En-Bloc Millionaires Gain as Forced Singapore Condo Sales Jump
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Kong-Thean Wong sold his Singapore apartment in June for S$800,000 ($620,000) more than its market value. So did all his neighbors.
Hoi Hup Realty Pte. offered the premium to Wong and other owners in a private Singapore condominium called Pender Court, according to government data. Known as an en-bloc sale, such a deal allows the developer to buy the whole building, knock it down and build a new one that would command higher prices.