Monday, June 27, 2011

Collective sales market to remain healthy: Credo

Some $1.7 billion in collective sales have been transacted so far this year.

According to property consultant Credo Real Estate, the figure is almost the same as the collective sales transacted last year.

One of the latest transactions is a 40-unit walk-up apartment development on River Valley Road, which fetched $70.5 million.

Credo said successful deals over the past 18 months have been relatively small.

And the buyers are mainly small to medium-sized developers who are unable to bid for the larger government residential sites.

Credo's managing director, Karamjit Singh, said each of the top five deals ranged from $137 million to $214 million.

In 2007, the top five deals were worth over half a billion dollars each, and some $11.4 billion in collective sales were transacted then.

Mr Singh said: "The outlook for the collective sales market for the rest of 2011 is positive.

"Owners are becoming more realistic on reserve prices and there is sustained interest from developers."

Source: Channel News Asia

Well, Credo have good reason to be optimistic - they have had their hands full closing en bloc sales so far this year!


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