Thursday, April 5, 2012

Real estate investments down in first quarter

Straits Times: Thu, Apr 05
INVESTMENT in private property plunged in the first quarter as buyers retreated from the market in the wake of the economic slowdown and tougher cooling measures.


Real estate sales totalled $4 billion in the three months to March 31, 49 per cent down on the previous quarter and 53 per cent lower than the same period a year ago, according to property firm CBRE.


It defines residential deals as transactions priced from $10 million, which includes bungalows, government sites, en bloc and other deals.


There were six collective sales in the quarter totalling $454.6 million, down from $656 million in the final quarter of last year and the $669 million recorded in the same period a year ago,


Residential sales totalled about $2.5 billion or 64 per cent of total transactions in the quarter, offices accounted for 15 per cent and industrial spaces 11 per cent.


Retail sites took up 8 per cent while the remaining 2 per cent went to other sectors.


Sales of office space hit $581.4 million in the quarter, down 76 per cent from the final three months of last year...

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