Singapore property investment sales fall 45% in first half of 2020: Report

SINGAPORE - Property investment sales in Singapore slumped in the first half of this year amid the coronavirus pandemic, though the market showed signs of stabilising in the second quarter, a report from Cushman & Wakefield on Thursday showed.

"In the absence of a catalyst, the sluggish market sentiment is expected to continue, with volume in the second half of the year unlikely to increase significantly," said Christine Li, Cushman & Wakefield's head of research for Singapore and Southeast Asia. The biggest deal of the quarter was Chinese e-commerce giant Alibaba Group buying a 50 per cent stake in AXA Tower in a deal that values the property at $1.68 billion. Also, Perennial divested its 30 per cent stake in TripleOne Somerset to Shun Tak Holdings for $155.1 million. Another major commercial deal involved Olayan Group purchasing the retail and banking units of 30 Raffles Place for $315.0 million.

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