Singapore’s property investment deals rise 38.7% in Q3

The bulk of investment volume is driven by the sale of four GSL sites.

Singapore recorded a quarterly increase in its real estate investments, with $7.5b deals secured for the third quarter (Q3) of 2021.

Knight Frank analysts, in a report, said Singapore’s total land sales for Q3 was 38.7% higher than the previous quarter at $5.4b. 

The bulk of Q3’s investment volume was driven by the sale of four Government Land Sales (GLS) sites, according to the report.

Sold were land sites at the Marina View ($1.5b), Jalan Anak Bukit ($1.0b), Lentor Central ($650.997m), and Tampines Street 62 ($422m).

The fifth highest transaction was recorded in the shophouse sector, with the sale of 61 Robinson to Rivulets Investments for S$422m.

Despite posting a lower transaction volume for Q3, Singapore’s sales in the Good Class Bungalow (GCB) market were at a “healthy level,” securing $452m worth of deals.

Amongst the significant GCB deals made from July to September was the sale of detached homes at 11 Queen Astrid Park (S$2,704 psf on land) and at 3 Bishopsgate for S$65m (S$2,208 psf on land) to TikTok CEO Chew Shou Zi for S$86m.

Singapore’s outbound property investments also grew 53.9% from the same quarter in 2020, with $5.2b deals recorded.

With Singapore’s encouraging pace of investment deals for the past nine months, Knight Frank analysts forecasted that the country will be able to achieve its projected transaction volume for 2021 at $30b.

“Much of the investment activity in the coming months would comprise the limited supply of new GLS parcels available for tender in the H2 2021 Confirmed List. It is also possible that well-located smaller sites on the Reserve List could also be triggered as the unsold stock of private residential units runs down,” the report said.