Property consultancy CB Richard Ellis (CBRE) on Wednesday said activity in the real estate investment sales market has started to strengthen with the recovery of the Singapore economy.
In the first three months of the year, sales of residential Government Land Sale sites have come up to nearly S$935 million.
Activity in the commercial sector, as well as the industrial sector, also picked up.
CBRE said that in light of the improved climate, total investment sales have amounted to S$4.4 billion in the first quarter so far.
That is some 16 times more than the S$274 million in the same period last year.
The private investment sales market has so far accounted for 77.2 per cent of the quarter’s total investment sales, while investment sales in the public sector have contributed the remaining 22.8 per cent.
The commercial investment market has also been active, chalking up 24.5 per cent of total investment sales in the quarter with S$1.08 billion to date.
In the industrial sector, CBRE said there have been 26 known transactions so far during the quarter – making up 26.3 per cent of total investment sales.
CBRE’s Executive Director of Investment Properties, Jeremy Lake, said that compared to a year ago, this year’s prospects in the investment sales market are positive and more than S$15 billion worth of investment sales could be transacted during the year.
He added that while most of the major investment sales transactions last year were dominated by Asian investors, there is now a diverse pool of buyers.
Source : Channel NewsAsia – 24 Mar 2010
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