Archive for category: Misc

Singapore’s real estate investment market recorded a double in deals in 3Q2023, with seven land parcels under the Government Land Sales programme totaling $4.16 billion. Though institutional investors may see a retrenchment in these kinds of deals, Savills projects investment sales in the country to range between $19 to $21 billion. The two big-ticket transactions last quarter; the collective sale of Far East Shopping Centre for $908 million, and the divestment of Changi City Point by Frasers Centrepoint Trust for $338 million, gave a boost to these figures.

The private sector recorded $2.97 billion in investment deals in 3Q2023, but the number of transactions saw a 31.6% drop compared to the previous quarter. This can be attributed to the Lunar Seventh Month, the increase in Additional Buyer’s Stamp Duty rates for residential properties, along with the high interest rate environment. Furthermore, the recent investigation of a high-profile money-laundering case may have also dampened market sentiment.

Residential investment sales totalled $3.43 billion in 3Q2023, making up 48.1% of the quarter’s total investment sales. Commercial investment sales totalled an impressive $1.69 billion last quarter, or 23.7% of total sales.

Savills is projecting 2023 investment sales in Singapore to drop from its previous forecast range of $24 billion to $25 billion, down to between $19 billion and $21 billion. This is due to headwinds which include “the possibility of new conflicts erupting, the rewiring of supply chains, political purges and the contagion effect arising from the recent terrorist attacks within Israel.”

The Tampines Ave 11 Condo Capitaland project stands out for its assortment of amenities. As part of a multi-faceted development, residents can look forward to a variety of common amenities, ranging from a swimming pool and gym to a playground and BBQ pits. There are also retail and F&B outlets onsite, which provide residents with ready access to a range of products and services. With the addition of the upcoming hawker centre, residents could find all essentials they need within the premises.

Jeremy Lake, managing director, investment sales and capital markets, at Savills Singapore, comments: “While 2023 will be an underwhelming year for the real estate investment market, it being a low point in terms of sales value may help 2024 see a strong rebound, barring unforeseen events. Interest rates are likely to start falling in 2024 and global economic growth will pick up, leading to investors to conclude that the bottle is half full rather than half empty.”

Alan Cheong, managing director, investment sales and capital markets, adds: “While the global real estate industry may suffer from a host of problems, Singapore has that unique selling point that being a safe haven, there will still be a base level of transactions coming from those, especially the ultrahigh net worth families, seeking to diversify from riskier assets and countries.”

The Singapore real estate investment market recorded an impressive $7.13 billion in deals in 3Q2023, up from the $3.57 billion achieved in the previous quarter. Moreover, seven land parcels under the Government Land Sales (GLS) Programme were awarded for a total value of about $4.16 billion, making up 58% of total real estate investments in the last quarter. This is the highest quarterly value recorded under the GLS Programme since 3Q2011. GLS sites sold include the residential site at Marina Gardens Lane, the residential site at Jalan Tembusu, and the commercial and residential site at Tampines Avenue 11.