SINGAPORE: Singapore recorded its best quarter for commercial real estate transactions to defy a sharp drop regionally, a report notes.
Trading volume here soared 74% to US$5.6bn (RM25bn) in the three months to June 30 – a record high for a single quarter – as institutional investors hunkered down. piled up.
The report from MSCI Real Assets, part of index compiler MSCI, showed investment in the region amounted to $45.1bn (RM201bn), down 24% from the same quarter in 2021.
MSCI said the decline was due to a sharp drop in trade in individual properties, which totaled just $33.1 billion (RM147 billion), compared to an average of around $40 billion (RM178 billion). of RM) per quarter for most of 2021.
“Singapore was the star of Asia-Pacific’s dismal second quarter,” said MSCI, which based its report on sales and purchases data for offices, retail, hotels, apartments and residences for the elderly.
Demand for real estate in Singapore was widespread, with offices in the central business district attracting most investment, while shopping malls and hotels also performed well. The overall transaction volume reached US$7.8 billion (RM35 billion) for the first half of 2022, up 53% year-on-year. —The Straits Times/ANN