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Singapore property stocks jump as big sales buoy sentiment

Property

Singapore property stocks jump as big sales buoy sentiment

Bloomberg Published on Fri, Oct 06, 2017 / 5:58 PM GMT+8

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SINGAPORE (Oct 6): Shareholders of Singapore developers have another reason to rejoice: en-bloc sales are at a 10-year high, according to some estimates.

A spate of en bloc sales this week, or redevelopment deals in which a group of owners band together to sell apartment blocks at a hefty premium, has buoyed market sentiment that the property sector is poised for a rebound. Chinese developer Kingsford Huray Development on Thursday announced the $830.1 million purchase of Normanton Park, a 488-unit apartment complex, while City Developments’ joint venture acquired Amber Park for $906.7 million.

See: City Developments and JV partner acquire Amber Park for record-smashing $906.7 million