Property investment deals surge to S$5.7b in Q2
Office deals a key driver, but softer leasing market, higher borrowing cost present headwinds
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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.
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