On the other hand, buyers were waiting to enter at more attractive prices amid the likelihood of a global recession.
Ascendas Reit was also noted as an active player in investment sales during the quarter due to its S$102.9 million acquisition of a 25 per cent stake in Galaxis. The real estate investment trust also sold Wisma Gulab to Heap Seng Group for S$88 million and 25 Changi South Street 1 to Hao Mart for S$20.3 million.
However, the decline in interest rates may lead to a rapid return on investment activity in 2021 once investor sentiment recovers.
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