Chart of the Day: Property investment sales plummeted 27.5% to $7.11b

It hasn't been a good quarter.

According to Colliers International, Singapore’s property investment sales market began the year on a subdued note with sales value posting its second consecutive quarter of decline.

The public sector, too, suffered a dent in investment sales value, albeit at a moderate quarterly rate of 20.2%.

Colliers also said that the $2.73 billion garnered by the public sector is still considered healthy given that a larger number of sites sold in the quarter were designated for lower value uses or have shorter tenure compared to the preceding quarter.

"Total property investment sales value dropped by 27.5% on a quarter-on-quarter (QoQ) basis to $7.11 billion in the first three months of 2013, led by a slowdown in private sector sales which plummeted by 31.4% to $4.38 billion," Colliers said.