In the second quarter of the year, the real estate market in Singapore remained highly active with several private condominiums launched for sales collectively by their owners and residential sites coming under the GLS (Government Land Sales) blueprint drawing solid demand from both global and local real estate developers as per reports. The largest realty deal seen in Q2 was a whopping $906.89 million paid for Tulip Garden by Yanlord Land Group from China and Hongkong Land Holdings owned unit MCL Land. This is the second biggest collective sale for the entire city-state in terms of overall value in 2018 after the Pacific Mansion deal for another $980 million in March 2018.
As per reports, there was a Far East Organization leading a consortium which got the prime residential and commercial (leasehold) site at Holland Road under the Concept and Price dual envelope governmental tender. Their successful bid was $1.213 billion. The only bidder for a leasehold residential site that is 99 years old was a partnership entity floated by UIC Homes, UOL Venture Investments and Kheng Leong Company Private Limited. This residential site has the first floor as a commercial zone. $1.035 billion has already been committed by this partnership for the Silat Avenue site encompassing 22, 851.6 sq. m which can potentially house around 1, 125 units.
Global real estate investors have long been interested in Singapore real estate in addition to property in other markets like Indonesia, Mainland China and Japan. Singapore realty is also drawing investors from other regions in the sub-continent and even abroad. There will be higher demand generated for prime Singapore properties from global and local investors in the next few months as well going by reports.