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Property investment sales up 13% in Q3 to S$1.8b

Posted on 16 Sep 2009 | Comments Off

Property investment sales rose 13 per cent between July and September to S$1.8 billion, compared to the previous quarter.

The improved performance was buoyed by better market and investor sentiments.

In its latest report, property consultancy Jones Lang LaSalle said the residential sector dominated investment sales, accounting for 52 per cent of total sales.

Investment sales in the residential sector for this quarter totalled S$958 million. These include the sale of 24 Good Class Bungalows and 47 landed properties worth above S$5 million each.

With affordability remaining a key factor, Jones Lang said most investment transaction deals were still concluded below the S$100-million mark.

The exceptions were the two largest transactions in this quarter that came from the commercial sector.

The Suntec Convention Centre was injected into the ARA Harmony Fund, in which Suntec REIT holds a 20 per cent stake, for S$235 million.

K-REIT also joined the acquisition spree by purchasing six floors of its partially-owned Prudential Towers for S$106 million from Asia Property Fund. Continue reading →

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Posted in Property Market / Real Estate

Tagged Investment Sales, Property Investment, Property Investment Sales, Singapore Property Market

Ex-Parkway boss in $48m Hilltops deal

Posted on 22 Aug 2009 | Comments Off

A GROUP led by former Parkway Holdings boss Tony Tan is understood to have picked up 18 apartments in the sub-sale market at Hilltops condo at Cairnhill Circle for a total of $48.2 million or an average price of about $2,560 per square foot (psf).

BT could not ascertain the loss suffered by the seller, who is believed to be a Hong Kong investor that bought the units in late 2007.

But according to back-of-the-envelope calculations by some analysts, the loss is estimated at 30-35 per cent.

The freehold project reportedly achieved an average price of just over $3,900 psf for the first 28 units, according to a news report in late 2007.

Government statistics show the project’s developer, SC Global subsidiary Taraville, sold 24 units in October 2007 at a median price of $3,711 psf.

According to the latest Urban Redevelopment Authority (URA) statistics at the end of last month, 31 units in the project had been sold by the Continue reading →