Savills Singapore’s Investment Sales & Capital Markets team has recorded an outstanding S$1.047B in sales year-to-date, reflecting a 169% surge compared to the same period in 2023. This impressive performance underscores a return of investor confidence in the Singapore commercial real estate market and highlights Savills' strategic approach to capitalising on key market opportunities.

Some of the highlights include:

• Delfi Orchard for S$439M – collective sale of prime 11-storey freehold strata titled commercial building by public tender to CDL Draco Pte Ltd, a wholly owned subsidiary of City Developments.

• 7 office floors of Solitaire on Cecil sold for about S$371M – brokered sale of last 3 floors within just three months, between April and June 2024.
• Sale of Fraser Residence River Promenade for S$140.889M – a mixed-development asset comprising of 72 serviced apartments, 3 conservation warehouses with 47 carpark lots to Tuan Sing Holdings Limited.

• 2 office units at Suntec City office tower at $29.8 million – via private treaty
• Wilmer Place at 50, Armenian Place for S$26.5M – via an off market private treaty exercise to Jadeite Properties Pte Ltd - a 50:50 joint venture (JV) that is held by Coliwoo Holdings Pte. Ltd. (a subsidiary of LHN Group) and Macritchie Developments Pte. Ltd. (owned 90% by Ching Chiat Kwong and 10% by Shawn Ching).

• Sale of 11 office units at Fortune Centre sold for over S$25M – Savills has transacted all the office units in the portfolio thus far.

• Sale of a whole floor of 108 Robinson Road for above S$18M – Savills was the first to broker the sale of the entire floor of these freehold strata offices
• Shophouse at 8, Circular Road sold for S$12.28M – via private treaty

Jeremy Lake, Managing Director, Investment Sales & Capital Markets at Savills Singapore, comments, “More stock has come onto the investment market over the last 3 to 6 months because some owners have decided to pull the trigger and engage brokers to formally market their properties for sale. However, a price gap still exists in many cases despite the eager expectation that interest rates will start to fall soon. 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. The deal volume will increase in the coming quarters as the price gap narrows and more deals close.”

Alan Cheong, Executive Director, Research & Consultancy at Savills Singapore, adds, “The investment sales market is starting to show greater activity, and this may possibly snowball into larger deals ahead. However, the market will be very selective because interest rates are still elevated, and only trophy assets or those that make economic sense may consummate.”

For further information, please contact Jeremy Lake, Managing Director, Investment Sales & Capital Markets and Alan Cheong, Executive Director, Research & Consultancy, Savills Singapore via the below contact details below.

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