Total property sales crashed 42% to $6.5b.
Bloomberg reported that the cooling measures rolled out in July took its toll on the en bloc market as sales plummeted 90.71% QoQ from $3.8b to $353m in Q3 according to data from Cushman and Wakefield. Total real estate investment sales crashed 42% to $6.5b.
Meanwhile, commercial and industry property sales bloomed. Office sales jumped 54% to $2.1b whilst industrial property sales skyrocketed 73% to $1.2b.
“Clearly these two sectors emerged as winners from the recent fallout in the residential sector,” Cushman and Wakefield Singapore head of research Christine Li said.
Li believes that both assets will continue to be attractive in the near term with liquidity remaining high and developers looking out for diversification.
Here’s more from Bloomberg.
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