Property investment picks up in 3rd quarter

Major property investors were far more active in the third quarter than in the second quarter, leading to a jump in hotel and residential property deals.

Property investment activity surged 15.6 per cent quarter on quarter to $8.7 billion in the three months ended Sept 30, consultancy DTZ reported yesterday.

This brings the total investment volume for the first nine months of the year to nearly $21 billion, just shy of last year's $21.4 billion for the corresponding period.

Investment sales included deals of at least $5 million, but excluded some $1.3 billion worth of transactions in single residential units as well as lots that cannot be redeveloped or subdivided into more than one plot.