Bookmark & Share
Eight transactions, amounting to $12.1 million, were lodged for Far East Plaza during the period, compared to just one caveat in Q1 2019. The units had an average strata area of 494 sq ft and an average price of $4,554 per sq ft (psf).
The sales of strata-titled retail units in Singapore amounted to $130.6 million in the second quarter of 2019, with 63 transactions lodged during the quarter, revealed a Knight Frank report.
Excluding the $400 million sale of Liang Court in Q1 2019, strata titled retail sales for Q2 2019 soared 105.3 percent from the previous quarter.
The report noted that the number of caveats lodged for freehold strata retail units rose to 34 transaction in Q2 2019 from Q1 2019’s 18.
Knight Frank also observed that average unit prices for freehold strata retail units have been on the uptick, increasing 22 percent quarter-on-quarter to $3,911 psf in Q2 2019.
Eight transactions, amounting to $12.1 million, were lodged for Far East Plaza during the period, compared to just one caveat in Q1 2019. The units had an average strata area of 494 sq ft and an average price of $4,554 per sq ft (psf).
Of the 34 caveats lodged for freehold units, 16 caveats or 47.1 percent were for units on the Basement 1 and Level 1, compared to four out of 18 or 22.2 percent caveats lodged in the preceding quarter.
Strata retail units within the Orchard Planning area registered higher sales volume compared to other planning areas, on the back of the bulk sale of Thong Teck Building as well as the sale of various units in Far East Plaza.
Looking ahead, Knight Frank expects interest in strata-title retail developments to remain healthy for the rest of the year, given the higher cost of acquisition for residential units.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
Related Articles:
More investors turning to industrial properties: Knight Frank