191 views
Photo from Savills.

Investment sales to grow 10% YoY in 2024

Sales will be driven by the Government Land Sales.

Singapore’s investment sales are expected to grow by 10% year-on-year to reach around $22b to $23b, as the Government Land Sale (GLS) market is expected to be more active, whilst interest rates are seen to decline in the second half of the year, according to Savills.

In 2024, GLS sites to be awarded will increase, with spillover tenders from the 2023 Programme, along with those in the first half of the 2024 Programme that will close in the second half of the year.

ALSO READ: Savills cuts 2023 property investment sales value forecast to $19b-$21b

In the fourth quarter of 2024, six land parcels under the GLS Programme were awarded worth around $2.9b.

“The collective sales market for residential is likely to see another year where developers exercise caution and be more inclined to replenish their landbank from the GLS sites,” said Alan Cheong, executive director, Research & Consultancy at Savills.

Cheong added that retail asses may improve this year with yields around 4% high.

“Risks are lower for prime suburban malls and buyers may be motivated to commit to sales especially when prime stock available is scarce. Even for Orchard Road, the lack of new sites for retail development may bring about a sale or two of certain landmark malls in 2024,” he added.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

ION Orchard marks 15 years as a premier retail destination
The mall is proactive in conducting surveys to identify trends and optimise its tenant mix.
Retail
ION Orchard leads charge in sustainable takeaway practices
 Shoppers will enjoy discounts when they opt for a reusable mug or food container from Muuse.