Income-producing property sales in Singapore fell 12% $10.2b in Q2
En-bloc deals hit $13.8b which is 58% of all land sold in H1 2018.
Income-producing property sales dropped 12% YoY to $10.2b in Q2 amidst fewer big-ticket office transactions, property research firm Real Capital Analytics (RCA) revealed. This was despite transactions doubling in terms of number in H1 2018 compared to H1 2017.
RCA also noted that a total of 50 transactions which were mainly smaller deals were finalised in H1 2018, making the period the most active in the last five years.
“Land sales have been a key feature of the Singapore real estate market in the last year, as collective sales took off,” RCA senior director of analytics for Asia Pacific Petra Blazkova commented. “These collective sales involve condominium owners agreeing to sell their building to a developer that is looking to acquire sites more cheaply than is available through government land auctions.”
Also read: Retail property sales hit $695m in H1 2018
The firm said that en-bloc deals hit $13.8b which is 58% of all land sold in H1 2018.
Meanwhile, RCA’s research found that Singaporean investors were the second most active in the region, next to their Chinese counterparts. Singaporeans spent a US$4.6b in the Asia Pacific region, particularly on China and Australia properties.
RCA looked into property sales spanned deals relating to offices, industrial properties, retail properties, hotel properties, apartments, and seniors housing and care.
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