Savills Singapore YTD sales soars 169% to $1.047b

The surge highlights a rebound in investor confidence in Singapore's commercial real estate market. 

Savills Singapore's Investment Sales & Capital Markets has achieved $1.047b in sales year-to-date, a 169% increase from the same period in 2023. 

The surge highlights a rebound in investor confidence in Singapore's commercial real estate market. 

Key deals include the $439m sale of Delfi Orchard to CDL Draco Pte Ltd, the $371m sale of seven office floors at Solitaire on Cecil, and the $140.889m sale of Fraser Residence River Promenade to Tuan Sing Holdings Limited.

Additional transactions include the $29.8m sale of two office units at Suntec City Office Tower, the S$26.5m off-market sale of Wilmer Place to Jadeite Properties Pte Ltd, and the sale of 11 office units at Fortune Centre for over $25m. 

Savills also brokered the sale of a whole floor at 108 Robinson Road for over $18m and a shophouse at 8 Circular Road for $12.28m.

Jeremy Lake, managing director of Investment Sales & Capital Markets at Savills Singapore, observed that more properties have been listed in the past three to six months as owners have started formally marketing their assets. 

“Looking forward, we expect some owners will be willing to lower their price to get a deal done, allowing them to recycle their investment and move on,” Lake said. “The deal volume will increase in the coming quarters as the price gap narrows and more deals close.”

Alan Cheong, executive director of Research & Consultancy at Savills Singapore, also noted that whilst the investment sales market is becoming more active, it remains selective. 

He added elevated interest rates mean that only prime assets or those with strong economic value are likely to complete transactions.