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Real Estate Investment Sales Up Despite Slowing En Bloc Market

Real estate investment sales in Singapore improved in the first quarter of 2019 even as the en bloc sale market appears to have slowed down.

Knight Frank data showed that total real estate investment sales increased by nearly 34 percent to $6.3 billion in Q1 2019 from $4.7 billion in Q4 2018.

The property consultancy attributed the increase partly to the closing of state tenders during the period under review, with public sales soaring from $110 million in Q4 2018 to $3.1 billion in Q1 2019.

“Although the outlook for private residential market was more subdued after the announcement of the eighth round of cooling measures in July 2018, developers were still actively seeking sites that have great connectivity and potential for future growth,” it said.

The government land sale (GLS) site at Middle Road, for instance, attracted 10 bids from developers during the close of its tender.

Knight Frank noted that the sale of the Pasir Ris white site for almost $700 million to a consortium comprising Allgreen Properties and Kerry Properties emerged as the biggest deal sold via state tender.

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