Singapore's investment landscape witnessed a significant dip in the first quarter, as volumes dropped by 34.7% compared to the previous year, with commercial sectors experiencing the most notable declines.
She noted that one-third of this volume, approximately 1.2 billion Singapore dollars, was buoyed by a few large Government Land Sales tenders."These GLS tenders accounted for about 31.5% of the total investment volume," Tang added, highlighting their critical role in stabilising the market. Looking ahead, Tang is optimistic about the recovery and growth prospects for 2024."We estimate that investment sales will be five to 15% higher than in 2023, likely coming in between 22 to 24 billion Singapore dollars," he projected. This anticipated increase is fueled by Singapore's reputation for stable returns and potential for long-term capital growth, despite the current market's challenge of a limited number of motivated sellers.