Blame it on the limited supply.
According to Knight Frank's Quarterly Research Bulletin, in the first half of 2012, there has been much hype in strata offices stemming from the release of new developments in prime locations such as PS 100, Oxley Tower and EON Shenton.
Here's more from Knight Frank:
Over the first 6 months this year, new strata offices made up 72 per cent of all 686 transactions. In 3Q 2012 however, the tables have turned and resale offices in the secondary market is seeing a marked increase in market share. As of 26 September 2012, resale offices constitute 79 per cent of the total 97 transactions.
As at September 2012, there has been a significant decline in sales transaction activity for new offices in 3Q 2012. Eon Shenton, Oxley Tower and Paya Lebar Square were the new offices that transacted in 3Q 2012.
The decreased sales volume is largely due to the limited supply of new office space following the initial high sales activity of these new projects over the first half of 2012. On a dollar per sq ft basis, Oxley Tower and Eon Shenton saw a decrease in prices while Paya Lebar Square saw an increase in 3Q 2012.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)
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