally succeeded after long and complex journeys. Meanwhile, others such as Loyang Valley, Elias Green, and Hillcrest Arcadia continue to face challenges despite strong interest from owners.
Buyers attempting to time an en bloc can also face unexpected risks. Sellers’ stamp duty (SSD), fluctuating reserve prices, minority objections, or court interventions can alter expected profits overnight.
This article examines both the en bloc winners and the strugglers and asks the key question: What lessons from recent successes can help homeowners identify the developments that may stand a better chance of success?
Thomson View Condominium: Success after a long journey
Thomson View Condominium is located along Bright Hill Drive in District 20. The 99-year leasehold development has a land lease that commenced in 1975, leaving it with approximately 49 years remaining. It is a short walk from Upper Thomson MRT Station, Thomson Plaza, Ai Tong School and Windsor Nature Park (see Map 1).
Source: EdgeProp LandLens (as at 8 December 2025)
This year, the condo finally found success after numerous en bloc attempts. The condo was launched for en bloc in February 2024 at $918 million. The tender was relaunched in July 2024 but closed in September without any bids.
Another attempt was made in October 2024, with the reserve price lowered to $808 million. Near the close of the tender, UOL and CapitaLand entered into a put-and-call option agreement to purchase Thomson View Condominium for $810 million, which translates to $1,178 psf ppr after factoring in land betterment charges and a premium to refresh the land lease to 99 years. Although the offered price was below the reserve price, the deal went forward because enough owners agreed to it.
The developers exercised the option in November 2024, but the Strata Titles Board issued a stop order in March this year due to objections from minority owners. However, approval for the en bloc sale was subsequently granted by the High Court in July.
Given the final sale price of $810 million, each owner is expected to receive between $2.22 million and $4.94 million, depending on the size of their unit. Owners of the smallest 1,313-sq ft units would have received about $2.22 million, while those of the largest 3,843-sq ft units would have received around $4.94 million. This translates to payouts of approximately $1,676 psf for the smallest units and $1,285 psf for the largest units.
There were no sale transactions at Thomson View Condominium last year and only five were recorded in 2023. Among the sales that transacted in 2023, four involved 1,313-sq ft units that transacted for between $1.7 million and $1.818 million. The fifth transaction was for a 2,024-sq ft unit that sold for $2.5 million ($1,235 psf) in April 2023 (see Table 1).
Source: EdgeProp Buddy (as at 8 December 2025)
Given that they would have received $2.22 million from the en bloc sale, the owner who paid $1.7 million ($1,295 psf) in October 2023 for a 1,313-sq ft unit would have made a profit of around $520,000. However, the owner held the unit on the 23rd storey for more than a year but less than two years, as the High Court’s approval for the sale was granted in July this year. Hence, the owner would be subject to SSD of approximately $177,600 (8% of $2.22 million), reducing their eventual gain to about $342,400.
The owner who paid $1.818 million for a 1,313-sq ft unit in September 2023 pocketed a smaller profit of approximately $224,400 due to the higher purchase price. The owner of the 12th-storey unit would also have to pay SSD of approximately $177,600, as they would have owned the unit for more than a year but less than two years.
Chuan Park: Upcoming condo is almost 90% sold
Chuan Park is another condo whose en bloc sale finally succeeded after multiple attempts. The development was sold to Kingsford and MCC Land for $890 million after the High Court approved the sale in May 2023. At the time of sale, the 99-year leasehold condo had a remaining land lease of around 56 years.
The former Chuan Park was located along Lorong Chuan in District 19. The 446-unit condo was adjacent to Lorong Chuan MRT Station and within a short walk of St. Gabriel’s Primary School and Nanyang Junior College (see Map 2).
Source: EdgeProp LandLens (as at 8 December 2025)
Owners of 710-sq ft units in the sold Chuan Park reportedly received approximately $1.16 million, while those of 2,045-sq ft units received up to $2.53 million. Based on URA Realis data, the average price is $1,436 psf across all units in the development.
The last resale transaction for Chuan Park took place in May 2022, only two months before the High Court’s approval in July 2022 (see Table 2). The unit involved was a 1,528-sq ft unit on the 20th storey, sold for $1.7 million ($1,112 psf). Given that the owner received approximately $2.194 million from the en bloc sale, they would have gained about $494,200. However, the eventual profit would be reduced to approximately $230,903 after accounting for SSD of $263,205, as the owner held the property for less than one year, hence the applicable SSD rate is 12% of the sale price.
A unit on the 16th storey, also measuring 1,528 sq ft, was sold in June 2021 for $1.63 million. The owner of this unit likely received about $2.194 million from the en bloc sale, resulting in a profit of approximately $564,200 before SSD. However, as the property was held for over a year but just under two years, the applicable SSD rate was 8% so the owner had to pay SSD of about $175,537, leaving an eventual gain of approximately $388,671.
The new condo on the site of the sold development will also be known as Chuan Park. The new Chuan Park was launched for sale in November 2024, achieving a strong take-up rate of 76%. Based on caveats lodged at the time of writing, 806 of the 916 units have been sold, indicating a take-up rate of 88%. Based on these 806 transactions, the average price for the upcoming development is $2,589 psf, significantly higher than the $1,436 psf average paid to unit owners in the old development.
Lakeside Apartments: Sold above reserve price
In May 2022, Lakeside Apartments was successfully sold via en bloc to Wing Tai for $273.89 million, 14.1% above its reserve price of $240 million. Each unit owner was reported to have received approximately $2.28 million, which translates to $1,504 psf, according to URA Realis data. As the land lease of the 120-unit condo commenced in 1977, it had about 54 years remaining at the time of sale.
The successful en bloc sale of Lakeside Apartment was its third attempt. The condo first attempted a sale in 2018, but the tender closed without any takers. The en bloc tender was relaunched in 2019 after the reserve price was lowered from $240 million to $205 million.
Notably, only three units in Lakeside Apartments were sold in 2021, for prices ranging from $1.05 million ($692 psf) to $1.223 million ($805 psf). All three units measure 1,518 sq ft. No sale transactions took place in 2022.
Given that these three buyers had held their units for less than two years at the time of the en bloc sale in May 2022, they would have been required to pay SSD (see Table 3). Based on the estimated proceeds of $2.28 million per unit, the three buyers would have realised estimated profits of $841,400 to $956,400 after accounting for SSD.
The new development on the site of Lakeside Apartments is known as The Lakegarden Residences. The 306-unit condo was launched for sale in August 2023, achieving a 23% take-up rate during its launch weekend. Based on caveats lodged at the time of writing, The Lakegarden Residences has achieved an overall take-up rate of 87.6% and an average price of $2,147 psf.
The Lakegarden Residences is located along Yuan Ching Road in District 22. It is adjacent to Jurong Lake and within a short walk of Taman Jurong Market and Food Centre, as well as Taman Jurong Shopping Centre. Schools within a 1 km radius include Lakeside Primary School, Jurong Secondary School and Yuan Ching Secondary School (see Map 3).
Source: EdgeProp LandLens (as at 8 December 2025)
Pearl Bank Apartments: Transformed to
Pearl Bank Apartments also experienced numerous en bloc attempts before finally succeeding in 2018, when it was sold for $728 million. Each owner reportedly received between $1.8 million and $4.9 million, averaging $1,399 psf according to URA Realis data.
Nine sale transactions for Pearl Bank Apartments took place in 2017, with prices ranging from $1.18 million ($673 psf) to $1.6 million ($912 psf). The lowest price was paid for a unit on the 12th storey, while the highest price was for a unit on the 29th storey. Both units measure 1,755 sq ft. However, the lower-priced unit was sold in January 2017, while the higher-priced unit was transacted in August 2017. Based on an average payout of $1,399 psf, both owners would have received approximately $2.455 million each, translating to a profit of over $800,000 before accounting for SSD (see Table 4).
Changes to SSD regulations were made in March 2017. Before the changes, SSD applied if the seller held the property for four years or less, with rates ranging from 4% to 16%, decreasing by four percentage points for each additional year the owner held the property. Thereafter, the holding period was reduced to three years, and SSD rates ranged from 4% to 12%, decreasing by four percentage points for each additional year of ownership.
Hence, the owner who bought the unit on the 12th storey in January 2017 for $1.18 million was subjected to the old regulations and an SSD rate of 12%, as they held the property for just over a year. They would have pocketed $1.275 million before accounting for an estimated SSD of $294,629, leaving an eventual gain of approximately $980,616.
The owner of the unit on the 29th storey, purchased in August 2017 for $1.6 million, is deemed to have held the property for less than a year. As they bought the unit after the SSD changes, they were subjected to an SSD rate of 12%, translating to an estimated SSD of $294,629. Hence, the owner likely pocketed an eventual profit of approximately $560,616.
One Pearl Bank is built on the site of the former Pearl Bank Apartments. Located along Pearl Bank in District 3, the 774-unit condo received its temporary occupation permit (TOP) last year. The condo is a short walk to the triple-line Outram Park MRT Station, People’s Park Complex, People’s Park Food Centre, Chinatown Complex, Duxton Hill and Pearl’s Hill City Park (see Map 4).
Source: EdgeProp LandLens (as at 8 December 2025)
When One Pearl Bank was launched in July 2019, 160 of the 200 released units were sold. The condo was fully sold by October 2023. Based on caveats lodged for new sale transactions, One Pearl Bank achieved an average new sale price of $2,485 psf.
Loyang Valley: Third time is the charm?
The en bloc tender for Loyang Valley was launched in July, marking the condo’s third attempt at a collective sale. The reserve price for this most recent attempt was reduced by $100 million to $880 million. The tender closed in September without any bids. However, expressions of interest were received, and negotiations are underway at the time of writing. The easing of height restrictions for some new developments near Changi Airport could potentially benefit Loyang Valley.
Loyang Valley’s first en bloc attempt was in 2018, with a reserve price of $750 million, but the committee failed to gather enough support to launch a tender. Sufficient support was obtained in 2022 to launch a tender, which may have been fuelled by the higher reserve price of $980 million. However, no bids were received when the tender closed in December 2022.
Loyang Valley is a 362-unit condo located along Loyang Avenue in District 17 (see Map 5). Currently, there are no MRT stations within a 2 km radius of the condo. However, the upcoming Loyang MRT Station on the Cross Island Line (CRL) will be a short walk away, although residents will have to wait until 2030 for the station to be completed.
Source: EdgeProp LandLens (as at 8 December 2025)
There are also several schools within a 2 km radius, including Pasir Ris Primary School, Casuarina Primary School, East Spring Primary School, White Sands Primary School, Dunman Secondary School, East Spring Secondary School, Hai Sing Catholic School, Loyang View Secondary School and Pasir Ris Crest Secondary School.
The 99-year leasehold condo also has a short remaining lease of approximately 56 years, as its land lease commenced in 1982. Additionally, the condo obtained its TOP in 1985, making it 40 years old.
Interestingly, the failed en bloc attempts do not appear to have negatively impacted Loyang Valley’s price growth. Since 2018, the condo’s average resale price has increased by 45.7% to $1,008 psf, driven by continued demand (see Chart 1). At least four units have been sold each year since 2018, with six units sold so far this year.
Source: EdgeProp Market Trends (as at 8 December 2025)
The most recent transaction was for a 1,582-sq ft unit on the second storey, which was sold in September for $1.546 million ($977 psf). Supported by continued demand, the average resale price surpassed the $1,000 psf threshold this year (see Table 5).
Source: EdgeProp Buddy (as at 8 December 2025)
Elias Green: Two failed attempts
Elias Green is a 419-unit condo located along Elias Green in District 18. The 99-year leasehold condo obtained its TOP in 1994, while its land lease began in 1991, leaving it with approximately 65 years remaining.
The condo is not within walking distance of many amenities, nor is it close to any MRT stations. The nearest MRT station is Pasir Ris, about 900 m away. The upcoming Tampines North MRT Station on the Cross Island Line is nearer but it is still more than 500 m away.
However, the lack of a nearby MRT station could be mitigated by the Tampines North Bus Interchange, which is within a 500 m radius. Additionally, the Tampines Expressway is a short drive away.
Other amenities within a 1 km radius include Elias Mall, Pasir Ris Mall, White Sands, Courts Megastore, IKEA, Pasir Ris Integrated Transport Hub, Angsana Primary School, Elias Park Primary School, Meridian Primary School, Park View Primary School, Meridian Secondary School, Tampines Meridian Junior College and Tampines Eco Green Park.
Elias Green has had two failed en bloc attempts. The condo’s first attempt was in 2018, with a reserve price of $780 million. The most recent en bloc attempt, with a reserve price of $928 million, closed in April without any bids. Consent from 80% of the owners for the second en bloc attempt was obtained in July 2024.
Notably, its average resale price dipped by 2.4% y-o-y, from $675 psf in 2018 to $659 psf in 2019 (see Chart 2), which could be attributed to the first failed en-bloc attempt and the onset of lease decay. However, Elias Green’s average resale price soon rebounded, rising by 47.3% since 2019 to $971 psf.
Source: EdgeProp Market Trends (as at 8 December 2025)
Thus far this year, six sales have taken place at Elias Green. The most recent transaction was in November and involved a unit on the eighth storey, sold for $1.45 million ($949 psf) (see Table 6).
Source: EdgeProp Buddy (as at 8 December 2025)
The continued price growth for Elias Green could be fuelled by robust demand for homes in the neighbourhood. There are two new executive condos (EC) – Tenet and Aurelle of Tampines – opposite Elias Green, as well as a new 99-year leasehold condo, ParkTown Residence, within a 1 km radius (see Map 6). All three developments achieved healthy take-up rates during their launch.
Source: EdgeProp LandLens (as at 8 December 2025)
The 618-unit Tenet achieved a take-up rate of 72.3% when it was launched in December 2022, while the 760-unit Aurelle of Tampines fared better, with a take-up rate of 90% during its launch in March. The 1,193-unit ParkTown Residence also recorded a strong take-up rate of 87% during its launch in February.
Hillcrest Arcadia: First attempt this year
Hillcrest Arcadia is located along Arcadia Road in District 11. The condo is a short drive from the Pan Island Expressway and within 1 km of several reputable schools, including Raffles Girls’ Primary School, Nanyang Girls’ High School and National Junior College (Secondary and Junior College) (see Map 7).
Source: EdgeProp LandLens (as at 8 December 2025)
The land lease for the 99-year leasehold condo began in 1975, leaving it with approximately 49 years remaining. Having obtained its TOP in 1980, the 272-unit condo is 45 years old.
The tender for the condo’s first en bloc attempt was launched in April but closed in May without any bids. The reserve price was $920 million.
The average resale price for Hillcrest Arcadia ($1,251 psf) is above that of 99-year leasehold condos of similar age in District 11 ($1,232 psf) and islandwide ($1,159 psf) (see Chart 3).
Furthermore, the average resale price of Hillcrest Arcadia inched up by 0.9% y-o-y this year. In contrast, its peers in District 11 and islandwide were unable to stave off lease decay, reporting declines of 1.7% y-o-y and 1.8% y-o-y, respectively.
After the failed attempt in May, three units in Hillcrest Arcadia were sold (see Table 7). Of the three transactions, two fetched prices of $1,267 psf and $1,329 psf, which are higher than this year’s average resale price of $1,251 psf for Hillcrest Arcadia.
Source: EdgeProp Buddy (as at 8 December 2025)
Conclusion
Across the successful cases, one trend stands out clearly - proximity to a MRT station remains the strongest predictor of en bloc success. Developments such as Thomson View Condominium, Chuan Park and Pearl Bank Apartments all sit within comfortable walking distance of at least one MRT station, and developers have consistently shown they are willing to pay a premium for such locations.
School clusters and transformative districts also play a significant role. Homes near sought-after schools naturally attract stronger demand. At the same time, government-led transformation plans — such as those in the Jurong Lake District — helped boost the appeal of sites like Lakeside Apartments, even in the absence of a MRT station.
Interestingly, failed en bloc attempts do not automatically dampen prices. Both Loyang Valley and Elias Green continued to register healthy price appreciation despite unsuccessful attempts, suggesting that underlying demand and neighbourhood fundamentals can remain strong regardless of collective sale outcomes.
Looking ahead, the government’s ongoing review of the 80% consent threshold could reshape the en bloc landscape if any adjustments are eventually made. A lower requirement would make it easier for older developments to reach consensus, making more condos ready for en bloc sales, and potentially accelerating interest in well-located estates near MRT stations, reputable schools or upcoming transformation zones. In particular, owners of older leasehold projects could benefit.
With a possible new en bloc cycle forming, the biggest winners may be those who understand the patterns behind recent successes and position themselves before developers begin their next round of acquisitions.
Check out the latest listings for Loyang Valley, Thomson View Condominium, One Pearl Bank, Chuan Park, Hillcrest Arcadia, The Lakegarden Residences, Elias Green properties
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