Strata retail sales rise in Q2 but fail to lift H1

In H1, trasncations fell 10.9% HoH.

The increase in Q2 strata retail sales failed to boost first-half figures.

Data from Huttons showed that in Q2, 69 strata retail units changed hands, translating to an increase of 11.3% QoQ and 3% YoY.

The H1 volume, however, declined 10.9% (HoH) to 131 strata retail deals, reported Knight Frank.

In Q2 and H1, the market reported lower sales value of $107.7m (-8.9% YoY) and $215.5m (-32.1% YoY).

Knight Frank reported that in H1, majority of transactions were for smaller amounts under $4.0m, with only three units sold above $10.0m.

According to Huttons, one of the units sold above $10m was a 999-year leasehold unit at Peninsula Plaza, which sold for $10.4m in Q2.

The other two deals above $10m were a strata retail unit at Royal Square at Novena for $11.0m and a freehold strata retail unit at Lucky Plaza for $10.5m, both exchanged hands in January.

Huttons anticipates that retail rents will continue to improve in 2024, driven by demand for retail space bolstered by MICE events like the International Built Environment Week and the Singapore Grand Prix, both taking place in September.

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