Residential investment sales fell 50.4 percent to S$2.20 billion in the third quarter of this year, according to a Savills report. Nevertheless, the sector still managed to contribute the highest share of 48.6 percent in total investment sales.
The report also revealed that six residential sites under the GLS Programme were transacted for a total of S$1.1 billion.
Despite the overwhelming response from property developers for good land sites, bids remained reasonable, indicating their cautious stance in view of price resistance for private residential properties and adequate supply from the GLS Programme.
Meanwhile, the collective sale market slowed down in Q3 2011, with five transactions valued at S$453.5 million. The sale of Hong Leong Garden Shopping Centre was the largest transaction at S$171.1 million, followed by Whitley Heights at S$159 million.
The remaining three transactions include the sale of the Daisy Apartments, Grand Tower and Permai Court, each below S$100 million.
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