The residential sector snapped up more than 80% of total sales.
Singapore’s real estate scene is thriving more than ever after property investment sales ballooned 95.2% to a whopping $10.84b in Q1 - its best ever first quarter performance, according to preliminary data from JLL.
The residential sector was able to maintain its strong momentum from the previous year as it accounted for a lion’s share or over 80% of total investment sales value in Q1. This comes amidst aggressive land banking activity as developers pin their hopes on the recovering property market.
With the exception of commercial sites yielding more than 20% of gross floor area, developers were able to acquire 26 residential plots totalling $7.27 billion in Q1 alone. Residential collective sales also reigned supreme after 17 deals amounting to $5.83 billion were registered over the same period.
“We expect overall property investment sales activity to stay elevated, bolstered by developers’ continued land banking activities,” said JLL Singapore head of research and consultancy Tay Huey Ying.
Do you know more about this story? Contact us anonymously through this link.