Singapore’s property investment market was active in the second quarter, with residential sites offered under the Government Land Sales (GLS) programme and existing private condominiums launched for collective sales by unit owners attracting robust demand from both local and foreign developers, according to a new report from Colliers International.
In fact, the biggest en bloc deal in Q2 2018 was the $906.89 million ($1,790 psf ppr) sale of Tulip Garden to China’s Yanlord Land Group and Hongkong Land Holdings’ unit MCL Land. This is also the city-state’s second largest collective sale by total value so far this year after the $980 million transaction for Pacific Mansion in March.
“A consortium led by Far East Organization was awarded a prime leasehold commercial and residential site in Holland Road under a dual envelope (Concept and Price) tender launched by the government, with a winning bid of $1.213 billion ($1,888 psf ppr),” said Colliers managing director Tang Wei Leng.
Aside from that, a partnership between UOL Venture Investments, UIC Homes and Kheng Leong Company (Private) Ltd emerged as the sole bidder for a 99-year leasehold residential site with commercial use in the first floor. The consortium committed to pay $1.035 billion ($1,138 psf ppr) for the 22,851.6 sq m site in Silat Avenue that can potentially contain 1,125 units.
Meanwhile, Colliers International revealed that overseas real estate investors continue to explore Indonesia for joint development opportunities in Q2 2018, with most investors continuing to come from Japan, Mainland China and Singapore.
Aside from that, the successful North Korea–United States summit at the six-star Capella Hotel on Sentosa Island is expected to prompt foreign investors to compete more aggressively for prime properties in South Korea, given the possibility of achieving peace with North Korea despite the many issues yet to be resolved during the summit.
Senior Content Producer, Christopher Chitty, edited this story