SINGAPORE - The buzz may be returning to Singapore's real estate investment sales market, with interest and activity recovering in the commercial sector in particular during the July-September quarter.
Significant commercial deals were"prevalent" during the quarter as the economy began to reopen after Covid-19 pandemic-related restrictions. "The likes of Alibaba acquiring a 50 per cent stake in AXA Tower earlier in May and ByteDance looking to set up in Singapore, are just the beginning of the potential demand coming from China-based technology companies," Knight Frank said.
A string of deals totalled some $128.3 million during the third quarter - coming close to the $166.4 million recorded in the first half of this year. This, said Knight Frank, demonstrated"a strong recovery in demand" for GCBs. Beyond the Republic's shores, however, overall investment sales by Singapore-based entities were lacklustre during the quarter.
Keppel Reit also bought freehold Grade A commercial property Pinnacle Office Park in Sydney for A$306 million , its manager announced last month.