Commercial investment sales fall to $2.0b in Q1

Office and retail deals signal resilience despite QoQ drop.

Commercial investment sales fell 42.6% QoQ to $2.0b in the first quarter of 2026, as activity eased from a high base in the preceding quarter, according to Savills.

The sector accounted for 17.8% of total investment sales in Q1, down from $3.6b in Q4 2025, when volumes were lifted by several large transactions, including the sale of a one-third stake in Marina Bay Financial Centre Tower 3.

Despite the decline, Savills said private-sector office and retail assets remained among the more resilient commercial segments in 2026, supported by stable income streams, improving investor sentiment in a lower-interest-rate environment, and narrowing price expectations between buyers and sellers.

The largest office deal in the quarter was the sale of 78 Shenton Way for $600m to $630m. The property, on the southern fringe of the CBD, comprises a 34-storey tower and an 11-storey tower with about 364,030 sq ft of net lettable area.

Savills said buyers Allgreen Properties and Kuok (Singapore) are expected to retain the asset as a landbank whilst leasing out the existing office space.

Another notable office transaction was the $175m acquisition of 158 Cecil Street by an entity linked to Altallo Asset Management.

In retail, the biggest deal was Hines’ $428m purchase of Bukit Panjang Plaza. Other transactions included Lendlease Global Commercial REIT’s $265.5m acquisition of the remaining 30% stake in PLQ Mall, and the $100m sale of Holland Piazza to private investor Cheong Sim Lam.

Savills also highlighted stronger activity in strata-titled commercial units and HDB shophouses, including Altallo Asset Management’s $281m purchase of an 11-asset retail portfolio from Mercatus and the Goh family’s $73m acquisition of 18 freehold strata retail units at Orchard Shopping Centre.

Looking ahead, Savills said office and retail assets are expected to remain among the more robust performers, with portfolio restructuring and capital recycling by institutional owners, funds, and REITs continuing to generate deal flow.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia