Property investment deals surge to S$5.7b in Q2

Singapore

INVESTMENT sales of property - big-ticket transactions of at least S$10 million - have risen 56.7 per cent to nearly S$5.7 billion in the second quarter from S$3.63 billion in the first quarter of this year.

The quarter-on-quarter surge was on the back of a couple of large transactions in the commercial property segment - the S$1.67 billion winning bid for the plum Paya Lebar Central site by the partnership between Lend Lease and Abu Dhabi Investment Authority at a state tender; and the proposed acquisition of an effective stake of at least 61.16 per cent in One Raffles Place by OUE Commercial Reit for S$1.29 billion. The latter involves a related party transaction.

According to figures from Savills Singapore, investment sales in the first half have reached S$9.3 billion; for the whole of last year, the number wa…