SINGAPORE, Aug 17 — There has been no successful collective sale of residential sites in Singapore since the Covid-19 pandemic started, bringing the en bloc market, which has been slowing down since the July 2018 cooling measures, to a halt.

Checks with property analysts showed that there have been six launches and only one deal closed in early January before the coronavirus outbreak hit Singapore’s shores.

In contrast, there were 40 en bloc launches and five deals closed in 2019, according to Lee Sze Teck, head of research at property firm Huttons Asia.

With the July 2018 cooling measures significantly increasing land costs for developers and impacting the en bloc market, analysts said the Covid-19 pandemic is the last straw that broke the camel’s back.

"The (July 2018) cooling measures killed off the (demand for en bloc sites)… Covid-19 extended cautiousness among some developers to acquire more land,” said Nicholas Mak, head of research and consultancy at property agency ERA.

Analysts believe the market is likely to remain quiet at least until 2022. That is when the excess supply of about 28,000 units would be absorbed, said Mr Ismail Gafoor, chief executive officer of property agency PropNex.

Another factor that could stir life into the en bloc market would be the availability of an effective Covid-19 vaccine, said Mr Mak.

Analysts pointed out that all launches this year tended to be small projects.

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