Singapore investment sales double to $11.09b in Q3

Savills has revised its full-year 2025 investment sales forecast upwards to $28b to $30b, from $20b.

Singapore’s investment sales market saw a strong rebound in the third quarter of 2025, with total sales reaching $11.09b, a 96% increase QoQ.

This brought year-to-date (9M 2025) sales to $22.72b, up 17.9% compared to the same period in 2024.

The public sector, largely driven by the Government Land Sales (GLS) programme, contributed approximately $4.15b, up 241.6% from Q2, marking the highest public sector sales since Q3 2023.

Private sector transactions also gained momentum, rising 56.2% QoQ to $6.94b, the highest level since Q2 2022.

By property type, residential assets accounted for 45.1% of Q3 sales (approximately $5.0b, up 148.8% QoQ), followed by commercial assets at 22.7% ($2.52b), a sharp jump from $426.9m in Q2. Industrial and mixed-use properties made up 9.5% and 9.1% respectively, while hospitality accounted for just 1.4%, and miscellaneous asset types comprised the remaining 12.2%.

Developer confidence improved in Q3, aided by a stronger new launch pipeline and a decline in the Singapore Overnight Rate Average (SORA).

Private residential GLS sites drew an average of 6.5 bids per site, indicating healthy but measured sentiment.

Despite this rebound, Savills noted that open-market private deals—excluding related-party transactions and REIT IPOs—remain thin, highlighting that the broader recovery is still uneven.

Notable transactions in Q3 included CapitaLand Integrated Commercial Trust’s (CICT) acquisition of a 55% stake in CapitaSpring’s commercial component for $1.045 billion, translating to $2,822 psf on NLA, the largest deal of the quarter.

Other major sales included the office component of Jem ($462m), Kinex mall ($375m), and Lian Huat Building ($90m). Centurion Accommodation REIT also acquired five purpose-built worker accommodation assets for $1.35b.

On the public land sale front, key GLS sites awarded in Q3 included Chencharu Close ($1.01b), Chuan Grove ($703.6m and $623.9m for two separate parcels), Dunearn Road ($491.5m), and Holland Link ($368.4m).

In light of the strong Q3 performance, Savills has revised its full-year 2025 investment sales forecast upwards to $28b to $30b, from its previous estimate of $20b.

The firm expects the recent drop in SORA to support more activity in Q4 2025 and into 2026, provided bid-ask spreads continue to narrow and confidence holds.