Property investment sales crashed to 6-year low in Q3

On back of weak economic data and mounting China woes.

Singapore's property market saw $2.86 billion worth of investment transactions in the third quarter of the year, a whopping 52.9% drop from $6.07 billion recorded in the second quarter.

According to data from Savills, this figure is the lowest recorded transaction volume since the third quarter of 2009.

"The quiet quarter is attributed to weak global economic conditions and unexpected negative developments pertaining to the Chinese currency which then translated to increased volatility in the global financial markets," the report said.

Apart from macro headwinds, stubborn cooling measures and the reduced availability of Government Land Sales (GLS) sites also played a part in the decline.

On a quarter-on-quarter basis, transaction value in the private sector fell 28.7% to around $2.37 billion from 36 transactions. Private property investment deals made up 82.9% of all transactions during the quarter.

In the public sector, only two residential sites and two industrial sites were awarded under the GLS Programme with a total value of S$487.8 million, accounting for 17.1% of Q3’s total investment value.