Singapore’s real estate market surges 83% YoY in Q4 2024

Hospitality assets emerged as a key focus area, JLL noted.

Singapore’s real estate market saw significant growth in Q4 2024, with total investment volume reaching US$3.3b ($4.48b) or 83% YoY surge.

JLL cited strong investor confidence and market resilience as growth drivers, with hospitality assets emerging as a key focus area.

Cross-border investments in Singapore remained strong, with global investors viewing the city-state as a safe haven, the firm said, as family offices and private investors were particularly active in the market.

The retail sector also performed well, with Singapore’s islandwide retail vacancy rate reaching its lowest since Q3 2012.

A notable transaction was the sale of DFI's retail portfolio, including units at Siglap V and an HDB retail unit in Toa Payoh, which was sold at a 3.5% premium above its initial guide price.

In the logistics sector, investor interest remained high, with Frasers Logistics & Commercial Trust acquiring a warehouse from ESR for US$105M ($142.7m).

Adaptive reuse and redevelopment projects gained momentum in 2024, with Keppel Education Asset Fund (KEAF) acquiring 20 Harbour Drive for US$118m ($160.4m).

1 US$ = 1.35 SGD

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