Government Land Sales a hit

Purchases of Government Land Sales sites made up the bulk of investments in the second quarter.

DTZ Research noted:

16 sites were awarded from the GLS programme in Q2 2011, which is twice the number of sites awarded in Q1 2011. Sales of government sites from the GLS programme amounted to S$4.6bn, which is about 55% of total investment activity in Q2 2011. Following the government’s plans to develop Jurong and Paya Lebar as commercial centres, the sale of two sites in these two areas respectively were the two largest investment deals in the quarter. CapitaLand partnered CapitaMalls Asia and CapitaMall Trust to purchase the mixed-use land site at Boon Lay Way for S$969.0m, while a consortium comprising Low Keng Huat, Guthrie and Sun Venture purchased the office land site at Paya Lebar for S$585.6m.
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