Industrial deals surge 38.1% to $2.94b in Q1

It is due to S-REIT acquisitions for portfolio expansion and deals linked to REIT IPOs.

Singapore’s industrial sector recorded $2.94b in investment sales in Q1, a 38.1% increase quarter-on-quarter, according to Savills’ Singapore Sales & Investment report.

The sector accounted for 25.7% of total investment sales during the quarter, up 6.4 percentage points from the previous quarter, making it the second-largest asset class by deal volume.

Activity was largely supported by acquisitions from S-REITs aimed at portfolio expansion, as well as transactions tied to REIT initial public offerings (IPO).

In March 2026, UI Boustead REIT completed its IPO with an initial portfolio of 23 properties, including 21 in Singapore and two in Japan.

The Singapore assets are valued at about $1.36b and include properties such as GSK Asia House, Razer’s Southeast Asia headquarters, Rolls-Royce Solutions Asia, and the Edward Boustead Centre.

That same month, CapitaLand Ascendas REIT (CLAR) acquired full ownership of 25 Loyang Crescent, a cluster of ramp-up logistics and industrial buildings, for $457.9m, excluding an upfront land premium of $46.35m.

It also bought a 50% stake in Ascent at Science Park for $245m, with the remaining half acquired by a global sovereign wealth fund.

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Savills

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