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1Q 2019 Singapore Sales & Investment Briefing

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1Q 2019 Singapore Sales & Investment Briefing Singapore – April 2019 MARKET IN MINUTES Investment Savills Research Savills team Please contact us for further information SINGAPORE Christopher J Marriott CEO (South East Asia) +65 6415 3888 [email protected] Marcus Loo CEO, Singapore +65 6415 3893 [email protected] Award of state lands helps to boost Q1’s numbers RESEARCH Investment transactions in Q1/2019 amounted to S$4.98 billion, up 10.6% from Alan Cheong Executive Director Q4/2018’s S$4.50 billion. Singapore +65 6415 3641 • Seven state land plots were sold under the Government Land • In the hospitality sector, Ascott Raffl es Place Singapore and [email protected] Sales (GLS) programme for a total of approximately S$2.13 a GLS hotel site at Club Street were both sold with a total Simon Smith billion. transaction value of S$915.5 million. Senior Director Asia Pacifi c • Investment sales in the residential sector rose 63.4% quarter- +852 2842 4573 on-quarter (QoQ) to S$1.22 billion in Q1/2019 and formed the [email protected] highest share (24.6%) of total investment sales volume. “ Any investment sales activity MCI (P) No. 060/08/2018 Company Reg No. 198703410D • After a wave of big-ticket block transactions that concluded arising from the Draft Master Savills plc in Q4/2018, investment demand for commercial properties Savills is a leading global real Plan 2019 may only take estate service provider listed on slowed down signifi cantly in Q1/2019. Total investment sales the London Stock Exchange. The came in at S$1.03 billion, down 67.2% QoQ. company established in 1855, has eff ect after 2019.” a rich heritage with unrivalled growth. It is a company that leads rather than follows, and now has • Total investment sales volume in the industrial property ALAN CHEONG, SAVILLS RESEARCH over 600 offi ces and associates throughout the Americas, Europe, sector was S$985.7 million in Q1/2019, representing a Asia Pacifi c, Africa and the Middle quarterly increase of 64.2%. East. This report is for general informative purposes only. It may not be published, reproduced or quoted in part or in whole, nor may • In Q1/2019, investment sales in the mixed-use property it be used as a basis for any contract, prospectus, agreement sector totalled S$820.0 million, arising from the sale of a or other document without prior GLS white site at Pasir Ris Central and the collective sale of consent. Whilst every eff ort has been made to ensure its accuracy, Selegie Centre. Savills accepts no liability whatsoever for any direct or consequential loss arising from its use. The content is strictly copyright and reproduction of the whole or part of it in any form is prohibited without written permission from Savills Research. savills.com.sg/research 1 Investment MARKET OVERVIEW S$578 psf ppr) from Hoi Hup Realty and GRAPH 1: Investment Sales Transaction Values, Sunway Developments was on par with EC Q1/2014 to Q1/2019 Investment transactions in Q1/2019 amounted to a total of S$4.98 billion, up sites at Anchorvale Crescent, Canberra Link Public Sector Private Sector 10.6% from Q4/2018’s S$4.50 billion. The and Sumang Walk, which were awarded in 12 public sector contributed to 42.7% of total 2018. Limited supply and strong demand for investment sales in Q1/2019, in contrast this class of “sandwich” fl ats have supported 10 to Q4/2018’s 1.0% share. Seven state land developers’ confi dence in this market plots, including two residential sites, three segment, therefore land prices have held fi rm. 8 industrial sites, one hotel site and one white In the fi rst quarter, 14 landed houses and site, were sold under the GLS programme for 13 non-landed units, each worth at least S$10 6 a total of approximately S$2.13 billion. On the million, were transacted. Among these, 11 other hand, the share of sales in the private are units at Boulevard 88, a freehold luxury S$ BILLION 4 sector fell sharply from 99.0% in Q4/2018 to apartment complex located in the prime 57.3% in Q1/2019 with approximately S$2.86 District 10. The psf price was in the range of billion recorded. The quarterly decline of 2 S$3,619 to S$4,927. It was reported that this 35.9% in transaction value was caused mainly 154-unit project had sold 20 out of the 25 units by subdued activity in both the residential released at an average selling price of S$3,550 0 and commercial property sectors. Q1 Q1 Q1 Q1 Q1 Q1 Q2 Q2 Q2 Q2 Q2 Q3 Q3 Q3 Q3 Q3 Q4 Q4 Q4 Q4 Q4 psf in less than two weeks’ time. While a 2014 2015 2016 2017 2018 19 RESIDENTIAL sentiment of cautiousness has been hovering Source Savills Research & Consultancy Investment sales in the residential sector over the luxury market since July 2018, the rose 63.4% QoQ to S$1.22 billion in Q1/2019, encouraging take-up at Boulevard 88 could largely due to the sales of two land parcels herald some buying potential in the super under the GLS programme. The sector also luxury segment of the market. GRAPH 2: Investment Sales Transaction Volumes By formed the highest share (24.6%) of Q1’s total COMMERCIAL Property Type, Q1/2019 investment sales volume. The two GLS sites awarded in the reviewed The commercial sector recorded a total of quarter were a 99-year leasehold private S$1.03 billion investment sales in Q1/2019. Industrial residential site at Kampong Java Road and a Compared with the high tally of S$3.15 billion S$0.99 bil, recorded in the previous quarter, this marks a 20% 99-year leasehold executive condominium drop of 67.2% QoQ. Hospitality (EC) site at Tampines Avenue 10. Located S$0.92 bil, in District 9 and within walking distance After a wave of big-ticket block 18% to Newton MRT Station, the Kampong Java transactions that concluded in Q4/2018, Mixed Road site was clinched by Chip Eng Seng investment activity for offi ce properties S$0.82 bil, 16% Corp’s unit, CELH Development, at a top bid slowed down signifi cantly, with only four of S$418.4 million, or a land rate of S$1,192 deals sealed in the period Jan-Mar 2019. The per sq ft per plot ratio (psf ppr). The price biggest transaction was the sale of six levels Commercial was a step down from other GLS sites in at Suntec City by ARA Asset Management. S$1.03 bil, the Core Central Region (CCR) that sold in The buyer, which was reported to be a fund 21% Residential the past two years. The latter includes Jiak managed by Alpha Investment Partners, paid S$1.22 bil, 25% Kim Street, Fourth Avenue, Handy Road and S$160.0 million or S$2,595 psf for the offi ce Cuscaden Road. The price for the Kampong space with a total strata area of about 61,666 Java site is what it is because of developers’ sq ft. cautious stance towards land banking, a In the retail sector, two shopping malls Source Savills Research & Consultancy mood resulting from the July 2018 cooling changed hands. The fi rst deal was the measures. On the other hand, the Tampines purchase of Liang Court at S$400.0 million EC site’s highest bid of S$434.5 million (or by CapitaLand and City Developments Ltd. TABLE 1: Top Land Sales In The Public Sector, Q1/2019 SUCCESSFUL TENDER TYPE OF DEVELOPMENT PROPERTY DATE OF AWARD PRICE SUCCESSFUL TENDERER ALLOWED (S$ MILLION) Phoenix Residential Pte Ltd & Pasir Ris Central White Mar 2019 700.0 Phoenix Commercial Pte Ltd Club Street Hotel Jan 2019 562.2 Midtown Development Pte Ltd Hoi Hup Realty Pte Ltd and Tampines Avenue 10 (EC) Residential Jan 2019 434.5 Sunway Developments Pte Ltd Kampong Java Road Residential Jan 2019 418.4 CELH Development Pte Ltd Source HDB, URA, Savills Research & Consultancy savills.com.sg/research 2 Investment TABLE 1: Top Private Investment Sales, Q1/2019 PROPERTY SECTOR TRANSACTION DATE PRICE (S$ MILLION) BUYER 20 Tuas South Avenue 14 Industrial Jan 2019 585.0 LOGOS CapitaLand and City Liang Court Retail Mar 2019 400.0 Developments Ltd Private investor Ascott Raffl es Place Singapore Hospitality Jan 2019 353.3 Cheong Sim Lam Rivervale Mall Retail Mar 2019 230.0 SC Capital Partners 121 Banyan Drive Industrial Feb 2019 227.5 SGRE Banyan Pte Ltd Source Savills Research & Consultancy Located beside the Clarke Quay riverside area, the shopping mall is part of a will develop a mixed complex consisting of a three-storey retail mall and 480 mixed-use complex that includes the hotel Novotel Singapore Clarke Quay residential apartments, as well as a bus interchange, a polyclinic and a town and the serviced residence Somerset Liang Court. The other transaction was plaza. AEW’s S$230.0 million sale of Rivervale Mall in Sengkang to SC Capital Selegie Centre, a freehold mixed development comprising 33 shops and Partners, a Singapore-based private equity real estate fi rm. The price 25 fl ats located at Selegie Road, was sold through a collective sale for S$120 refl ects S$2,833 psf based on the mall’s net lettable area of 81,193 sq ft. The million to Peak Tower Group. The price was equivalent to a land rate of price has gone up by some 20.7% from the S$190.5 million that AEW paid in S$1,942 psf ppr.
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