Real Estate
Singapore Narrows the Gap With Hong Kong on Property Deals
- Reflects city-state’s demand for offices, slump in Hong Kong
- Outlook for challenging fundraising environment in both cities
The Rivière residential property in Singapore.
Photographer: Lauryn Ishak/BloombergThis article is for subscribers only.
Singapore is closing in on Hong Kong’s lead in real estate deals as the city-state benefits from its status as a wealth haven, while distressed property sales afflict the rival Asian financial hub.
So far this year, Hong Kong’s seen 107 entity-level property transactions across sectors including office, residential and hotels, and Singapore’s had 96, according to data from MSCI Real Assets. Deals in Hong Kong are 62% lower than in 2021, while Singapore has largely managed to hold its ground despite high borrowing costs. Figures include deals of at least $10 million and are as of last month.