PROPERTY investment sales in Singapore are likely to rebound as vaccination programmes are rolled out next year, with business sentiment picking up and border restrictions gradually eased, CBRE said in a press statement on Monday.

Michael Tay, head of capital markets for Singapore at CBRE, noted that the Singapore investment market has been resilient and has demonstrated its ability to recover from crisis situations in the past. “This was apparent post global financial crisis when real estate investment sales volume improved by a strong 265.4 per cent in 2010,” he said.

While investors are likely to remain discerning at the start of next year, they will still be in search of investments that provide higher returns, spurred by the low interest rate environment and ample liquidity, Mr Tay said.

As an investment destination, Singapore fits this bill given its “proven ability to handle the pandemic, macroeconomic stability and political-neutral stance”, he added.

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THE slide in Singapore industrial property rents and prices continued in the third quarter, with the pace of decline gathering pace though occupancy improved, latest figures from JTC Corp show.

The industrial land and infrastructure agency said the rise in occupancy was driven by an increase in demand for storage amid a delay in new completions.

However, some property consultants offered another explanation for the rise in occupancy despite continuing rental declines.

Christine Li, head of research for Singapore and South-east Asia at Cushman and Wakefield, said: “This could mean that landlords were prioritising increasing occupancy at the expense of rental rates.”

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Seventh storey offering has been renovated; price is about S$1,800 psf

AN ENTIRE floor of GB Building in Singapore’s central business district has been launched for sale with a guide price of nearly S$9.8 million.

Located on the seventh storey of the 143 Cecil Street tower, the sale offering has been renovated and features a regular floor plate with a column-free layout.

Its price tag works out to about S$1,800 per square foot (psf) based on the strata area of 5,425 square feet.

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RENTS for business parks in Singapore’s city fringe are projected to rise as more firms seek out business parks with Grade-A office specifications in a bid to cut their real-estate costs.

In the third quarter of 2020, rents of business parks in the city fringe stood at S$5.91 per square foot per month (psf/month), up 0.2 per cent quarter on quarter and 2.4 per cent higher from a year ago, data from real estate services firm Cushman & Wakefield showed.

Christine Li, the company’s head of research for Singapore and South-east Asia, said another factor driving the move to business parks is the trend of companies with a large proportion of their employees working from home, thus lowering the need for central business district (CBD) office space.

She said: “The movement towards business parks with Grade-A specifications and the continued moderation of Grade-A CBD rents will further narrow the rental gap between CBD office and city-fringe business park space over the next few quarters.”

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A ROW of freehold conserved shophouses near the Tiong Bahru Market food court will be launched for sale on Thursday via an expression of interest (EOI) exercise.

This comes hot on the heels of numerous other shophouses that have been put on the market or sold in recent weeks as the market continues to gain pace.

Located at 265, 267, 269 and 271 Outram Road, the four adjoining shophouses will carry an indicative price of at least S$50 million.

This translates to about S$2,733 per square foot (psf) based on an existing gross floor area of 18,295 square feet (sq ft), marketing agent Colliers International told The Business Times.

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MORE shophouses in Singapore have been launched for sale or transacted this week as the market continues to heat up after a months-long lull from pandemic-related restrictions.

Freshly launched properties include shophouses in River Valley, Bugis and Telok Ayer.

A four-storey conservation shophouse at 14 Mohamed Sultan Road, near Fort Canning Park, was also sold on Tuesday at S$12.2 million, Isabel Redrup Agency told The Business Times (BT).

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