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Investment sales in Singapore amounted to $9.56 billion for the H1 2016
  • CBRE Comments: Tender Close for Land Parcel at Martin Place

CBRE Comments: Tender Close for Land Parcel at Martin Place

June 28, 2016
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 Desmond Sim, Head, CBRE Research, Singapore and South East Asia:

“The number of bids and the profile of bidders reflect the prominence of this plum site at Martin Place. It is no surprise that the price per sq ft per plot achieved the highest psf level for a pure residential GLS site. The number of prime, purely residential sites available on the market is very limited, and developers are still hungry for such sites as a result. The developers who participated in the tender were attracted by the affordable quantum. They were planning forward, encouraged by the recent success of Cairnhill Nine. The winner will be able to take advantage of launching a product that suits the market, at an opportune time when the market recovers, either because of a tweak in measures or when the market recovers.

The last time a site was made available in the vicinity was back in March 2011 at Robertson Quay ($938 psf ppr). In addition, the last site awarded in District 9 was the Mount Sophia site back in September 2013 ($1,157 psf ppr).”​ 

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Disclaimer:

Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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Geraldine Cheong
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