Real estate investment sales soars 95.4% in Q1 on developer land buys

Growth was supported by REIT recycling, family offices and low-rate liquidity.

Singapore’s real estate investment sales rose to $11.48b in the first quarter (Q1) of 2026, up 95.4% year on year (YoY) from $5.88b in Q1 2025 and increasing 3.5% quarter on quarter (QoQ) from $11.09b in Q4 2025, according to Savills Singapore.

Savills attributed the performance to continued developer land replenishment activity, increased participation from private wealth including family offices, and ongoing asset recycling by developers, real estate investment trusts (REITs), and institutional investors.

It also cited improved liquidity conditions supported by a low interest rate environment.

By sector, residential assets accounted for 38.5% of total investment sales, followed by industrial at 25.7%, commercial at 17.8%, and mixed-use at 16.5%. Hospitality and other assets made up 1.3% and 0.3% respectively.

Major transactions during the quarter included the $1.5b Hougang Central government land sale, the $1.4b acquisition of 21 industrial assets by UI Boustead REIT, and the $951m Dover Drive site awarded to CNQC Realty (Prime), Forsea Residence, and Jianan Realty Investments.

Other key deals included the $709.3m Tanjong Rhu Road site awarded to CDL Constellation and Bedrock Ventures, and the $657.1m Lentor Central site awarded to a GuocoLand-led consortium.

Savills said Singapore continued to act as a regional capital exporter, accounting for 52% of newly disbursed foreign direct investment (FDI) into Vietnam in Q1 2026.

Across Asia Pacific, investment volumes rose 19.2% YoY, led by office and retail assets, whilst industrial demand remained supported by data centre expansion and manufacturing activity.

In Australia, transaction volumes fell 32% YoY to $5.02b (AU$5.5b), with retail the only segment recording growth. In China, income-producing en-bloc investment volumes declined 15% over the 12 months to March 2026.

In Hong Kong, non-residential investment totalled $1.73b (HK$10.6b), with end-user acquisitions increasing amid softer valuations.

In India, private equity real estate inflows rose 66% YoY to $1.54b (US$1.2b), with office assets accounting for 41% of allocations.

In Indonesia, industrial land demand was supported by data centre expansion, whilst Malaysia recorded $1.15b (RM3.58b) in transactions, led by industrial assets.

In Japan, Grade A office rents in Tokyo’s central five wards rose 8.6% QoQ to $328.72 (JPY40,815) per tsubo (roughly 3.3 square meters), with vacancy at 0.5%, according to Savills.