What was the largest office investment deal in Singapore in Q3?

The transacted price was nearly S$70 million.

According to a recent Savills report, on the investment sales front, following a surge in block transactions in the previous quarter, the office investment market in Singapore slumped in Q3/2024 with the absence of large-scale block transactions. 

Hence, office investment sales in the quarter comprised only sales of strata titled offices. The number of strata deals remained similar to the previous quarter, with nine transactions. 

Here’s more from Savills:

Nevertheless, the total transaction value, amounting to S$286.3 million, was higher in Q3/2024. The largest deal in the quarter was for the office units on the ninth and tenth storeys in Tong Building with a transacted price of S$68.5 million, working out to a unit price of S$4,987 per sq ft based on the total strata area of 13,734 sq ft. These two levels, owned by See Hoy Chan Realty and See Hoy Chan Land, were acquired by The Hour Glass, being near the luxury watch retailer’s corporate offices in the same building. 

Separately, buyers are showing greater enthusiasm for freehold office projects, such as Solitaire On Cecil, 108 Robinson Road, and 6 Raffles Quay in Singapore’s CBD, as well as the above-mentioned Tong Building. The limited supply of these properties supports capital preservation and appreciation, further enhancing their appeal among long-term investors.