2024-09-04-莱坊-Singapore_Investment_Market_Update_Q2_2024_2页_544kb

报告摘要

Q2 2024 Singapore Real Estate Investment Summary

Core Content

Q2 2024 saw a notable increase in real estate investment sales despite a generally quiet market. The total investment sales value rose by 100.5% q-o-q and 63.3% y-o-y, reaching S$6.4 billion, driven primarily by residential and commercial transactions.

Key Market Trends

Residential Investment Sales

Total sales value: S$4.2 billion
Quarterly increase: 100.5% from Q1 2024 (S$2.1 billion)
Top transaction: Awarded government land sales (GLS) sites for residential use, with the Zion Road (Parcel A) sale at S$1,106.9 million leading the list.
Other notable GLS sites:
- Holland Drive: S$805.4 million
- Upper Thomson Road (Parcel B): S$779.6 million
- River Valley Green (Parcel A): S$464.0 million
Challenges: Collective sales remain difficult due to the price gap between owners and developers, and reluctance of foreign investors to sell due to increased ABSD rates.

Commercial Investment Sales

Total sales value: S$1.8 billion
Quarterly increase: 21.1%
Top transaction: Sale of Mapletree Anson for S$775.0 million in May
Trend: Large commercial buildings continue to attract interest, especially from institutional buyers.

Industrial Investment Sales

Total sales value: S$330.0 million
Quarterly decline: 24.8%
Yearly decline: 67.2%
Notable deals:
- BHL Factories sold for S$74.0 million in May
- Homestay Lodge sold for S$63.5 million in June

Outbound Investment from Singapore

Estimated value: S$3.7 billion
Quarterly increase: 165.6%
Yearly decrease: 34.0%
Focus: Global investors are holding off due to high interest rates and geopolitical tensions, but are actively exploring opportunities.

Purpose-Built Student Accommodation (PBSA)

Growing interest: Property groups and asset managers are expanding into PBSA as a resilient asset class.
Example: Mapletree Investments acquired 31 student housing assets across 19 cities in the UK and Germany for S$1.7 billion in April.

Market Outlook

Muted sentiment: Buyers and investors are still waiting for interest rates to drop and for prices to be re-evaluated.
Potential sectors: Hospitality and retail are seen as having the greatest potential due to normalising tourist patterns.
Redevelopment interest: Landed housing plots in good locations are in demand for redevelopment, especially by boutique developers.
Expected momentum: Investment sales could improve in the second half of 2024, with the annual total projected to reach S$23 billion to S$25 billion.