Singapore commercial property market activity leaps by 200%
Singapore is amongst those countries building momentum in the commercial market this year.
Singapore's commercial property market experienced a huge leap in activity in Q1, with volumes registering a 200% increase in the market amounting to $2b (US$1.5b) in Q1 2021, according to a study by Real Capital Analytics.
Singapore was the third biggest recipient of cross border investment in the region, behind Sydney and Tokyo. Allianz and NPS teamed up to acquire OUE Bayfront from OUE Commercial REIT for US$476.4 million, whilst Blackstone, AEW, and PGIM have all been active so far this year.
According to RCA’s managing director for Asia Pacific, David Green-Morgan, Singapore is amongst the countries building momentum this year.
“Commercial property sales in the first quarter are evidence of a recovery gaining ground across the Asia Pacific region. China emerged as the most active market, while momentum rebuilds in Hong Kong, Taiwan, and Singapore. While Japan was the weakest link, this masks the resilient performance in Tokyo, which saw robust cross-border investor appetite,” he said.
Overall, APAC commercial property market dipped by 12% for Q1 2021 with Japan as the largest drag on overall investment volume in the region.
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