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Total investment sales volume drop to $11.4 billion in the first half of 2019 from $12.6 billion in the preceding period. Despite this, investment sales volume jumped 12.9 percent to $6.1 billion.
Singapore saw total investment sales volume drop to $11.4 billion in the first half of 2019 from $12.6 billion in the preceding period.
Despite this, investment sales volume for commercial properties jumped 12.9 percent to $6.1 billion in 1H 2019 from 2H 2018’s $5.4 billion, revealed a Knight Frank report.
The sale of Chevron House emerged as the biggest commercial transaction in 1H 2019. Oxley Holdings sold Chevron House to US real estate fund Golden Compass for $1 billion, which works out to about $3,923 per sq ft based on the property’s existing net lettable area of 261,280 sq ft.
Other notable deals during the period under review were the Frasers Property’s $982.5 million divestment of a 50 percent stake in Frasers Tower to Korea’s National Pension Service, the $485.3 million partial divestment of Marina Square Complex, the $440.6 million partial divestment of Waterway Point as well as the $395 million sale of Tampines Grande.
Meanwhile, industrial investment sales volume dropped to $874.6 million in 1H 2019 from $2.2 billion in 2H 2018, on the back of weaker investment sentiments due to a slower electronics sector.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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