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Private office sales in Singapore dampened in the fourth quarter of 2017 – with only two significant grade office block transactions – mainly due to the absence of investible grade office stock, reported Singapore Business Review citing Savills Singapore.
Hong Kong’s Gaw Capital Partners acquired the nine-storey office and retail block PoMo for $342 million, while Oxley Holdings purchased 32-storey commercial development Chevron House for $660 million.
The opposite, however, happened for the public sector, which was fuelled by the Government Land Sales (GLS) programme.
A joint venture between Guoco Group and GuocoLand secured a commercial site at Beach Road for $1.62 billion.
“To some extent, the bullish winning bid reflects the optimism of developers underpinned by the recent recovery in the office leasing market and better economy outlook,” said Savills Research Singapore senior director Alan Cheong.
Savills revealed that this will be the only major supply of prime office that is expected to enter the market beyond 2022.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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