Real estate investments surge to $14.7b in Q1

Hongkong Land and QIA’s asset transfers into SCPREF drove the jump, JLL said.

Real estate investment volumes surged 433% YoY to $14.7b (US$11.5b) in Q1 2026, making it one of Asia Pacific’s strongest-performing markets, according to JLL.

The growth was driven mainly by Hongkong Land and Qatar Investment Authority’s $8.2b (US$6.4b) asset transfers into Singapore Commercial Property Resilience Fund (SCPREF).

Across the Asia Pacific, real estate transaction volumes reached $60.2b (US$47.0b) in Q1, up 31% YoY and marking the region’s strongest first quarter on record.

Cross-border investment into the region also hit an all-time quarterly high of $20.9b (US$16.3b), rising 87% from a year earlier. Singapore recorded a strong quarter after SCPREF was seeded with One Raffles Quay, One Raffles Link, and Asia Square Tower 1.

Office remained the largest sector in the region, with APAC office investment volumes rising 46% YoY to $30.7b (US$24.0b). In Singapore, office volumes were boosted by SCPREF asset transfers, whilst value-add deals included 78 Shenton Way and 158 Cecil Street.

Industrial and logistics investment volumes in APAC rose 53% to $10.9b (US$8.5b). In Singapore, JLL said tight vacancy rates and demand linked to supply-chain resilience supported investor demand, with UI Boustead REIT acquiring 12 assets for $730m (US$570m) ahead of its IPO.

Retail investment volumes across APAC were stable at $7.9b (US$6.2b). In Singapore, private capital was a key buyer group, with Altallo Group acquiring 11 strata shops from Mercatus for $281.8m (US$220m).

JLL also highlighted the sale of Bukit Panjang Plaza to Hines for $428m, or about US$332m, at around a 10% premium to its latest valuation. The suburban mall was fully occupied and had an estimated net operating income yield of about 4.5%.

Singapore also remained active in the living sector. JLL cited The Assembly Place’s SGX listing, Coliwoo’s acquisition of Park Avenue Changi Hotel, and Alika PBSA Holdings’ $32m (US$25m) purchase of Maple Residences student hostel.

In data centres, JLL said APAC investment reached $5.3b (US$4.1b) in Q1, supported by AI demand and data sovereignty needs. Singapore activity included Bridge Data Centres’ planned $2.9b (US$2.3b) to $5b (US$3.9b) AI-ready developments and Microsoft’s $7b (US$5.5b) AI and cloud investment commitment by 2029.

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