Collective sales transactions in the residential property sector of Singapore decreased to S$353 million in the third quarter of 2018 from the S$3.8 billion recorded in the previous quarter after the implementation of property cooling measures in the city-state, Christine Li, head of research for Singapore at Cushman & Wakefield Inc., told Bloomberg News.
The tender processes for at least three residential development sites in the city were pushed back after the property curbs took effect July 6. The measures that were put in place after the city's private residential property sector showed signs of recovery elicited concerns and criticisms due to how it could potentially affect, among other things, the interest in the collective sales market.
The decline observed in the sector dragged total real estate investment sales to a 42% quarter-over-quarter drop during the reporting period to S$6.5 billion, according to the commercial real estate services company's data that was cited by the news agency.
On the other hand, the office and industrial property sectors posted better results in the third quarter amid additional buyer's stamp duty and tighter loan-to-value limits in Singapore. Office sales climbed 54% to S$2.1 billion during the comparable period, while industrial property transactions surged 73% to S$1.2 billion, the Oct. 10 report added.
As of Oct. 10, US$1 was equivalent to S$1.38.