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1Q2016 investment sales down 74% q-o-q to $1.75 billion, says DTZ

By Tan Chee Yuen

/ DTZ |

April 25, 2016 1:50 PM SGT

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Real estate investment sales fell from $6.7 billion in 4Q2015 to $1.75 billion in 1Q2016 on the back of the lowest investment sales volume since 3Q2009, according to DTZ.

The decline in investment sales is partially attributed to global economic uncertainty owing to mixed signals in China’s economic growth, Britain’s potential exit from the European Union and volatile oil prices.

Disappointing economic data in Singapore since January has further weakened investors’ sentiments, and widened the price gap between cautious buyers and forward-looking sellers.

Cooling measures continue to discourage investment sales of residential properties in private market. In the commercial segment, the huge supply of office space slated to come onstream in 2016 and 2017 has further weighed on sales.

In 1Q2016, Government Land Sales (GLS) contributed $1.2 billion or 70% of total sales. The largest GLS sale was that of the 207,847 sq ft site in Siglap, which was awarded to a consortium made up of Frasers Centrepoint, Keong Hong Holdings and Sekisui House and KH Capital (a unit of Keong Hong Holdings) for $624.2m ($858 psf ppr).

Despite the fall of investment sales in the private market from $5.1billion to $521.90 million in 1Q2016, the total amount invested in overseas real estate was at least $2 billion. This includes Mapletree’s investment in 25 student accommodation assets with 5,500 beds in the UK.

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