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Fewer commercial properties were sold for over S$1.5 million in 2014 compared to the previous year, the Ministry of National Development (MND) revealed.
In a written reply to a parliamentary question from Non-Constituency Member of Parliament Gerald Giam, the MND said only 237 retail properties were sold for more than S$1.5 million in 2014, falling 58 percent from 575 properties in the previous year.
The number of office and industrial properties sold for more than S$1.5 million last year also dropped by some 26 percent and 47 percent respectively. The office market saw fewer sales with only 312 properties sold for more than S$1.5 million in 2014 from 426 properties sold in the previous year, while the industrial market saw only 307 properties sold for over that price, compared with the 589 properties sold in 2013.
Average price for retail properties in 2014 stood at S$2.78 million, while those for office and industrial properties stood at S$4.57 million and S$7.22 million respectively. Both the retail and industrial markets saw declines from the 2013 average price of S$2.90 million and S$7.24 million respectively, while the office market recorded higher average prices for 2014 from the last year’s average prices of S$3.78 million.
According to MND, the data were collected from the Urban Redevelopment Authority (URA) and the Jurong Town Corporation (JTC).
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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