According to CB Richard Ellis (CBRE), investment sales of real estate in Singapore hit $953.9 million in the second quarter of 2009, showing a 248% increase from the first quarter’s $273.8 million.

This increase was reached because residential investment sales quadrupled due to the growth in the sale of high-end condominium, a pick-up in the Good Class Bungalows (GCBs) transactions, and a few small residential sites acquisitions. Moreover, the $259.6 million total sale of three office blocks, – VTB and Parakou buildings on Robinson Road, and Anson House – also gave some hope in the inactive office investment sales market.

CBRE Executive Director Jeremy Lake thinks that with a total of $1.2 billion so far in the first quarter, the whole year’s investment sales might reach $2 billion to $2.5 billion, depending on the duration of the burst in activity in the residential sector. Lake also reports that for the Singapore investment market, the Asian private investors who are willing to purchase at present prices, which they believe reflect an attractive discount from the peak, will be the first movers. Most institutional investigators in contrast, utilizes Singapore’s wait-and-see strategy, evaluating that the fundamentals are not strong and better chances will emerge in six to 12 months.

Shaun Poh, senior director of DTZ for investment advisory services, also agrees that the sales of the investment activity may ease a little in the third quarter of 2009, as the limited supply of small investment-quantum commercial properties are for sale.