Oct 15, 2019
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The figure was also 49 percent higher than the $11.24 billion combined volume for the first and second quarter of 2019.

Singapore saw real estate investment sales soar 150 percent to $16.74 billion in the third quarter of 2019 from $6.7 billion in the previous quarter, revealed a Cushman & Wakefield report.

The figure was also 49 percent higher than the $11.24 billion combined volume for the first and second quarter of 2019.

The commercial sector led the sales volume with $6.27 billion in sales. M+S, for instance, sold DUO Tower and Galleria within the Bugis submarket to Allianz Real Estate and Gaw Capital Partners for a record price of $1.58 billion or $2,570 per sq ft (psf).

Another transaction in Bugis involved Keppel REIT’s sale of Bugis Junction Towers to Angelo Gordon and TCRE Partners for $547.5 million or $2,200 psf.

Arch Capital Management also acquired Anson House for $210.0 million or $2,435 psf from Savills Investment Management.

In Q3 2019, transactions within the industrial sector totalled $4.07 billion, driven mainly by REITs.

Mapletree Investments injected Mapletree Business City II into Mapletree Commercial Trust for $1.55 billion or $1,308 psf.

Keppel DC REIT also continued to grow its data centre portfolio by acquiring 1-Net North Data Centre for $201.8 million as well as a 99 percent stake in Keppel DC Singapore 4 for $384.9 million.

Meanwhile, transactions for the residential sector hit $3.03 billion and $2.92 billion for the hospitality sector.

Darby Park Executive Suites, which was re-zoned from residential to hotel use, was sold by Royal Group to Indonesian tycoon Bachtiar Karim for $160 million.

Bay Hotel Singapore was also acquired by PAM Holdings and Datapulse Technology for $235 million, while Oakwood Premier OUE Singapore was bought by a joint venture by Hong Kong financial services company AMTD Group and Far East Consortium International for $287.1 million.

The retail sector also registered some activity, with Lendlease injecting 313@Somerset into its REIT for $1 billion.

With total investment sales at $27.98 billion year-to-date, Cushman & Wakefield’s head of research for Singapore and Southeast Asia Christine Li expects investment sales volume for this year to surpass the $33.96 billion registered last year.

 

Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

Related Articles:

Real estate investment sales up 49% in Q2 2019

Retail property investment sales soar 52% in Q2

Singapore property investments doubles in 2019

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