This growth was mainly due to higher revenue from GLS land sales.

Real estate investment sales increased by 52.6% quarter-on-quarter (QoQ) to $6.48b in Q2 2024, largely due to higher revenue from the land sales under the GLS Programme, totalling $3.16b, Savills reported.

The proceeds from the plots included $1.11b for Zion Road (Parcel A) by CDL and Mitsui Fudosan, $779.6m for Upper Thomson Road (Parcel B) by GuocoLand and Intrepid Investments, $805.4m for Holland Drive by CapitaLand and a UOL-led consortium, and $464m for River Valley Green (Parcel A) by Wing Tai Holdings.

In the same period, the private sector saw a 14% increase in transaction value to $3.32b, whilst transaction volume grew 30.8%, with 65 deals in Q1 rising to 85 in Q2.

Savills said that this growth is attributed to the recovery of the luxury housing market, with 52 luxury homes sold in Q2, up from 40 in Q1.

In addition, commercial investment sales grew by 16.7% QoQ to $1.52b in Q2 2024, making up 23.5% of the quarter's total transaction value.

Notable transactions include Mapletree Pan Asia Commercial Trust's $775m sale of Mapletree Anson, a 19-storey office building on Anson Road, translating to S$2,352 per sq ft.

The mixed-use property sector's investment sales reached $628.9m, making up 9.7% of the total transaction value. Notable deals include Delfi Orchard, Fraser Residence River Promenade, and Sin Ming Centre, with Delfi Orchard's $439m collective sale by CDL as the biggest transaction.

Meanwhile, the commercial and industrial sectors resorted to divestments to reduce leverage amidst higher financing costs and delays in Fed rate cuts.