Saturday, May 12, 2012

Strata-shop sales last year a record $661m

Straits Times: Sat, May 12
THE strata-shop segment is roaring.

Brisk sales totalled a record $661 million last year, partly driven by residential cooling measures that have diverted funds to non-residential properties.

Analysis of caveats lodged with the Urban Redevelopment Authority by R'ST Research found a total of 615 strata-shop units transacted last year - just under the record 632 strata shops totalling $656 million sold in 2010.

Sim Lim Square topped the charts with 33 strata-shop units changing hands, followed by Icon @ Changi with 29 units and Space @ Kovan with 28 deals inked.

R'ST Research director Ong Kah Seng said that a record number of 161 strata shops were sold on the primary market due to a slew of attractive new launches.

The robust demand also comes on the back of a dearth of new strata-shop projects in recent years, with many existing strata shops currently in older malls such as Peninsular Plaza, People's Park Centre and Lucky Plaza.

The ample supply of newer choices on the market has attracted more interest, leading to the resale market taking a hit with volumes slowing by 9 per cent last year, compared to 2010...
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