Singapore Q1 2021 Investment Report (Knight Frank) 14 April 2021
A GOOD START TO A YEAR OF EXPECTED ECONOMIC RECOVERY
- With the economy on the mend with positive news from the vaccine distribution, controlled easing of travel restrictions as well as the return of workers to their workplaces, investment sales activity picked up in the first quarter of the year, with the residential sector leading the string of deals. Investment deals amounted to some S$3.8 billion in Q1 2021, representing an uptick of 26.7% year-on-year (y-o-y) from S$3.0 billion in Q1 2020.
- The residential sector retained momentum with some S$1.7 billion of investment deals at the start of 2021. The Good Class Bungalow (GCB) segment continued to draw strong interest due to its rarified and coveted status, as well as the entry of more family offices setting up in Singapore. The sale of a GCB at Nassim Road for S$128.8 million or S$4,005 per square foot (psf) on land in late March broke all previous sales records from this asset class. At the same time, developers were beginning to replenish their land banks through partnerships.
