Savills Singapore achieves S$1.047B in year-to-date sales, up 169%

SINGAPORE: Savills Singapore’s Investment Sales & Capital Markets has recorded S$1.047 billion in sales so far this year, marking a 169% rise compared to the same period last year.

According to Singapore Business Review, some of the notable deals include the S$439 million sale of Delfi Orchard to CDL Draco Pte Ltd, and the S$371 million sale of seven floors of office space at Solitaire on Cecil.

In addition, Fraser Residence River Promenade was sold for S$140.889 million to Tuan Sing Holdings Limited.

Other key transactions involve the S$29.8 million sale of Suntec City Office Tower’s two office units, and the S$26.5 million off-market sale of Wilmer Place acquired by Jadeite Properties Pte Ltd.

The sale of Fortune Centre’s 11 office units also contributed over S$25 million. Savills also facilitated the sale of a whole floor at 108 Robinson Road for over S$18 million and a shophouse at 8 Circular Road for S$12.28 million.

Jeremy Lake, Managing Director of Investment Sales & Capital Markets at Savills Singapore, noted that the market has become more active recently. He noted that in the last three to six months, there has been an increase in property listings as owners have begun to actively market their assets.

“Looking forward, we expect some owners will be willing to lower their price to get a deal done, allowing them to recycle their investment and move on. The deal volume will increase in the coming quarters as the price gap narrows and more deals close,” he said.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, added that while the market is improving, it is still selective. He explained that due to high interest rates, only prime assets or those with strong economic value are likely to see transactions.

In a recent Facebook post, Savills Singapore announced the successful leasing of units at Wilmer Park, Marina Bay Suites, and The Imperial. /TISG