Singapore strata office sales drop 15.6% to S$437.3 in H1 2024

There were only 154 transactions during this period.

According to a Knight Frank report, sales activity of strata offices in Singapore dipped in H1 2024, as volume declined 15.6% to S$437.3 million from S$518.0 million in H2 2023. There were also lesser transactions, a total of 154 strata office transactions, two less compared to H2 2023.

In addition, the average unit price fell 20.1% on a half yearly basis, from S$2,740 psf in H2 2023 to S$2,190 psf in H1 2024.

Here’s more from Knight Frank:

The top five transactions in the first half of 2024 consisted mainly of strata office units at Vision Exchange and Suntec City, with the sale of units on level 21 at Vision Exchange in February topping the list in two bulk transactions of S$33.3 million (S$2,378 psf) and S$25.7 million (S$2,381 psf). Quality strata office units remained in demand due to the lack of investible inventory, even in non-Central Business District (CBD) areas.

Nevertheless, the Downtown Core Planning Area continued to account for the highest number of strata office transactions and total sales value in H1 2024. A total of 47 strata office transactions were recorded, with a total sales value of S$190.1 million. International Plaza and Solitaire on Cecil comprised many of the strata office units sold in this planning area, with the latter being the sole new strata office project with a freehold tenure in the CBD. It is likely that more strata office units were sold, but these transactions were neither reported nor caveated.

Freehold sales

A total of 49 freehold strata office properties changed hands in H2 2024, an increase of 16.7% or seven more than H2 2023 when there were 42 transactions. However, the total sales value in the first half of 2024 fell 49.0% to S$115.4 million from S$226.3 million in the second half of 2023. Similarly, the average unit price declined 13.3% to S$2,804 psf in H1 2024 from S$3,235 psf in H2 2023.

Leasehold sales

There were 105 leasehold strata office deals, with a total sales value of S$321.9 million in H1 2024. This was a fall of 7.9% compared to the 114 sale transactions in H2 2023, but an increase of 10.4% against the total sales value of S$291.7 million. The average unit price of S$2,031 psf in H1 2024, represented a decrease of about 17.1% from S$2,448 psf in H2 2023.

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