Capital markets rebound to $33.3b in 2025 despite softer Q4

Lower financing costs support investment recovery

Singapore’s capital markets expanded in 2025, with total investment volumes rising 26.6% year-on-year (YoY) to $33.3b, according to Cushman & Wakefield’s MarketBeat Capital Markets report for Q4 2025.

The firm attributed the increase to easing financing conditions that supported deal activity across asset classes.

Investment volumes reached $9.6b in Q4 2025, slowing from earlier quarters as investors turned more selective towards year-end, the report said. The softer Q4 reflected caution rather than a reversal in investment appetite, said Cushman & Wakefield.

Lower borrowing costs supported activity, with the three-month Singapore Overnight Rate Average declining to 1.19% by the end of December 2025. The firm said improved debt affordability underpinned transaction momentum through most of the year.

Residential assets accounted for 44.9% of total investment volumes in 2025, followed by commercial assets at 25.8% and industrial assets at 21.2%, according to the report. Capital reportedly continued to favour sectors with clearer pricing visibility.

Prime office net yields stabilised at about 3.60%, the firm said, adding that office investment activity could strengthen as pricing expectations between buyers and sellers narrow.

The year’s largest transaction was Keppel REIT’s acquisition of a one-third stake in Marina Bay Financial Centre Tower 3 for $1.453b.

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