Singapore Q1 industrial investments plummet 67.9% to S$145.7m
There were only seven large ticket assets during the quarter.
Whilst commercial investment sales in Singapore hit record highs, the industrial sector disappointed with investment sales down by a massive 67.9% QoQ from S$454.3 million in Q4/2021 to S$145.7 million in the first quarter of 2022, according to data from Savills.
The transaction volume of large ticket assets was relatively muted, with the number of deals almost halving from 11 to seven in the quarter.
Here’s more from Savills:
However, this is not to say that interest is waning in the sector. Many of the deals done in Q1/2022 were also of a much lower price quantum of less than S$10 million. These are mostly food factory spaces of a couple of thousand square feet each.
The most significant industrial deal was Apple’s acquisition of UE Bizhub Central at 12 Ang Mo Kio Street 64 for S$55.0 million from United Engineers. Apple is currently taking up a few floors in the building, which accounted for 30% of the gross floor area, and has exercised the right of first refusal to purchase the property.
Another significant deal was the sale of the headquarters of Swiber Holdings at 12 International Business Park for S$30.8 million. The offshore and marine group has entered into a non-binding memorandum of understanding with an independent third-party purchaser to dispose of its 5-storey leasehold business park development.