Residential property investment sales dropped 14.5% in Q3

A turnaround is unlikely in Q4.

Lacklustre investment sales plagued the residential sector in Q3. Residential transaction values totalled to $1.44b in Q3, representing a 14.5% quarter-on-quarter drop.

According to Savills, developers are unlikely to step up their tender bids for sites under the GLS programme as long as residential cooling measures remain in place.

“The Executive Condominium (EC) sites at Sembawang Road, Sembawang Avenue and Choa Chu Kang received merely two, four and eight bids with top bids of only S$353, S$320 and S$361 per sq ft ppr respectively. Over at Fernvale Road, the two adjacent non-landed residential plots, Parcels A and B received just four and three bids, with Chip Eng Seng Corporation winning both parcels at S$438 and S$448 per sq ft ppr respectively,” noted Savills.