Chart of the Day: Prices for 60-year leasehold upper-storey factory and warehouse units up 3%

The priciest 60-year leasehold units in Q3 were found at Cendex Centre, The Commerze@Irving, and Oxley Bizhub 2.

Savills Research reported:

Prices for 60-year leasehold upper-storey factory and warehouse units tracked by Savills climbed at a more modest pace of 3% in Q3 to S$437 per sq ft, surpassing Q3/2008’s peak by 41%.

The priciest 60-year leasehold units in Q3 were found at Cendex Centre, The Commerze@Irving and Oxley Bizhub 2 where upper-storey units changed hands at an average price of S$780, S$618 and S$610 per sq ft respectively. In September, 60-year leasehold strata-titled factory Ark@Gambas was launched for sale at prices starting from S$350 per sq ft.

However, moving into 2013, the number of 60-year leasehold projects being marketed will start to decline dramatically given that all government industrial sites for sale are on 30-year leases or shorter. Technically, 30-year leasehold units would be of a lower value and will distort the price index.

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