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Monthly Archives: September 2009

Q3 investment sales jump 71%: report

Posted on 29 Sep 2009 | Comments Off

CBRE raises total sales forecast for 2009 to $7.5b from $2b 3 months ago

THE investment sales market continued to improve in Q3, boosted by a large number of good class bungalow (GCB) transactions, according to a new report.

Total investment sales in the current quarter have so far amounted to $3.28 billion, an increase of 71 per cent from the previous quarter, said CB Richard Ellis (CBRE) in its report yesterday.

With the strong showing, CBRE is bumping up its forecast for total investment sales for the whole of 2009 to as much as $7.5 billion. Three months ago, the property firm estimated that total sales would exceed $2 billion by end of the year.

In Q3, residential investment sales made up the bulk of the transaction volume. Residential investment sales – including GCB sales – accounted for $2.2 billion in transacted value, or 67 per cent, of the quarter’s total investment sales. This is 92 per cent higher than the $1.2 billion residential investment sales recorded in Q2.

And to date, GCB sales have made up a quarter of total residential investment sales in Q3, with 35 GCB sales between July and September totalling some $535 million. Several of these GCBs were sold for above $1,000 per square foot of land and these included the sale of 6 Leedon Park for $19.4 million, and 42 Dalvey Road and 12 Bishopsgate for $19.0 million apiece. Continue reading →

Comments Off on Q3 investment sales jump 71%: report

Posted in Property Market / Real Estate

Tagged Good Class Bungalows (GCB), Investment Sales, Singapore Investment Sales, Singapore Property, Singapore Property Market

London luxury home prices rise 4%

Posted on 29 Sep 2009 | Comments Off

Broker attributes surge to shortage of prime properties

Luxury-home prices in central London rose 4 per cent in the third quarter from the previous three months as buyers competed for fewer properties, Savills plc said.

Recovering: Home prices in England and Wales rose 4.9% from March through July, lifting the average value to £196,338 (S$442,000). Ultra-prime properties cost an average of £15 million

Houses and apartments worth more than £1 million (S$2.3 million) in the most expensive areas fell 4.9 per cent on an annual basis, the property broker said in a statement on Friday.

The biggest quarterly increases were in the districts of Chelsea, Kensington and Belgravia in west London. The annual decline narrowed from 11.5 per cent at the end of the second quarter.

‘There isn’t enough property on the market in prime areas and priced attractively to satisfy demand,’ said Camilla Dell, managing partner of Black Brick Property Solutions LLC, which finds and buys homes for wealthy customers. Her company, which has advised on £45 million of property deals this year, participated in closed-bid auctions for two multimillion-pound homes in London last week, she said.

The number of homes for sale is about 25 per cent less than the average for the past five years, London-based Savills estimates. Demand for luxury properties increased after values fell by about 18 per cent from the market’s peak in September 2007, the broker said. The pound’s weakness also made purchases cheaper for overseas buyers. Sterling slid about 20 per cent against the euro and the dollar since the peak. Continue reading →