Singapore leads commercial real estate investments in APAC

Commercial investment volume in Singapore grew 462% QoQ and 110% YoY in 4Q23.

Singapore has emerged as a leader in APAC commercial investments after hitting US$4.1b in 4Q23.

According to Knight Frank, Singapore’s commercial investment volume in 4Q23 was its highest quarterly figure in five years.

The 4Q23 record is also 462% QoQ and 110% YoY higher.

Knight Frank said several substantial office transactions, including Shenton House (USD 402 million), VisionCrest (USD 322 million), and Wilkie Edge (USD 260 billion), help place Singapore at the forefront of the region.

“The deals occurred despite the weaker investor sentiments due to fluctuations in interest rate movements and diverging expectations between buyer and seller on asset valuations. The successful execution of these large-scale transactions highlights the underlying strength of Singapore's commercial real estate market. It also suggests that as interest rates stabilise and repricing slows, pent-up demand for office assets may drive recovery for the sector by the end of 2024.” Christine Li, head of research, Asia-Pacific, Knight Frank, said.