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Key transactions in 2013 contribute towards Singapore’s successful real estate year | 6 February 2014

Key transactions in 2013 contribute towards Singapore’s successful real estate year | 6 February 2014

Experts have hailed 2013 a ‘landmark year’ for Singapore’s commercial real estate market, forecasting that 2014 will follow in the same vein.

According to the latest Global Market Perspective report by Jones Lang LaSalle, activity in Singapore last year topped that of many other geographical markets. It recorded the highest increase in office rents of the entire Asia-Pacific region, followed by Jakarta and strong growth this year is widely anticipated due to rising demand versus low supply plus ‘brighter economic prospects’.

In the hospitality sector specifically, activity rose by 23 per cent, putting Singapore’s volumes ahead of Australia (20 per cent) and China (12 per cent). Together with Japan (28 per cent), the four countries’ volumes equated to the highest ever recorded during the post-crisis era, commercialguru.com.sg cites.

What’s more, Singapore’s real estate investment market also registered ‘record transaction levels’, claiming two of Asia Pacific’s biggest individual deals of 2013. These were sales of the mixed-use TripleOne Somerset building, which sold for S$970 million and the Westin Singapore Hotel, bought for S$470 million, joneslanglasalle.com said.

Singapore is among several ‘gateway’ cities that are expected to experience strong growth in the coming year. Figures from quarter one have already revealed that demand for retail space remains high, hence experts believe the country’s prospects for 2014 are bright indeed.

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

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Posted by Matt Roobol

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