Property consultancy CB Richard Ellis (CBRE) said on Thursday total investment sales in the real estate sector grew to a whopping S$4.87 billion in the first quarter this year.
This was 18 times higher compared to the S$273.8 million in transacted value posted in the first quarter last year.
In its latest report, CBRE said the brisk sale of government land sale (GLS) sites in the first quarter, which amounted to about S$934.66 million, contributed significantly to the higher investment sales.
Real estate sales in the commercial and industrial sector also showed signs of interest and higher sales.
The commercial investment market chalked up 25.3 per cent of total investment sales in the quarter at S$1.23 billion.
Meanwhile, in the industrial sector, there were 26 known transactions, making up 23.8 per cent or S$1.16 billion of investment sales for the quarter.
Still, the star performer was the residential segment, with investments amounting to S$2.4 billion in transacted value in the quarter.
Out of the total amount in investment sales, private investors accounted for 79.3 per cent or S$3.86 billion. The public sector contributed the remaining 20.7 per cent or S$1.01 billion.
According to CBRE, the real estate investment sales market is looking positive, with a possible S$15 billion worth of transactions for 2010.
Source : Channel NewsAsia – 15 Apr 2010