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Singapore investment sales drop in first quarter

by Andrea Waitrovich

Singapore real estate investment sales totaled S$5.32 billion ($3.8 billion) from January through March 2017, decreasing 33.6 percent quarter-on-quarter, according to Savills. By property type, commercial assets made up S$2.85 billion ($2.03 billion), or 53.6 percent, of the real estate investment sales total.

On a quarterly basis, commercial transaction volume surged by 46 percent from S$1.95 billion ($1.39 billion) in the previous quarter. Similar to what transpired in the second half of 2016, the transactions during the first quarter 2017 were all from the private sector. The commercial properties, especially offices, continued to be the top pick for overseas companies and investors.

Savills states several factors causing the decline of capital into the Singapore real estate market. One of the factors is that since the beginning of 2017, there have been stricter controls on the outflow of foreign exchange from China.

Notable Q1 office deals include:

  • The sale of a 70 percent stake in TripleOne Somerset to Hong Kong–based Shun Tak Holdings for S$880.6 million ($5 million)
  • Manulife’s S$756.8 million ($2 million) acquisition of PWC Building from DBS Group Holdings. This is the insurance company’s first real estate acquisition in Singapore.
  • The GSH-led consortium’s divestment of Plaza Ventures Pte that holds GSH Plaza at S$663.5 million ($6 million)
  • One Tree Partners’ acquisition of 17 offices at Prudential Tower on Cecil Street for S$206.59 million ($45 million) from a Lian Beng–led consortium.

 

IREN Singapore-related stories:

U.K. firm partners with Singapore-based investor

Singapore investor buys European real estate company

Blackstone sells Singapore property for $260m

Canadian investor enters Singapore market

Singapore group buys Australian hotel for A$230m

Singapore investor buys D.C. office portfolio

Singapore investor purchases U.K. student housing portfolio for £227m

Property transactions in Singapore total S$25.7b in 2016

Singapore mall stake put up for sale

 

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