This week, we have an interesting question from a reader in our comments who asks about Laguna Park.
- What are the odds that Laguna Park could be sold in a collective sale within the next five years?
- If the collective sale consent threshold were reduced to 70%, would that be enough to kickstart the en bloc market?
- For existing owners, does it make more sense to sell now or continue holding out for a potential en bloc windfall?
First, for readers unfamiliar with Laguna Park, I’ll say that, on the face of it, the development has nearly all the right characteristics of a successful en bloc prospect. Located on Marine Parade Road, this 99-year leasehold project was completed in 1978, and the 516-unit condo sits on a relatively sprawling plot of 669,240 sq ft.
It’s opposite Siglap MRT station on the Thomson-East Coast Line (TEL), with excellent access to East Coast Beach and is close to the commercial and retail cluster in Katong.
But Laguna Park has been notoriously en bloc resistant with unsuccessful attempts in 2007, 2010, 2018, and 2019. The most recent attempt to garner enough approval to launch another collective sale of the development started last August. However, only 369 owners from 256 units – representing 47.38% of the total share values in the condo – have so far consented to this latest collective sale attempt, according to a notice seen by Stacked.
While lowering the consent threshold to 70% would help some owners launch a collective sale tender of their condo, this may be one of those situations where an inch is as good as a mile. The latest collective sale attempt by the owners of Laguna Park garnered support from about 50% of owners by share value. This is still a substantial gap, even if the threshold is lowered to 70%.
Lowering the approval threshold may help revitalise the en bloc market in a broad sense. But when it comes down to specific projects, it may only bring a boost to developments that are already close to garnering enough support.
The problem isn’t the cost of the land and the collective sale price, but the issue of (i) replacement home costs, and (ii) the number of Government Land Sales (GLS) sites being rolled out.
I don’t have visibility into the number of supporters promoting another en bloc attempt at Laguna Park. Still, based on recent transactions at the condo, I can make a calculated guess at why some owners are reluctant to let the place go.
There have been 21 resale transactions at Laguna Park over the past 12 months, and sales range from a 1,453 sq ft unit that sold for $1.66 million ($1,142 psf) last April to $2.9 million ($861 psf) for a 3,369 sq ft unit that changed hands in January. The most recent transaction was a 1,453 sq ft unit which sold for $1.87 million ($1,287 psf) on February 11.
There’s a chance that selling the development en bloc to a developer may give owners more generous sale proceeds, but for now, let’s ask: What could you buy for $1.87 million in District 15 today?
As a quick and convenient snapshot, check out what we wrote regarding The Continuum, Grand Dunman, and Tembusu Grand, which are some recent launches in this district.
Among the newer properties, one-bedders already start from around $1.09 million to $1.46 million, depending on the project. Two-bedders begin from roughly $1.54 million to $1.67 million, and average prices tend to hover closer to the $1.8 million to $2 million range.
In other words, $1.87 million today would typically buy a compact two-bedder, usually somewhere between 650 and 800 sq ft, depending on the project and stack.
Until everyone has a convincing answer to this, you’ll likely have a stubborn group of owners who will keep resisting the collective sale.
Then there’s the issue of government land sales (GLS).
Previous en bloc cycles, which saw many collective sales, were often driven by the supply of government land falling short of the demand from developers and homebuyers. Thus, most developers had little choice but to pursue en bloc sites if they wanted to replenish their land bank.
Today, the situation is very different. We saw a notable number of GLS sites released in prime districts last year. These sites give developers access to highly desirable areas, on par with District 15, and when developers can choose GLS parcels, they’ll almost always pick that over an en bloc.
That’s because an en bloc sale often involves negotiating with hundreds of individual owners, dealing with objections that can delay the process, and uncertainty over the final purchase price.
Now this is one area where we could see a change in the next five years. Over the last two years or so, and into the first half of 2026, we’re seeing a consistently higher supply of GLS sites.
So I will say that, whilst a peak in the en bloc market in the next five years is still possible, all signs point toward a rather steep uphill struggle right now.
So should you sell now, or wait for a possible en bloc windfall?
That depends entirely on what you’re trying to achieve.
If you’re in a rush or see the prices hitting a plateau, maybe it’s time to move on. Laguna Park’s transaction history suggests you could be in for a very long wait, since en bloc attempts have been going on for two decades.
There is also an opportunity cost to consider. Capital tied up in an ageing property, while waiting for a potential en bloc windfall, could otherwise be deployed elsewhere, such as a newer and better appreciating property.
On the flip side, if Laguna Park fits your lifestyle needs, then consider that an equal replacement will be hard to find, at least without a significant new mortgage. If you enjoy the unit size and location, and don’t need the money, then you can hold on while treating any en bloc as a possible bonus outcome.
The key is to think of an en bloc as a bonus, like winning 4D, or finding out COE is really low just when you’re buying a car. It’s a nice upside, but it’s not something that should sit at the core of your financial planning.
Meanwhile, in other property news…
- Pinery Residences is a new launch that’s coming up next to Rivelle Tampines; but can this fully private condo distinguish itself from its EC neighbour? Find out in our preview.
- Speaking of Rivelle Tampines, we all know ECs have been getting pricier of late. Is Rivelle still good value? Find out in our pricing review.
- A rare freehold CBD office floor is up for grabs in Tanjong Pagar; check out this latest commercial gem (and yes, foreigners can buy)
- Twin Vew was a headliner when it launched in 2018, with a much lower land price than Whistler Grand. But did this really pay off for buyers? Find out with Stacked Pro.
Weekly Sales Roundup (02 – 08 March)
Top 5 Most Expensive New Sales (By Project)
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
| UPPERHOUSE AT ORCHARD BOULEVARD | $7,826,000 | 2056 | $3,807 | 99 yrs (2024) |
| THE RESERVE RESIDENCES | $6,736,440 | 2530 | $2,663 | 99 yrs |
| RIVER MODERN | $6,722,000 | 1830 | $3,673 | 99 yrs |
| GRAND DUNMAN | $5,192,000 | 2131 | $2,436 | 99 yrs |
| ZYON GRAND | $4,531,000 | 1421 | $3,189 | 99 yrs (2024) |
Top 5 Cheapest New Sales (By Project)
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
| NEWPORT RESIDENCES | $1,387,000 | 452 | $3,068 | FH |
| RIVER MODERN | $1,548,000 | 538 | $2,876 | 99 yrs |
| OTTO PLACE | $1,648,000 | 947 | $1,740 | 99 yrs (2024) |
| COASTAL CABANA | $1,652,000 | 915 | $1,806 | 99 yrs (2024) |
| AUREA | $1,858,000 | 646 | $2,877 | 99 yrs (2024) |
Top 5 Most Expensive Resale
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
| BRADDELL HEIGHTS ESTATE | $10,180,000 | 5041 | $2,020 | FH |
| EDEN RESIDENCES CAPITOL | $10,050,000 | 3003 | $3,346 | 99 yrs (2011) |
| THE VERMONT ON CAIRNHILL | $3,800,000 | 1432 | $2,654 | FH |
| KLIMT CAIRNHILL | $3,398,000 | 893 | $3,803 | FH |
| ASTON RESIDENCE | $3,385,000 | 4693 | $721 | 946 yrs (1938) |
Top 5 Cheapest Resale
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | TENURE |
| SUNSHINE LODGE | $722,888 | 592 | $1,221 | FH |
| THE POIZ RESIDENCES | $810,000 | 420 | $1,930 | 99 yrs (2014) |
| AFFINITY AT SERANGOON | $880,000 | 538 | $1,635 | 99 yrs (2018) |
| THE M | $908,000 | 420 | $2,163 | 99 yrs (2019) |
| PARC ESTA | $950,000 | 452 | $2,101 | 99 yrs (2018) |
Top 5 Biggest Winners
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | RETURNS | HOLDING PERIOD |
| TREVOSE PARK | $5,250,000 | 2562 | $2,049 | $3,427,000 | 25 Years |
| KOVAN MELODY | $2,800,000 | 1518 | $1,845 | $1,853,700 | 21 Years |
| THE WINDSOR | $2,200,000 | 1346 | $1,635 | $1,340,000 | 31 Years |
| RIVERPARC RESIDENCE | $2,320,000 | 1485 | $1,562 | $1,281,000 | 15 Years |
| HUNDRED PALMS RESIDENCES | $2,200,000 | 1216 | $1,809 | $1,229,700 | 9 Years |
Top 5 Biggest Losers
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | RETURNS | HOLDING PERIOD |
| REFLECTIONS AT KEPPEL BAY | $2,900,000 | 1550 | $1,871 | -$674,844 | 15 Years |
| OUE TWIN PEAKS | $3,320,000 | 1604 | $2,070 | -$380,000 | 10 Years |
| REFLECTIONS AT KEPPEL BAY | $2,800,000 | 1528 | $1,832 | -$377,238 | 14 Years |
| THE OCEANFRONT @ SENTOSA COVE | $2,500,000 | 1711 | $1,461 | -$350,000 | 9 Years |
| REFLECTIONS AT KEPPEL BAY | $2,550,000 | 1518 | $1,680 | -$275,028 | 18 Years |
Top 5 Biggest Winners (ROI%)
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | ROI (%) | HOLDING PERIOD |
| KOVAN MELODY | $2,800,000 | 1518 | $1,845 | 196% | 21 Years |
| TREVOSE PARK | $5,250,000 | 2562 | $2,049 | 188% | 25 Years |
| THE WINDSOR | $2,200,000 | 1346 | $1,635 | 156% | 31 Years |
| BLUWATERS | $1,530,000 | 1173 | $1,304 | 152% | 21 Years |
| SYMPHONY HEIGHTS | $1,730,000 | 1076 | $1,607 | 150% | 30 Years |
Top 5 Biggest Losers (ROI%)
| PROJECT NAME | PRICE S$ | AREA (SQFT) | $PSF | ROI (%) | HOLDING PERIOD |
| REFLECTIONS AT KEPPEL BAY | $2,900,000 | 1550 | $1,871 | -19% | 15 Years |
| THE OCEANFRONT @ SENTOSA COVE | $2,500,000 | 1711 | $1,461 | -12% | 9 Years |
| REFLECTIONS AT KEPPEL BAY | $2,800,000 | 1528 | $1,832 | -12% | 14 Years |
| THE M | $908,000 | 420 | $2,163 | -12% | 6 Years |
| OUE TWIN PEAKS | $3,320,000 | 1604 | $2,070 | -10% | 10 Years |
Transaction Breakdown
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