Three reasons behind commercial property growth in Q1

According to Savills, the investment sales went up 229.6% QoQ.

The commercial property segment increased to $3.38b in investment sales during the first quarter of 2023, which is 229.6% up from a quarter earlier, Savills Research said.

Savills revealed that the growth stemmed from first, the conclusion of the sales of Jurong Point, second, the Swing By @ Thomson Plaza, and third, the transaction of a 50% stake in NEX.

“Total transaction value for these three shopping malls was $2.81b, accounting for 83.3% of Q1’s investment sales tally in this sector,” read the report.

In the first three months, a total transaction value of $290m for strata-titled office units was recorded.

Although the transaction value edged down 5.4% QoQ from $306.6m in Q4 2022, the buying momentum for strata office space was ongoing in 2023.

“It was evident from the strong take-up seen in the upcoming 20-storey freehold office project Solitaire on Cecil,” read the report.

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