With the start of the year, the real estate sector has witnessed a significant rise, thanks to the extensive contribution from retail, office, and residential sectors. Jones Lang LaSalle Incorporated (JLL), stated that the property investment sales in the private sector are expected to register a spectacular growth in the near future. As per the statistics provided by JLL, the value of the real estate investments deals were 67.4% in the first quarter of the year, valuing $4.99 bn, out of which around $4.47 bn was a contribution of the private sector.
Prime Office Leasing Market on Road to Stabilization
Investors are quite aware of the promising opportunities available that offer assets at a striking point in the phase. As a result, the prime office leasing market in the central business district is relatively stabilizing. As per JLL, the private office assets is expected to go above $6.49, which was recorded last year. This high growth of this sector can be attributed to the current deal that has been finalized for One George Street and other assets that are available in the market, comprising Asia Square Tower 2 that is located at Marina Bay.
Growth in Store for Retail and Industrial Sectors
Furthermore, the other two segments, industrial and retail are anticipated to experience promising growth in the private investment sales in comparison with the previous years. The restricted supply of sites from the Government and the rising demand for collective sales sites by several developers who are facing depleting land banks are some of the vital aspects that are expected to act as a major driver and lend support to increase investment sales. Excluding unforeseen circumstances, the private sector investment sales are predicted to grow substantially in the near future.