Year on year, Singapore’s commercial real estate activity saw a 223% increase in Q3 2021, and is recovering to that of the pre-pandemic average.
Real Capital Analytics’ (RCA) Asia Pacific Capital Trends Report showed that commercial real estate deal activity in Singapore increased 223% year-on-year to $1.35 billion during the third quarter of 2021, reported Singapore Business Review (SBR).
This brings the year-to-date tally back in line with the five-year pre-pandemic average at $7.9 billion, said RCA.
And while there were fewer large deals that were closed in Q3 2021, there has been a pick up in activity within the smaller end of the market.
Notably, a total of 90 deals worth over $121.90 billion were registered during the quarter under review, which was higher than last year.
“Singapore has perennially been a target for some of the world’s largest institutional investors. Cross-border inflows started off this year very strongly, but momentum has slowed as the city-state struggled with re-opening the economy and borders in the second half of the year,” said Benjamin Chow, Head of Analytics for Asia at RCA.
“That hasn’t stopped Singaporean investors from looking abroad – they have now grown to become the most active source of Asian capital this year, both within the region, as well as at a global level,” he added as quoted by SBR.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: email@example.com.