A total of $12.73 billion worth of investment transactions has been recorded in the third quarter of 2007 to date, placing Singapore in a good position to end the year on a strong footing.
Singapore, Republic of (Press Release) September 30, 2007 --
A total of $12.73 billion worth of investment transactions has been recorded in the third quarter of 2007 to date, placing Singapore in a good position to end the year on a strong footing. At this current pace, CBRE expects sales to peak at an all-time high of $50 billion by the end of 2007, a substantial increase from the $35 billion reported in the previous quarter.
CBRE's investment sales tally includes land deals, collective sales, transactions of entire office and other buildings as well as strata-titled units including Good Class Bungalows and condominiums above $5 million.
Investment sales in the private sector have accounted for 74.5 per cent or $9.49 billion of the third quarter's total investment sales so far. The public sector has also recorded robust land sales, contributing to the remaining 25.5% or $3.24 billion. Total investment sales of $37.91 billion for the first nine months of 2007 have already exceeded the 2006 full-year by 24.1 per cent.
Public sector sales in the third quarter to date:
- On 10 September, a 3.5-ha commercial site at Beach Road was awarded to a consortium comprising City Developments Ltd, the Istithmar Group and the El-Ad Group for $1.69 billion ($1,069 psf/plot ratio). The tender was conducted through a two-envelope system.
- A 15-year leasehold office site at Scotts Road was sold to a joint venture between Hwa Hong Corporation and KOP Capital for $37 million ($219 psf/plot ratio). The tender drew strong interest from developers, attracting 11 bids.
- Two residential sites at Woodsville Close and Ang Mo Kio Avenue 8 which was awarded to Frasers Centrepoint for $50.68 million ($434 psf/plot ratio) and Far East Organization for $202.88 million ($601 psf/plot ratio) respectively.
- The government also sold a hotel site at Tanjong Pagar Road/Tras Street to Chng Gim Huat for $97.07 million ($562 psf/plot ratio) as well as the sale of two office sites at Anson Road/Enggor Street to Mapletree Investments for $391.93 million ($1,021 psf/plot ratio) and Anson Road to Lasalle Investment Management for $237.2 million ($941 psf/plot ratio) respectively.
- In addition, a condominium site at Sentosa Cove was sold to SC Global for $268.3 million ($1,800 psf/plot ratio).
To date, the residential sector has recorded $23.79 billion in transacted value (including sales of Good Class Bungalows and condominiums above $5 million each) or 63 per cent of the year's total investment sales. The collective sales market was fairly active in the third quarter of 2007, with a total of 16 sites recorded, generating $1.74 billion of investment sales. Notable en bloc transactions include The Grangeford which was sold to Overseas Union Enterprise for $625 million ($1,810 psf/plot ratio), Tulip Garden which was sold to Bravo Building Construction for $516 million ($1,018 psf/plot ratio) and Margate Mansion which was sold to Soilbuild for $58 million ($822 psf/plot ratio).
CBRE's investment sales tally includes land deals, collective sales, transactions of entire office and other buildings as well as strata-titled units including Good Class Bungalows and condominiums above $5 million.
Investment sales in the private sector have accounted for 74.5 per cent or $9.49 billion of the third quarter's total investment sales so far. The public sector has also recorded robust land sales, contributing to the remaining 25.5% or $3.24 billion. Total investment sales of $37.91 billion for the first nine months of 2007 have already exceeded the 2006 full-year by 24.1 per cent.
Public sector sales in the third quarter to date:
- On 10 September, a 3.5-ha commercial site at Beach Road was awarded to a consortium comprising City Developments Ltd, the Istithmar Group and the El-Ad Group for $1.69 billion ($1,069 psf/plot ratio). The tender was conducted through a two-envelope system.
- A 15-year leasehold office site at Scotts Road was sold to a joint venture between Hwa Hong Corporation and KOP Capital for $37 million ($219 psf/plot ratio). The tender drew strong interest from developers, attracting 11 bids.
- Two residential sites at Woodsville Close and Ang Mo Kio Avenue 8 which was awarded to Frasers Centrepoint for $50.68 million ($434 psf/plot ratio) and Far East Organization for $202.88 million ($601 psf/plot ratio) respectively.
- The government also sold a hotel site at Tanjong Pagar Road/Tras Street to Chng Gim Huat for $97.07 million ($562 psf/plot ratio) as well as the sale of two office sites at Anson Road/Enggor Street to Mapletree Investments for $391.93 million ($1,021 psf/plot ratio) and Anson Road to Lasalle Investment Management for $237.2 million ($941 psf/plot ratio) respectively.
- In addition, a condominium site at Sentosa Cove was sold to SC Global for $268.3 million ($1,800 psf/plot ratio).
To date, the residential sector has recorded $23.79 billion in transacted value (including sales of Good Class Bungalows and condominiums above $5 million each) or 63 per cent of the year's total investment sales. The collective sales market was fairly active in the third quarter of 2007, with a total of 16 sites recorded, generating $1.74 billion of investment sales. Notable en bloc transactions include The Grangeford which was sold to Overseas Union Enterprise for $625 million ($1,810 psf/plot ratio), Tulip Garden which was sold to Bravo Building Construction for $516 million ($1,018 psf/plot ratio) and Margate Mansion which was sold to Soilbuild for $58 million ($822 psf/plot ratio).
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