Strata office sales up 11% in Q1 as Singapore attracts wealthy

Higher interest rates kept prices in check.

Singapore saw 70 strata office deals in the first quarter of the year, up 11% year-on-year as the city-state continues to attract wealthy individual investors, data from Huttons showed.

Despite the increase, last quarter’s transaction volume still fell in value with the overall value of strata office deals declining 25% YoY to $185m. The first quarter sales, meanwhile, were 15% lower in volume but 3.2% higher in value when compared to the levels three months prior, or in the fourth quarter of 2023.

Securing the top deal of the quarter was the Vision Exchange building in Jurong Each, when its entire 21st floor changed hands in February for a total of $59m, according to Huttons’ data. This was followed by a $10.7m deal in the GB Building in January and an $8.1m transaction in Suntec City Tower One.

“Investors remained keen to invest in the strata office market as it is subject to lower taxes compared to the residential market. But the higher interest rates kept prices in check,”
Huttons’ senior director for data analytics, Lee Sze Teck, said.

The steady performance came as Singapore’s overall office market is expected to enjoy a robust demand from occupiers as the global economy rebounds, but rental growth will stay muted amid an influx of new supply.

Huttons estimated over three million sq ft of office space are due for completion this year and this volume, when realised,” ill be the largest annual supply the city-state has ever seen since 2000.

“The office market is poised to gain strength in the coming quarters on the back of better economic growth. However, the large supply of office space will keep rent growth moderate in 2024,” Lee said.

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