Singapore strata industrial sales hit two-year highs in Q2

Sales increased by 42.9% to 513 transactions during the quarter.

The strata industrial sales activity in Singapore saw a recovery of 42.9% QoQ to 513 transactions in Q2 according to Savills data, the highest level in almost two years. It was largely driven by the sales increase in multiple-user factory and warehouse spaces. 

According to Savills, while the uptick in sales was largely due to the sale of a portfolio of 44 units at Cititech by City Developments Ltd, another significant contributor came from the sales for a multiple-user factory called Food Ascent – the new ramp-up food factory which was launched for sale in Q1/2024. 

Here’s more from Savills:

In Q2/2024, the JTC industrial price index rose 1.2% QoQ, reversing the decline in Q1. Although the JTC price index for multiple-user factory space showed a healthy growth of 1.7% QoQ, Savills’ basket of industrial properties recorded a slower price appreciation across all tenure types in Q2. 

Prices for freehold and 60-year leasehold industrial properties increased by 0.5% to S$830 per sq ft and 0.7% QoQ to S$516 per sq ft respectively, while those for 30-year leasehold industrial properties inched up 0.1% QoQ to S$325 per sq ft in Q2.