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.

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