SG real estate investment sales soars by 22% at $8b in Q3

© Provided by Singapore Business Review

Real estate investments soared by 22% in the third quarter, recording nearly $8b sales, a report by Cushman & Wakefield (CWK) showed.

CWK, in its Investment Market Beat report, said the residential sector propelled the Q3 sales, with transactions worth around $3.8b, which is 47.5% of the total investment volume for the quarter.

The figure also represents a 28% increase from the previous quarter’s record at $3b.

The increase in residential investments was mainly led by growth in transaction values, according to analysts.

Sales of Jalan Anak Bukit and Marina View via the Government Land Sales (GLS) programme worth over $1b each, driving overall investment sales volume to $18.8b in the first nine months of 2021.

Four residential sties were also sold in Q3 namely Lentor Central ($784m), Slim Barrack Rise Parcel A ($320m), Slim Barrack Rise Parcel B ($162m), and Tampines Street 62 executive condominium (EC) site ($422m).

Other noteworthy transactions for the quarter include Hong Kong-listed Far East Consortium International sale of the 34-unit 21 Anderson for $213 million to Kheng Leong Group, and the acquisition Flynn Park in Pasir Panjang by Hoi Hup Realty and Sunway Developments.

Analysts said activities in investment sales market are expected to “remain amid the economic recovery this year and a stable economic growth outlook in 2022.”

CWK’s Shaun Poh added that long-term investors are already looking beyond the pandemic.

“Developers’ appetite for private residential development land is likely to stay firm on the back of low unsold stock and healthy home buying demand,” Poh said.

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