Industrial property transactions edge up 12% to $6.1b

Tin Fun Ingustrial Mansion, sold for $1.98b, helped boost figures.

Investors' interest in industrial properties were the strongest amongst property sectors in Q3, Colliers International revealed.

According to a quarterly report, industrial property transactions rose 13% QoQ to $6.1b, marking the strongest quarter growth so far.

Five en bloc sales were closed in Q3 for a total of $4.4b, which also marked a record high.

Two major sales in the Wong Chuk Hang area led the transactions. Imperium Group Global bought 97% of Tin Fung Industrial Mansion for $1.98b and Bradford Enterprises bought the Gee Luen Hing Industrial Building for $1.11b.

The strata title market also started to grow as en bloc opportunities are decreasing.

Strata title transactions surged 46% to $1.7b.

Colliers added that the overall industrial property market was boosted by the government hinting that it would bring back the industrial revitalisation scheme and refine the application threshold of 80% ownership of an entire building for a compulsory sale in order to help the majority of owners to redevelop their industrial properties.