Run-up to reit flotation sees sharp rise in property sales

An asset reshuffle by Great Eagle Holdings to prepare for the float of its real estate investment trust has boosted the value of overall property sales 91.3 per cent last month from March, according to agents.

Land Registry figures yesterday showed the total value of sale-and-purchase agreements, including residential, commercial and car park transactions, amounted to $48.5 billion last month.

'It is the highest transacted value for the past 11 months,' Midland Realty chief analyst Buggle Lau Ka-fai said.

About 46 per cent of the property transaction value came from Citibank Plaza in Central, which is solely held by Great Eagle's listing candidate Champion Reit.

According to Centaline Property Agency, six sale-and-purchase agreements worth $22.67 billion were recorded at Citibank Plaza last month.

Excluding the transacted value of Citibank Plaza, Centaline said property sales rose just 1.9 per cent to $25.83 billion during the month.

The Land Registry said total transactions dropped 6.6 per cent to 8,598 last month from March.