SINGAPORE: The property market saw a near-doubling of investment transactions in the third quarter to nearly S$16 billion.
CB Richard Ellis said the private sector accounted for two-thirds, or over S$10 billion, of the sales. The remaining transactions came from government land sales.
Investment sales for the nine months to September amounted to S$41 billion, some 34 per cent higher than the same period last year.
On a sectoral basis, the office sector was the star performer, accounting for 44 per cent of sales, or S$6.8 billion.
The residential sector contributed S$6 billion or 37 per cent of sales, due to the active collective sales market.
The industrial sector, which was largely driven by REIT-related purchases, accounted for 3.7 per cent of sales.
Looking ahead, CBRE expects investment sales for the full year to come in between S$45 billion and S$50 billion, compared to S$35 billion last year.