Q1 investment sales of property remain sluggish

INVESTMENT sales of Singapore property - which cover big-ticket deals of at least $10 million - have continued to languish in the first quarter, according to separate figures from CBRE and Savills.

Deals originating from the public sector accounted for the lion's share of transactions - the first time this has happened in nearly three years. This was on the back of state land sales. Sale of residential sites under the Government Land Sales (GLS) Programme made up 49 per cent of the $3.8 billion total investment sales volume in this quarter (up to March 21), said CBRE.

Savills's figures reflect the tally as at March 20 at $3.8 billion, and the property consultancy predicts the final figure will come in slightly hig…