新加坡投资市场2025年第一季度更新

Cautious start to 2025but optimism prevails “Despite the cautious start to the year and prevailing global uncertainty, 2025is quietly shaping up with the promise of more deals brewing. Investorinterest in Singapore remains strong, especially from private wealth.” GALVEN TAN, CHIEF EXECUTVE OFFICER consisting of five residential sites andone industrial site. Private sales addedS$2.7 billion (49.2%) with most beingresidential deals. included the acquisition of NorthpointCity South Wing for S$1.1 billion byFrasers Centrepoint Trust in March,and the sale of one floor at 20 CollyerQuay for S$91.8 million in March. Investment sales activity in the firstquarter of 2025 slowed to S$5.5 billion,a 41.1% fall from S$9.3 billion in Q42024 but a 16.6% y-o-y gain from S$4.7billion in Q1 2024. This was compara-tively quiet after a year of constantgrowth in market activity for most of2024 with a total sales transactionvalue of S$29.3 billion (Exhibit 1).Momentum in 2025 has yet to build upto the levels seen in the last fewquarters of 2024 as there is typically alag between the end of the year and thenew year before buyers and investorsrepresenting both private wealthfamilies and institutions ramp upactivity. The residential sector recorded atotal of S$3.6 billion in both private andpublic transactions in Q1 2025, aquarterly increase of 45.7% and ayearly growth of 69.4%, where the bulkcomprised the five residential GLS sitesat Dairy Farm Walk, Tengah GardenAvenue, River Valley Green (Parcel B),Media Circle (Parcel A), and BayshoreRoad (Exhibit 2). However, the sale of industrialproperties was in decline. The totalsales value of industrial deals wasS$230.3 million in Q1 2025, decreasing93.1% q-o-q and 47.5% y-o-y. Thelargest industrial deal recorded duringthe quarter was the sale of a single-userfactory located at 23 Lok Yang Way forS$70.1 million in March. Marketactivity for hospitality propertiescontinued into the start of the yearwith the sale of Oakwood StudiosSingapore sold for S$152.8 million inFebruary, as visitor arrivals remainedhealthy, trending growth. The total sales value for commercialproperties amounted to S$1.4 billion, aquarterly increase of 14.5% from theprevious quarter, but an 8.0% y-o-ydecline from S$1.6 billion in Q1 2024.During the quarter, the significantcommercial deals that took place Public sales made up the majority ofinvestment sales in Q1 2025, totallingS$2.8 billion (50.8%) with the award ofsix Government Land Sale (GLS) sites COLLECTIVE SALES In the first quarter of 2025, River ValleyApartments was sold for S$56.0 millionto a family office in February, making itthe first successful collective sale of theyear. The Urban RedevelopmentAuthority (URA) granted outlineplanning permission for servicedapartment use at the River ValleyApartments site, and the buyer has theoption to lease out the premiseswithout having to immediatelyredevelop. Given that there is evidentdemand for private homes, developerswill continue to look out for attractivesites with a suitable price tag. While thebid-ask gap between developers andsellers remains sensitive for residentialproperties due to the cooling measures that are in place and high construction costs, commercial or mixed-usedevelopments of palatable sizes and realistic asking prices have a higherchance of success. OUTBOUND INVESTMENT FROM SINGAPORE According to MSCI Real Assets, outbound investment activity in the firstquarter of 2025 was S$6.3 billion, a growth of 52.0% q-o-q and 295.4% y-o-y(Exhibit 3). Despite the slow outbound investment activity for most of 2024,the improved performance in Q1 2025 was likely spurred by the interest ratecuts in the second half of last year. MARKET OUTLOOK In a world that is fast changing with countries increasingly taking a protection-ist approach with widespread imposition of tariffs and insular policies, globalcooperation and economic uncertainty is expected to get worse before it getsbetter. Notwithstanding this, there are reasons for cautious optimism.Residential deals are expected to remain stable, both for development landoffered at GLS tenders and also from buying demand by wealthy Singaporeans,new citizens and permanent residents. Amid the uncertainty, Singapore continues to be attractive as a safe invest-ment hub for stable returns and capital preservation, as global and regionalinvestment flows seek ports of economic and political stability. Both institu-tional funds and private wealth continue to scout the market for opportunities,with deals brewing especially in Singapore’s industrial sector with its diversespread of assets. Nevertheless, quality assets in all sectors remain tightly heldwith premiums needed to prise these from existing owners. For Investment & Capital Marketsenquiries, please contact: Galven TanChief Executive Officer+65 6228 6818galven.tan@sg.knightfrank.com Positioned as such, the total investment sales value for the whole of 2025 isexpected to range from S$27 billion to S$