Singapore real estate investment sales hit SGD22.7b in the first nine months of 2025

This represents a 17.9% increase from the same period last year.

In a report, Savills revealed that Singapore real estate investment sales exhibited very strong growth in the third quarter of 2025, nearly doubling from Q2’s S$5.66 billion to S$11.09 billion.

“This sharp rebound effectively reversed the downward trend observed over the previous three quarters. Cumulatively, investment sales for the first nine months of the year reached S$22.72 billion, a 17.9% increase compared to the same period in 2024,” the report said.

Here’s more from Savills:

A significant number of state land parcels were awarded under the Government Land Sales (GLS) Programme in Q3/2025. These included seven residential sites (comprising four private and three executive condominium (EC) sites), one commercial and residential site, and four industrial sites.

The total proceeds from these land sales amounted to nearly S$4.15 billion, driving a 241.6% QoQ surge in public sector investment sales. This also marks the highest quarterly total for the public sector since Q3/2023, when investment sales reached S$4.16 billion.

In the private sector, real estate investment sales rose by 56.2% QoQ, from S$4.44 billion in Q2/2025 to S$6.94 billion in Q3/2025. This also represents the highest quarterly figure since Q2/2022, when sales reached S$7.16 billion.

Notably, acquisitions and initial public offerings (IPOs) by Singapore-listed Real Estate Investment Trusts (S-REITs) accounted for 40.0% of total private sector investment sales, amounting to approximately S$2.78 billion.

Key transactions include CapitaLand Integrated Commercial Trust’s (CICT) acquisition of a 55% interest in the commercial component of CapitaSpring, AIMS APAC REIT’s (AA REIT) purchase of Framework Building, inclusion of Singapore assets in the initial portfolio of NTT DC REIT (NTDU) and Centurion Accommodation REIT (CAREIT).

In parallel, S-REITs continued to divest properties as part of their capital recycling strategy, aimed at maintaining portfolio resilience and competitiveness. In the reviewed quarter, such transactions totalled S$825.5 million, representing 11.9% of total private sector investment sales. Key divestments include the office component of Jem by Lendlease Global Commercial REIT (LREIT), ten strata lots at Yishun 10 by Frasers Centrepoint Trust (FCT) and five industrial and logistics properties by CapitaLand Ascendas REIT (CLAR).

Falling interest rates have contributed to favourable investment conditions, driving increased activity among S-REITs. At the same time, regulatory bodies have introduced supportive measures to enhance market accessibility. The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) have introduced a series of reforms to streamline IPO processes and reduce compliance burdens.

In addition, MAS and the Financial Sector Development Fund announced the S$5 billion Equity Market Development Programme to strengthen the local asset management and research ecosystem, and to boost investor interest in Singapore’s equities market. These incentives have played a key role in the recent surge in S-REIT IPO listings.

Breaking down by property type, total investment sales in Q3/2025 continued to be dominated by the residential sector, which accounted for 45.1% of the market. The commercial sector followed with 22.7%, while other segments contributed smaller shares: industrial at 9.5%, mixed-use at 9.1%, hospitality at 1.4% and others at 12.2%.