Will Evergreen Park
En-Bloc?
Factsheet
Last updated 21 March 2025
Evergreen Park: A Strong Candidate for En-Bloc?
Completed in 1999, Evergreen Park condominium has strong en-bloc potential. Today, we will examine the key factors that contribute to this possibility.
Factor 1: Lease
Evergreen Park is a 99-year leasehold condominium and one of the oldest developments in Hougang, with only 69 years remaining on its lease. As the lease shortens, property values may decline, prompting residents to consider a collective sale as a way to maximize their returns.
Factor 2: Homeowner Profile
Foreign buyers face a hefty 60% Additional Buyer’s Stamp Duty (ABSD) when purchasing residential properties in Singapore. As a result, foreign homeowners may demand significantly higher compensation in an en-bloc sale to cover the cost of their next home, making it more difficult for developers to acquire the property.
However, an analysis of Evergreen Park's ownership demographics reveals that the majority of homeowners are Singaporeans and Permanent Residents (PRs). This is favorable for an en-bloc sale, as local owners generally have a lower replacement cost, making them more open to a collective sale.
For an en-bloc sale to succeed, at least 80% of the subsidiary proprietors, based on strata area and share value, must agree to the sale. Given the factors above, Evergreen Park stands a strong chance of achieving this threshold.
Location
Factor 3: Height Restriction Lifted
Evergreen Park is located next to Paya Lebar Airbase (PLAB). For years, height restrictions were imposed on buildings in the area due to flight paths over the neighborhood. However, with the Singapore government’s announcement to relocate Paya Lebar Airbase from the 2030s, these restrictions will be lifted. This means the surrounding land can be maximized for higher-density developments, increasing the redevelopment potential of Evergreen Park.
Factor 4: Successful En-Bloc Cases in the Area
The en-bloc trend in the vicinity further strengthens Evergreen Park’s redevelopment potential:
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Midtown Residences was successfully en-bloc as the former Hougang Plaza in 2012.
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Riverfront Residences was formerly Rio Casa, which underwent an en-bloc sale in 2017.
Given these past successes and Evergreen Park’s age and land tenure (lease commencing from 1 October 1995, with TOP in 1999), it stands as a strong candidate for the next en-bloc sale in the area.
Potential of Land Use
Factor 5: Maximizing Land Use
Evergreen Park sits on a land area of 183,126 sqft with a plot ratio of 2.8, allowing for a maximum building height of 36 storeys. Currently, the development consists of:
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Blocks 31A, 31B, and 31C – 18 storeys
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Blocks 35A and 35B – 15 storeys
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Blocks 37A and 37B – 15 storeys
Given its plot ratio, the site has a Gross Floor Area (GFA) of 512,753 sqft (GFA = Land Area × Plot Ratio = 183,126 × 2.8).
If redeveloped, the site could potentially accommodate 1,000+ residential units, offering a mix of 1- to 4-bedroom apartments—a significant increase from the existing 394 homes. This makes the site highly attractive for redevelopment.
Factor 6: Alternative Residential Uses
Beyond being redeveloped into a new condominium, the land can also be repurposed for other residential uses, such as:
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Student hostels – catering to international students studying in nearby institutions.
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Retirement housing – providing dedicated senior living options in a well-connected location.
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Serviced apartments – appealing to expatriates and long-term visitors seeking short-term accommodations.
With its strategic location and flexible redevelopment potential, Evergreen Park presents a compelling case for en-bloc.
Developer Consideration
Factor 7: Attractive Pricing for Developers
Despite an uptrend in Evergreen Park’s prices over the past five years, the development is cheap for developers.
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The highest transacted price at Evergreen Park is $1,197 psf.
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In comparison, the average transaction price for a condominium in the Outside Central Region (OCR) is $1,868 psf.
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Developers are currently selling new launch condos in the OCR at an average of $2,345 psf.
With recent OCR land sales—such as the Bayshore plot purchased at $1,388 psf—developers anticipate selling new launches at an average of $2,700 psf. Given these figures, Evergreen Park presents a cost-effective en-bloc opportunity for developers looking to maximize returns.
Factor 8: Strong Housing Demand
Evergreen Park is strategically located within the upcoming Hougang Transformation, making it highly attractive for future homebuyers.
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The condominium is near Defu MRT (Cross Island Line) and the Hougang Integrated Transport Hub, both set to be completed by 2030.
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The Hougang Integrated Transport Hub will enhance connectivity by integrating a bus interchange with two MRT lines (Cross Island Line & North-East Line), improving accessibility for residents.
Additionally, new HDB developments nearby, such as Hougang Meadow, Hougang Rivercourt, and upcoming BTO projects along Hougang Avenue 3, will create a natural pipeline of buyers looking to upgrade from their HDB flats once they meet the Minimum Occupation Period (MOP).
With increasing demand and improved connectivity, a new condominium development on the Evergreen Park site would be well-positioned for strong buyer interest.
Overall Analysis of Evergreen Park Enbloc
Given its strong en-bloc potential, Evergreen Park Condo is well-positioned for a collective sale in the near future. Factors such as its ageing lease, favorable homeowner profile, increased plot ratio potential, and attractive pricing for developers make it a prime candidate. Additionally, upcoming infrastructure developments and strong housing demand further reinforce its appeal.
With all these factors aligned, Evergreen Park could en-bloc at any time, making now an opportune moment for owners and investors to consider the possibilities ahead.
Disclaimer: While every reasonable cause is taken to ensure the accuracy of information presented here, no responsibility can be accepted for a loss of inconvenience caused by any error or omission. The ideas, suggestions, general principles, examples and other information presented here are for reference and educational purposes only.