Colliers International’s Asia Market Snapshot Q1 report said that Singapore’s commercial property sector and hotel market remain buoyant. Despite the optimism in the commercial property market, the residential market remained subdued said the report.
Screengrab: Colliers Research -Commercial property sector shines as residential assets remain subdued The commercial property sector also enjoyed some deals after months of negotiations and due diligence thanks to a recovery in the office rental market and firming up of retail market fundamentals. Meanwhile, the residential sector saw a slight pick-up in transaction value as a number of residential sites offered under the Government Land Sale Programme were awarded successfully in Q1.
An executive condominium development site at Tampines Avenue 10, offered through the GLS tender, was awarded to the top bidder – Hoi Hup and Sunway Development at a price of SGD434.45 million , or SGD578 psf ppr. The achieved land price is the second highest on record for EC land since Sumang Walk’s SGD583 psf ppr in March 2018.
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