Singapore office investment deals hit over S$160m in Q3

The number of transactions declined from 11 in Q2 to just 6 in Q3.

Data from Savills revealed that Singapore office investment sales declined further in Q3 2023 with fewer strata title deals and no block transactions. 

While there were 11 transactions in Q2/2023, Savills said in a report that there were only six transactions of strata units totalling S$166.9 million. Out of which, three of the deals were from Suntec City, with transaction prices of S$11.5 million (S$2,850 psf), S$11.6 million (S$3,100 psf) and S$16.5 million (S$2,350 psf) respectively. 

“Apart from that, the third storey of the freehold Nomu at Handy Road was also sold to a Singapore-incorporated entity that is an indirect wholly-owned subsidiary of IMC Group Holdings which was founded by the late Frank Tsao of Hong Kong. This was bought over from a company owned by Wong Mun Summ and Richard Hassell, the founders of Woha Architects for nearly S$24.0 million (S$3,790 psf),” the report added.