Total investment sales value declined by 10.9 percent quarter-on quarter (QoQ) to $4.98 billion in Q2 2014 after rebounding 26.6 percent QoQ to $5.59 billion in 1Q 2014, according to a new report by Colliers International.
The total investment sales value for H1 2014 also dropped by 43.6 percent to $10.57 billion, compared to $18.74 billion recorded in H2 2013.
Both private and public sectors saw weakened sales in 2Q 2014.
Private property investment sales slowed for the third consecutive quarter, by 5.9 percent QoQ, reaching a five-year low of $2.96 billion.
In the public sector, the $2.02 billion recorded in Q2 2014 was 17.2 percent lower than the $2.44 billion in the preceding quarter.
Residential sector suffered the deepest cut with total investment sales thinning by 22.5 percent QoQ to $1.96 billion from the $2.53 billion transacted in 1Q 2014.
“A key reason for the dive in residential investment sales value was the dent in public residential land sales. During the quarter, only four residential State land parcels (including two for the development of executive condominiums) were scheduled for public tender and sold for a total of some $1.36 billion,” the report said.
This was 27.7 percent lower than the $1.88 billion amassed from the sale of eight residential land parcels in the preceding quarter.
Meanwhile, private residential investment sales continued to slump to a new five-year low of $606.31 million in the quarter ending in June 2014 after contracting 6.4 percent from the $648.07 million gathered three months ago.