Q3 investment sales soar

The real estate investment sales market in Singapore surged 19.6 per cent in the third quarter from the previous three months, recording a total transaction value of almost S$9 billion, the highest quarterly total seen since the first quarter of last year, property consultancy Savills said yesterday.

The residential segment recorded S$3.7 billion of transactions in the investment sales market, up 26.7 per cent from the previous three months, and making up 41 per cent of the overall value in the third quarter, according to Savills.

The residential collective sales market yielded nine transactions totalling S$1.02 billion in the quarter, with the coming Thomson MRT Line attracting significant interest for properties surrounding the proposed stations, Savills said. Last month, Thomson View condominium was sold for S$590 million in the largest en bloc deal this year.

Overall, investment sales in the private sector amounted to S$6.8 billion or 75.9 per cent of the quarter’s total investment sales, Savills said, noting that this was a hefty 54.6 per cent jump from a quarter earlier, mainly due to Far East Hospitality Trust’s acquisition of its initial portfolio.

The public sector contributed the other 24.1 per cent of investment sales, as 21 state land parcels – comprising eight residential sites and 13 industrial sites – were sold for nearly S$2.2 billion under the Government Land Sales programme.

Source : Today – 12 Oct 2012

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