Singapore hospitality investment sales up 14% to S$380m in Q2

BlackRock was the buyer in the two transactions recorded during the quarter.

In a recent report, Savills revealed that Singapore’s hospitality sector recorded two serviced residence transactions in Q2 2025 totalling S$380.0 million, a 14.2% increase from the S$332.8 million registered in the previous quarter.

Here’s more from Savills:

One of the transactions was for Citadines Raffles Place Singapore, a 299-room serviced residence that forms part of the integrated CapitaSpring development located at Market Street in the Downtown Core. The property was sold for S$280.0 million to US investment giant BlackRock and the hospitality arm of Malaysian developer YTL Corp. The seller is a joint venture of CapitaLand Integrated Commercial Trust, CapitaLand Development and Mitsubishi Estate Asia.

The other transaction involved Momentus Serviced Residences Novena located on Shan Road. A BlackRock-led consortium acquired the freehold property for about S$100.0 million from a joint venture comprising Roxy-Pacific Holdings, Macly Capital and LWH Holdings. The 15-storey serviced residence comprises 78 units ranging from studio to one- and two-bedroom apartments.

Notably, both deals involved BlackRock as the buyer—highlighting its increasing footprint in Singapore’s hospitality market. With the earlier acquisition of Citadines Mount Sophia Singapore in February 2024, BlackRock now owns at least three serviced residences in the country, suggesting a clear strategic focus on this asset class.