Growth was broad-based across both the public and private sectors last year. Public sector investment sales rose 32.3% y-o-y to $11.6 billion, supported by a higher number of Government Land Sales (GLS) sites awarded — from 20 in 2024 to 30 in 2025.
Meanwhile, private sector investment sales rose 24.3% y-o-y to $22.5 billion, underpinned by renewed momentum in the high-end private residential market, several large-scale transactions and active S-REIT listings.
Despite investment sales slipping 3.3% q-o-q to $11 billion in 4Q2025, the quarter still saw a 44.4% y-o-y jump from $7.60 billion in transactions recorded in 4Q2024.
This was due to growth in the private sector, where sales rose 4.5% q-o-q to $7.53 billion, driven by several large transactions despite the total number of deals easing slightly from 120 in 3QFY2025 to 106 in 4Q2025.
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Investment activity among S-REITs, institutional investors and high-net-worth individuals also remained healthy, supported by lower financing costs and solid fundamentals across most property segments, says the Singapore team of London-listed Savills.
In 4Q2025, the residential sector accounted for the largest share of total investment sales at 40.3%, though transaction value declined 13.7% q-o-q to $4.42 billion.
Still, high-end residential sales, especially landed properties, proved stronger in 2H2025, indicating a rebound supported by lower borrowing costs and improving buyer sentiment.
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Savills’ data recorded 10 Good Class Bungalow (GCB) transactions in 4Q2025, with the priciest GCB on Peirce Road changing hands at $148 million.
Last year saw 25 GCB transactions worth $1.12 billion, comparable to the 26 deals totalling $1.15 billion recorded in 2024.
Commercial sales jump 31.1% q-o-q
The domestic commercial sector, meanwhile, recorded $3.45 billion in investment sales in 4Q2025, leaping 31.1% q-o-q and accounting for 31.5% of total investment sales in the quarter.
The largest transaction in 4Q2025 was Keppel REIT’s acquisition of Hongkong Land’s one-third interest in Marina Bay Financial Centre (MBFC) Tower 3, based on an agreed property value of $1.45 billion.
The second largest was the $809 million acquisition of The Clementi Mall by an entity linked to The Elegant Group, announced in December 2025.
In 4Q2025, the industrial sector accounted for 19.4%, or $2.13 billion, of total investment sales, nearly double the $1.07 billion recorded in 3Q2025. Industrial REITs remained active during the quarter, pursuing acquisitions and divestments.
Transactions involving such REITs totalled $1.27 billion, accounting for nearly 60% of total industrial investment sales in 4Q2025.
The largest was CapitaLand Ascendas REIT’s acquisition of three industrial properties for $532.6 million, announced in October 2025.
From an outlook perspective, Savills Singapore is maintaining its investment sales forecast for 2026 at around $34 billion, in line with 2025 levels.
Jeremy Lake, managing director of investment sales and capital markets at Savills Singapore, says the sharp drop in interest rates in 2025 was a “game- changer” for the private investment sales market, “which had been plagued by a large ‘price gap’ for the last few years”.
“If local equity markets continue to perform well, a rise in property company listings can also be anticipated,” says Alan Cheong, executive director of research and consultancy. “As the existing stock of buildings continues to age, redevelopment activity may gather pace, supported by government incentive schemes that encourage urban renewal and asset rejuvenation.”
