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Q3 investment sales up 13%; Ghost Month auction sales soar

Posted on 17 Sep 2009 | Comments Off

In both cases, the residential sector accounts for the biggest share

PROPERTY market sentiment continues to ride high, with preliminary data showing third-quarter investment sales up by 13 per cent from Q2. Q3 data to date shows investment sales totalled $1.83 billion, Jones Lang LaSalle (JLL) said yesterday.

Separately, Colliers International said that 14 properties have been auctioned for a total of $25.92 million during the Hungry Ghost Month – the highest amount in three years. Auction sales surpassed last year’s $22.75 million, a significant $13.81 million of which came from four Singapore Land Authority sites.

Investment sales rose in the latest Q3 as the residential market continued to flourish. The sector accounted for 52 per cent of total investment sales, or $958 million. For instance, 24 Good Class Bungalows were transacted for a total of $413.5 million. And there were 47 other landed residential transactions worth more than $5 million, for a total of $408 million.

The GCB market has seen increased activity as more owners put their property up for sale to cash in on current high levels of interest and prices.

In a sign of the tougher economic times, most investment transactions in Q3 were concluded below $100 million. The exceptions were two large commercial transactions involving real estate investment trusts (Reits). Suntec Convention Centre was injected into the ARA Harmony Fund, a fund in which Suntec Reit has a 20 per cent stake, for $235 million. And K-Reit bought six floors of its partly owned Prudential Towers for $106.3 million. Continue reading →

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Posted in Property Market / Real Estate, Property Price

Tagged Hungry Ghost Festival, Investment Sales, Property Auctions, Property Investment, Property Investment Sales, Singapore Property, Singapore Property Market

Hungry Ghost property auction sales value hits 3-year high

Posted on 16 Sep 2009 | Comments Off

This year’s Hungry Ghost Festival has spooked buyers in the property auction market, but enough cash was still burned up to set a three-year high in sales.

Property consultancy Colliers International said on Wednesday only 14 out of 85 properties put up for auction during the Hungry Ghost Festival, which began on August 20, were sold. That works out to a successful transaction rate of just 16.4 per cent.

Of the 85 properties put up for auction, 78 per cent were by property owners and only 22 per cent were mortgagee sales – the lowest figure in 12 years.

Colliers attributes the low number of mortgagee sales to the sanguine market as owners who are in default may now find it easier to sell their assets in the open market.

Moreover, financial institutions are managing their non-performing loans by giving owners the opportunity to dispose their properties within a defined time period.

The total auction sales value came up to S$25.92 million – the highest amount recorded in three years.

Colliers said about half of this year’s sales figure was due to the successful auction of four infill sites by the Singapore Land Authority. Continue reading →