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
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