There has been a huge spike in activity in the investment sales market in Singapore during the second quarter this year.
According to property consultancy CB Richard Ellis, total property investment sales in the period so far have amounted to some S$954 million.
The amount is up by more than three times from the previous quarter.
CBRE said Thursday the good showing was due to the sharp recovery in the stock market.
In particular, the residential market witnessed a substantial increase in buying activity.
Total residential investment sales, including Good Class Bungalows, accounted for 63.5 per cent of the total, or S$605 million in transacted value.
The figure is up sharply from S$150 million in the January to March period.
There was a sharp pickup in sales of Good Class Bungalows with 14 transactions, including the sale of 2 Binjai Rise, which was reportedly bought by actor Jet Li.
A hotel site at Short Street was also sold during the second quarter, under the government’s land sales programme.
Fragrance Assets was awarded the site after submitting the highest bid of S$15.5 million.
Source: Channel NewsAsia, 25 June 2009