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Real estate investment sales declined 52% in 1Q2016, says C&W

By Tan Chee Yuen

/ Cushman & Wakefield, The Edge Property |

April 11, 2016 6:17 PM SGT

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Total real estate investment sales declined 52% q-o-q to $2.37 billion in 1Q2016, says Cushman & Wakefield (C&W). The property consultant attributes the drop to a dearth of large private transactions.

Commercial investment sales plunged 79% q-o-q to $576.7 million in 1Q2016. The biggest deal was the acquisition of the remaining 50% stake of 78 Shenton Way by Alpha Investment Partners for $301.5 million from Commerz Real to secure full ownership of the property. Meanwhile, Scor Reinsurance purchased multiple floors of SBF Center for $85.5 million from developer Far East Organization. It is expected to relocate from its current premises at Asia Square Tower 2 when SBF Center is completed later this year.

In the industrial sector, investment sales dropped 77% q-o-q to $134.7 million in 1Q2016. Notably, a consortium led by Nanshan Group acquired Harper Kitchen, a freehold industrial property in Tai Seng, for $51.1 million. The consortium is expected to redevelop the building to maximize the unutilised gross floor area.

Investor confidence remains low as global economic outlook remains uncertain, according to C&W. Investors prefer deals with more affordable quantum, and in the first three months of 2016, most of the private transactions had price tags of under $100 million. C&W expects investment sales to remain weak in the upcoming quarters in the absence of big ticket transactions.

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