Archive for category: Misc

Real estate investments in Singapore up 75% quarter-on-quarter in 3Q2023, bolstered by GLS tenders: Knight Frank

The real estate investment market in Singapore recorded a total of $7.13 billion in deals for 3Q2023, more than double the recorded $3.57 billion in the previous quarter. Despite this, Savills Singapore discourse a somber outlook due to headwinds including political purges, supply chain rewiring and the possibility of new conflicts arising.

Savills is currently forecasting a decrease in this year’s investment sales, likely falling between $19 billion and $21 billion from the initially predicted $24 billion to $25 billion.

Jeremy Lake, the managing director, Investment Sales and Capital Markets at Savills Singapore, noted that whilst 2023 may be a year of underwhelming returns, a potential rebound in 2024 is expected. He cited interest rates likely falling combined with global economic growth as possible factors for investors to feel optimism.

In this quarter, Government Land Sales (GLS) Programme awarded seven land parcels with a total value of approximately $4.16 billion, accounting for 58% of the entire 3Q2023 investment deals.

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Private sector investments saw an increase of 2.8% quarter-on-quarter to $2.97 billion but the number of transactions decreased by 31.6%. It is suggested that the decrease was because of the additional buyer’s stamp duty rate for residential properties, as well as the Lunar Seventh Month, and the announcement of a high-profile money-laundering case.

Residential investments accounted for 48.1% of the total 3Q2023 value with $3.43 billion, while commercial investments totalled $1.69 billion, or 23.7% of the total.

Savills points out that the Far East Shopping Centre was collectively sold for $908 million while the divestment of Changi City Point by Frasers Centrepoint Trust was at $338 million – both of which bringing about a significant boost to commercial investment deals.

Alan Cheong, a managing director from Savills believes that Singapore’s ‘safe haven’ status should keep a base level of transactions, especially from those seeking to diversify from riskier assets and countries.