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Singapore real estate investments hit over S$7b in Q3
This is double the investment levels in the previous quarter.
The real estate investment market in Singapore recorded S$7.13 billion worth of deals in the third quarter of 2023. A Savills report reveals that this translates to double the S$3.57 billion achieved in the previous quarter.
Here’s more from Savills:
In the public sector, seven land parcels under the Government Land Sales (GLS) Programme were awarded for a total value of around S$4.16 billion, contributing 58.3% of the quarter’s total investment value. Because of the sale of several large sites, such as the residential sites at Marina Gardens Lane (S$1.03 billion) and Jalan Tembusu (S$828.8 million), and the commercial and residential site at Tampines Avenue 11 (S$1.21 billion), this is the highest quarterly value recorded under the GLS Programme since Q3/2011.
The private sector logged in S$2.97 billion of transactions in the quarter, up 2.8% from a quarter ago. Buying activity in the private sector, however, was subdued. There were 67 deals recorded, representing a 31.6% drop from the 98 transactions in Q2/2023. The Hungry Ghost Month, the full quarterly impact of the increase in Additional Buyer’s Stamp Duty (ABSD) rates for purchasing residential properties on foreign buyers and local investors, as well as the high interest rate environment, were likely reasons behind the decline.