Residential sector hits $4.76b in 2Q12

The total investment sales value increased by an amazing 78.9%.

According to Colliers International, the public sector continued to dominate residential investment sales, as evidenced by the $2.66 billion amassed from the sale of 11 residential land parcels (including four for the development of executive condominiums) via the Government Land Sales Programme.

Here's more from Colliers International:

This was a 44.5% increase from the $1.84 billion awarded for 10 sites in the preceding quarter and is a testament to developers’ sustained optimism towards the residential market given that the winning bids were still generally bullish in spite of thinning interests observed for sites with weaker locational attributes.

The largest public residential land sale in 2Q 2012, in terms of quantum value, was the award of a 2.3-ha condominium site at Sengkang Square/Compassavale Drive to EL Development Pte Ltd for $383.33 million or $528 per sq ft per plot ratio while the most expensive deal in terms of unit land price went to a condominium site on Farrer Drive which was clinched by Singapore Land Ltd’s unit, Singland Development Pte Ltd at a price of $113.20 million or $1,049 per sq ft per plot ratio.

The unit land price achieved for the 67,471-sq ft 65.3% parcel also marked a new high for 99-year leasehold private housing land sold via the GLS since the award of the Draycott Eight site along Draycott Park for $1,104 per sq ft per plot ratio to Wing Tai Holding Ltd in July 1997.

Overall, the residential sector raked in a total investment sales value of $4.76 billion in 2Q 2012, up a significant 78.9% from the $2.66 billion that changed hands in 1Q 2012. This helped the sector to maintain its top spot on the contribution chart with a dominant share of 53.5%.

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