新加坡Strata商业市场2025年上半年更新

Demand for strata office spaces inmodern and centrally located buildingsremained firm. The Downtown Core andRochor planning areas were the top twolocations with the highest sales volume,with the former maintaining top spotwith 44 units transacted and a total salesvalue of S$471.7 million. The number ofactual transactions may be higher thanreported, as some buyers and investorschose not to lodge caveats to maintaintransactional privacy. knightfrank.com.sg/researchH1 2025 “In this uncertain economic environment, most investors are remaining on thesidelines. Despite this, palatable and comparatively affordable pricequantumsin these niche segments also offer timely and off-beat opportunities that can beattractive for watchful investors and end-users.” MARYSAI,EXECUTIVEDIRECTOR,CAPITALMARKETS In H1 2025, the sale of severalstrata office properties stood out. Thefirst project was Manhattan Housewhich recorded 27 transactions. Apossible reason for the increased interestcould be that investor(s) werepurchasing to take advantage of anopportunity for a potentialenblocsale tomaterialise. The second property thatstood out was Woods Square with a totalof 18 transactions in H1 2025.Woodlands is an up-and-coming areapoised for increased demand with theupcoming completion of the JohorBahru-Singapore Rapid Transit System(RTS) and formation of the Johor-Singapore Special Economic Zone (JS-SEZ). With Woods Square being the solestrata office building in Woodlands, itserves as a decentralised business hubfor businesses seeking to take advantageof the growth narrative across thecauseway. Strata Office OVERALL PERFORMANCE In the first half of 2025, a total of 189 strata office transactions was recorded, translating to atotal sales value of S$699.6 million, consistent with the sales activity in H2 2024 (Exhibit 1).However, the average unit price fell 3.2% to S$2,787psfin H1 2025 from S$2,878psfin H22024. Of the 189 transactions in H1 2025, 15 transactions closed above S$10.0 million.Notable sales that took place in H1 2025 included the sale of a few units at 20 Collyer Quayfor S$91.8 million in March, three units at Tokio Marine Centre changing hands for S$67.5million in January, and the sale of several units at 108 Robinson Road for S$55.8 million inMay (Exhibit 2). COMPARING FREEHOLD ANDLEASEHOLD STRATA OFFICEPERFORMANCE Freehold Sales There were 49 freehold strata officetransactions in the first half of 2025,with a total sales value of S$251.6million. Compared to H2 2024, thenumber of sales transactions remainedfairly consistent, but the total salesvalue fell 20.1%. As such, the averageunit price also decreased, declining8.1% from S$3,663psfin H2 2024 toS$3,368psfin H1 2025. Leasehold Sales MARKET OUTLOOK Going forward, the sentiment in thestrata office market is expected toremain tentative. However, withSingapore’s safe haven statuscontinuing to attract diverseenterprises from Asia and beyondtogether with new strata office projectlaunches such as One Sophia, TheGolden Mile and the refurbished 137Cecil Street, investors and owner-occupiers may move out from thesidelines and jump into the market.Notwithstanding the prevailingcaution as a result of economicuncertainty, the opportunity toacquire new stock of niche strataoffice units might push the projectedtotal transaction value above S$1.0billion for the whole of 2025. Leasehold strata offices performed better than its freehold counterparts. In the first half of2025, there were 140 leasehold strata office transactions recorded, translating to a totalsales value of S$448.0 million. There were 20 more transactions and sales value grew17.8% from S$380.4 million in H2 2024. The average unit price also increased on a halfyearly basis, rising 3.9% to S$2,541psfin the first half of 2025 from S$2,445psfin the H22024. Strata Retail Of the strata retail transactionsrecorded in H1 2025, ten are aboveS$5.0 million, of which four are aboveS$15.0 million. These notable saletransactions included, the sale of unitsat Orchard Towers for S$54.5 million(S$2,825psf) in January, two units atHougang Green Shopping Mall thatwere sold for S$17.3 million (S$4,309psf) and S$16.0 million (S$4,437psf) inFebruary and April respectively, andseveral units at R66 Apartments forS$16.7 million (S$3,301psf) in March(Exhibit 4). The remaining strata retaildeals that closed in the first half of 2025were below S$5.0 million, with amajority under S$3.0 million. Evidently,assets that are of smaller ticket-sizes areeasier to move due to affordability andcontinue to generate interest from retailinvestors as well as end-users. As withstrata office units, certain strata retailtransactions may not have beencaptured as caveats were not lodged. OVERALL PERFORMANCE Sales activity of strata retail properties picked up in the first half of 2025, with total salesvalue recording S$292.3 million, 35.5% higher than S$215.8 million in H2 2024(Exhibit 1). However, the average unit price remained relatively flat with