News

Commercial Property

Staff Reporter

, Singapore

Published:

1 year ago

Photo by Alena Darmel from Pexels

Collective sales rebound in Q4 2024

It was up from the sole sale between January and September last year.

A total of three collective sales were recorded in the last quarter of 2024, a rebound from the sole collective sale between January and September last year, according to Knight Frank.

In October, Katong Plaza was sold for $180m to the Fragrance Group whilst Concorde Hotel and Shopping Centre was sold to Hotel Properties at $821m in November.

Moreover, Thomson View Condominium was acquired by a joint venture of UOL, Singapore Land and CapitaLand Development for $810m.

“The increase in collective sales activity illustrates that developers remain sensitive to the price versus the attractiveness of the attributes of land plots. Owners who are realistic with their asking price will collectively stand a higher chance for success,” said Chia Mein Mein, Head of Capital Markets for Land and Collective Sale.

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