Commercial volumes grow 43.8% YoY in Q1 as investor confidence returns

Property investment levels are expected to recover to pre-COVID levels in the coming quarters.

Singapore’s property investments are expected to recover to pre-COVID-19 levels in the coming quarters, supported by the city-state’s safe-haven status, a pro-business environment, and economic growth., according to a report by Colliers Research.

On the commercial side, Colliers senior director for capital markets Jerome Wright noted that commercial volumes excluding REIT mergers grew 43.8% YoY in Q1 this year as investor confidence returns with the reopening of the economy.

“Commercial assets, especially Grade A office buildings, remain attractive as more tech giants set up bases in Singapore, and potentially leveraging on the URA Incentive Scheme," he said.

This comes as total investment sales rose 47.9% YoY, ex-mergers and government land sales (GLS), during the period to $3.8b, led by the commercial and industrial segments due to major deals.

Meanwhile, Colliers Research noted lower residential investment sales due to the absence of GLS during the quarter. Excluding GLS, residential investment sales grew 154% YoY to $1.6b.

"Foreign investors' confidence in Singapore's real estate market is very strong, the sale of all 20 units at the completed freehold luxe condominium, Eden, for $293m to the Tsai family of Taiwan is a great testimonial," Colliers International senior director of investment services Steven Tan said.

Industrial investment sales also jumped 141% QoQ to $976m during the period, boosted by the setting up of a 14-property $469m Boustead Industrial Fund and the sale of high-specification light industrial building Admirax for $142m.

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