Singapore’s property sales may hit three-year high in 2016
Real estate transaction volume in Singapore this year is projected to be at its highest level in three years after third quarter results soared by 16 percent to reach $4.61 billion, according to preliminary estimates by JLL Research. On a quarter-on-quarter basis, however, total investment sales value in the third quarter was 41.2 percent lower than volume registered in preceding three months. Second-quarter sales activity received a huge lift from the S$3.4 billion ($2.5 billion) sale of Asia Square Tower 1. Excluding the deal, third-quarter sales volume was 3.8 percent higher than the second quarter. The largest deal in the third quarter was the S$1.78 billion ($1.28 billion) acquisition of the office and business park components of the first phase of Mapletree Business City by Mapletree Commercial Trust. This is also the second-largest property deal in Singapore this year, after Asia Square Tower 1.