新加坡投资市场2025年第二季度更新

S$5.8BILLIONIN Q1 2025 “While market activity was measured in the first half due to increasing globaltrade and military tensions, underlying interest in Singapore remains intact.Active capital remains keen on thematic sectors, which will see more successwith the narrowing of the bid-ask gap.” S$6.8BILLIONIN Q2 2024 GALVENTAN,CHIEFEXECUTIVEOFFICER The second quarter of 2025 started with asurge of volatility as the US announcedbroad-based, wide sweeping tariffs, andended with the US embroiled in the Iran-Israel conflict, ratcheting global tensionsto new highs. Nevertheless, the totaltransacted value of investment sales heldsteady at S$5.8 billion, increasing by 1.1%q-o-q but decreasing 13.9% y-o-y (Exhibit1). Private sales made up the bulk of realestate deals in Q2 2025, totaling S$4.6billion (79.2%) led by the 50.1% stake saleof South Beach for S$1.4 billion in June.In Q2 2025, the residential sector million, and 5 Science Park Drive forS$245.0 million. These deals closed inMay.With the stable volume of visitor The sale of commercial investmentassets increased in Q2 2025 over theprevious three months, with the totalsales value amounting to a similar level asthe residential sector at S$1.8 billion.This represented an increase of 17.8% q-o-q but a 10.5% y-o-y decline. Theacquisition of the 50.1% stake sale ofSouth Beach for S$1.4 billion to IOIProperties Group in June made up thebulk.Investment sales activity of industrial arrivals to Singapore nownormalisedatpre-pandemic levels, the living sector hasbeen and continues to garner investor andbuyer interest. Investment sales forhospitality properties increased 283.5%q-o-q to S$585.8 million in Q2 2025,supported by a few notable sales. TheseincludedCitadinesRaffles Place whichwas sold for S$280.0 million inMay,21Carpenter that changed hands forS$100.0 million in April, andMomentusServiced Residences Novena that wasacquired also for S$100.0 million in May. properties picked up significantly in Q22025, with the total transaction valuetotaling S$1.6 billion, increasing by asubstantial 559.8% q-o-q and 311.1% y-o-y. Investor and buyer interest forindustrial assets was strong and continuesto remain so with the diverse spread ofproperty types. Noteworthy industrialdeals that closed during the quarterincluded the sale of 9 Tai Seng Drive forS$455.2 million, The Strategy for S$280.0 recorded a total sales transaction value ofS$1.8 billion, a quarterly decrease of52.3% and a yearly decline of 57.0%. Theaward of the two residential GovernmentLand Sales (GLS) sites at Lentor Gardensand Lakeside Drive during the quartermade upthe majority ofresidential sales,amounting to S$1.0 billion. COLLECTIVE SALES On the back of the slow momentum in thefirst quarter of 2025 with River ValleyApartments the first successful collective saleof the year, Q2 2025 recorded two successfulcollective sales. These were Ching ShineIndustrial Building which closed at S$113.2million (S$824psfppr) in April, andMacPherson Industrial Complex which wascollectively sold for S$103.9 million (S$831psfppr) in May. Both projects are industrialassets that recently drew attention frominvestors and buyers due to the freeholdtenure of these sites, which can be limited inthe industrial landscape of Singapore. In comparison, the stalemate in thecollective sales market for residentialprojects continued in the quarter despite thedemand for private homes. Developerscontinue to be on a lookout for attractivesites with a suitable price tag and positiveattributes. However, with cooling measuresstill in effect and construction costsremaining high, the bid-ask gap for residential properties remains between developers and sellers. In contrast, commercialor mixed-use developments that are reasonably sized and priced tend to have betterchances of success. OUTBOUND INVESTMENT FROM SINGAPORE Data obtained from MSCI Real Assets showed that outbound investment activity inQ2 2025totalledS$1.5 billion, decreasing 50.9% q-o-q and 53.8% y-o-y (Exhibit 3).Despite the ongoing geopolitical uncertainty in addition to the volatile economicenvironment, cross border investment deals continued to take place, albeit atmeasured and cautious levels. MARKET OUTLOOK Sales activity of the investment market is anticipated to remain prudent and judiciousin the second half of the year. However, there should be consistent activity in thepublic sector with developers participating actively to acquire development sites. Theten new GLSsites introduced in the H2 2025 Confirmed List are generally in goodlocations, with most having a potential of less than 600 new homes, well within thefavouredparameters for developers. As such, developer attention will remain morefocused on the GLSprogrammerather than the collective sales market for residentialprojects. All the sites on the H2 2025 Confirmed List are expected to be sold.Industrial assets continue to attract investor interest, especially those of freeholdtenures with redevelopment potential