Singapore strata office sales down 2.6% to S$1.1b in 2024

There were 325 units sold throughout the year.

The strata office market in Singapore ended 2024 with the sale of 325 units translating to a total sales value of S$1.1 billion, according to data from Knight Frank. 

This represented a slight decline of 2.6% y-o-y compared to 2023 which closed with 309 units sold and a corresponding total sales value of S$1.2 billion.

Here’s more from Knight Frank:

On a half yearly basis, the performance of the strata office market showed improvement. The total sales value grew 50.3% to S$686.6 million from S$456.8 million in H1 2024. The number of transactions in H2 2024 increased by five units to 165 units, with the average unit price increasing 30.7% to S$2,883 psf in H2 2024 from S$2,205 psf in H1 2024.

The new sale of a unit at Solitaire on Cecil for S$55.2 million in July topped the list, followed by the sale of two units at 6 Raffles Quay for S$36.0 million in July, and a combined sale of three units at Suntec Tower One that changed hands for S$35.9 million in December. Strata office spaces in modern and centrally located buildings continued to remain in demand. 

In H2 2024, the top three planning areas with the highest sales volume were the Downtown Core, Rochor and Orchard. The Downtown Core Planning Area maintained top spot with 49 units transacted amounting to a total sales value of S$357.0 million.

However, this demand may have been underreported as some buyers and investors preferred to keep a low profile, opting not to lodge a caveat during the purchase.

Sales activity in the Rochor Planning Area picked up, likely due to the new sales launch of One Sophia in November 2024. With the limited supply of new strata office spaces of palatable sizes in central locations, small business owners and non-institutional investors remained on the lookout for such boutique and smaller office spaces with more affordable ticket-sizes.