Singapore tops APAC property deals with $10.03b Q1 surge

It overtakes Tokyo for the first time since 2021.

Singapore recorded $10.03b (US$7.9b) in commercial real estate transactions in the first quarter (Q1) of 2026, unseating Tokyo as Asia-Pacific’s (APAC) most active metro for the first time since 2021, according to MSCI’s Asia Pacific Capital Trends report.

Deal activity rose across office, retail, and industrial assets, with Singapore leading transaction volumes across these segments in the quarter.

Office transactions included renewed activity in core assets, supported by improved financing conditions. Retail deals included the sale of i12 Katong, whilst industrial transactions increased alongside broader regional recovery.

Long-held assets returned to market and completed transactions, including 78 Shenton Way and i12 Katong. MSCI also cited Link REIT’s pending sale of Thomson Plaza, priced at a 3.7% cap rate, 180 basis points below its acquisition level three years earlier.

Singapore’s performance coincided with increased liquidity across APAC markets, with falling interest rates contributing to higher transaction activity and tighter pricing for selected assets.

Regional commercial real estate transaction volume rose 22% year on year to $64.90b (US$51.1b) in Q1, reflecting higher asset-level sales and stronger cross-border investment.

MSCI said deal pipeline activity declined through the quarter, with fewer new transactions signed compared with completed deals.

The report noted higher financing costs and geopolitical developments as factors affecting the outlook. Bond yields across APAC are expected to end 2026 higher than the prior year, according to Oxford Economics.

(US$1 = SG$1.27)