Singapore accounted for four of the 10 biggest property investment sales deals across Asia in the first three months of this year, according to CB Richard Ellis.
These were the $1.04 billion sale of Temasek Tower - which was ranked the top deal in Asia in Q1 - and the collective sales of Gillman Heights ($548 million), Horizon Towers ($500 million) and Anderson 18 ($477.7 million), which were ranked fourth, sixth and seventh.
‘That four of the 10 largest real estate investment deals in Asia are Singapore properties is a very clear signal that investors are confident of Singapore’s strong economic fundamentals,’ CB Richard Ellis (CBRE) executive director (investment properties) Jeremy Lake said yesterday. ‘Property funds and overseas institutional investors anticipate further capital value and rental appreciation.’
The firm’s updated estimate of Q1 2007 investment sales in Singapore is $11.16 billion. ‘If the pace continues for the rest of the year, we’ll see $44 billion for the whole of 2007, which would be higher than the $29.92 billion achieved for 2006,’ said Mr Lake.
The $11.16 billion figure for Q1 is an 86 per cent increase from a year earlier, due mainly to the large number of development sites sold this time around. The residential sector accounted for 62 per cent of Q1 2007 investment sales, followed by the office sector at 27 per cent.
CBRE only includes transactions of at least $5 million as investment sales, and these include land, en bloc sales and strata-titled units such as office units and apartments.
Source: The Business Times, 24 May 2007
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment