Singapore’s top 5 real estate investment transactions in Q3
Taking the top spot is the sale of Chuan Park for S$890m.
According to a Knight Frank report, apart from GLS sites, successful residential enbloc sales also accounted for some of the most significant transactions in Q3.
The report adds that collective sales activity in the third quarter was the highest thus far on a quarterly basis this year, primarily due to Chuan Park changing hands for a substantial S$890.0 million, accounting for some 58.8% of the total enbloc sales value in Q3 2022.
Here’s more from Knight Frank:
Among the residential collective sale sites sold in 2022, most are situated in the Outside Central Region (OCR). Nevertheless, there are also enbloc options in the prime Core Central Region (CCR) where boutique-sized sites of less than S$200 million provide more palatable choices where the risks associated with land costs are reduced.
Although Singapore has reopened borders, some of the other countries in the region have yet to do so, hindering the participation of foreign homebuyers. But as cross border travel returns to pre-pandemic days, and countries in the Asia Pacific rim progressively reopen borders, there could be potential for international buyer interest to return to the prime CCR.
“Foreign homebuyer volume rose to 4.4% and 4.8% in Q2 and Q3 2022 respectively, after Singapore reopened borders from April 2022, compared to the 2.8% in Q1. It could be an opportune time for developers to explore land parcels in prime residential areas in preparation for a possible increase in foreign homebuyer activity as a result of a flight to safety, given Singapore’s standing as a safe and secure haven,” said Chia Mein Mein, Head, Capital Markets (Land & Collective Sale).