# What was the largest office investment deal in Singapore in Q2? - **Source:** Real Estate Asia - **Published:** 2026-08-04T00:27:10.000Z - **Author:** Staff Reporter - **Original:** https://realestateasia.com/commercial-office/news/what-was-largest-office-investment-deal-in-singapore-in-q2 - **Topics:** Commercial & Industrial, Investment & Capital Markets ## Featured rationale The premium signals strong investor preference for high-quality offices, potentially supporting prime asset values while widening the performance gap with older buildings. ## AI summary CICT sold Asia Square Tower 2 to IOI Marina View for approximately S$2.48 billion, 9.9% above its 31 December 2025 valuation. ## Original article The deal was worth approximately S$2.48 billion. Singapore's office market is increasingly showing a two-tier performance, with premium buildings benefiting from strong occupier demand and investor interest while lower-quality assets face greater challenges in attracting tenants, according to Savills. In its latest Singapore office market review, Savills said robust demand for premium office space, combined with limited new supply of high-quality developments, has reinforced the divergence between top-tier and lower-grade buildings. Premium offices continue to record high occupancy levels and command stronger rents, while older or less competitive assets face greater difficulty in backfilling vacancies. Savills noted that leasing activity in Q2 2026 was supported by expansion demand from sectors including technology, financial services and hedge funds. The consultancy also observed an increase in new serviced office operators entering the market, alongside smaller corporate services firms expanding their footprints. At the same time, the pace of office space surrender appears to have moderated, according to Savills. The consultancy attributed this partly to the growing adoption of five-day return-to-office policies, which has helped maintain occupier space requirements despite ongoing workforce rationalisation efforts. Companies are increasingly retaining office capacity to accommodate employees returning to the workplace. On the investment side, Savills reported a significant increase in office sales activity during the quarter. Excluding the S$8.3 billion portfolio of assets incorporated into Hongkong Land's Singapore Central Private Real Estate Fund launch in Q1 2026, office investment sales volume rose from S$852.3 million in the first quarter to S$2.81 billion in Q2 2026. Savills said the increase was driven primarily by larger block transactions linked to REIT portfolio restructuring and capital recycling strategies. The largest transaction of the quarter was CapitaLand Integrated Commercial Trust's (CICT) divestment of its 100% interest in Asia Square Tower 2 to IOI Marina View, a subsidiary of Bursa Malaysia-listed IOI Properties Group, for an agreed property value of approximately S$2.48 billion. The 46-storey Marina Bay integrated development comprises premium Grade A office space, ancillary retail areas and a third-party hotel. Savills noted that the transaction price represented a 9.9% premium to the property's market valuation as at 31 December 2025 and reflected an implied exit yield of 3.0%. The deal formed part of CICT's portfolio restructuring exercise in April, as REITs continue to recycle capital and reposition portfolios towards longer-term growth opportunities. The other major block transaction during the quarter was Singapore Land (SingLand) Group's acquisition of UOB's interests in two joint venture companies linked to Novena Square for S$299 million. Located above Novena MRT Station, Novena Square comprises two office blocks of 18 and 25 floors, alongside a three-storey retail mall. Meanwhile, strata office investment activity remained relatively stable in terms of transaction numbers, with three deals completed in Q2 compared with four in Q1. However, lower-value transactions resulted in strata office sales declining from S$62.3 million to S$36.6 million. The largest strata transaction was the sale of the third storey at 108 Robinson Road for S$16.1 million, translating to S$3,702 per sq ft based on a 4,349 sq ft strata area. Savills noted that the sale completed the divestment of the 12-storey freehold office building following its acquisition by PGIM in 2021 and subsequent asset enhancement works completed in 2023. Savills said the quarter's activity reflected continued investor preference for high-quality assets with strong fundamentals, while highlighting the growing importance of asset quality and tenant demand in Singapore's office market. ## Chinese translation > Translation model: grok_cli ### 新加坡第二季度最大写字楼投资交易是什么？ 新加坡写字楼市场日益呈现双轨表现，优质楼宇受益于强劲的租户需求与投资者兴趣，而 该交易价值约24.8亿新元。 据第一太平戴维斯（Savills）称，新加坡写字楼市场日益呈现双轨表现，优质楼宇受益于强劲的租户需求与投资者兴趣，而较低质量资产在吸引租户方面面临更大挑战。 在最新新加坡写字楼市场回顾中，第一太平戴维斯表示，对优质办公空间的强劲需求，叠加高质量新供应有限，强化了顶级楼宇与较低等级楼宇之间的分化。优质写字楼持续录得高出租率并取得更强租金，而较旧或竞争力较弱的资产在填补空置方面难度更大。 第一太平戴维斯指出，2026年第二季度的租赁活动得到科技、金融服务与对冲基金等行业扩张需求的支撑。该机构还观察到，有更多新的服务式办公运营商进入市场，同时较小的企业服务公司也在扩大布局。 与此同时，据第一太平戴维斯称，办公空间退租节奏似乎有所放缓。该机构部分将其归因于五日返岗政策的更广泛采用，这有助于在持续推进人力合理化的同时，维持租户对空间的需求。企业正越来越多地保留办公容量，以容纳返回职场的员工。 在投资方面，第一太平戴维斯报告称，当季写字楼销售活动显著增加。若剔除2026年第一季度纳入香港置地（Hongkong Land）Singapore Central Private Real Estate Fund启动的83亿新元资产组合，写字楼投资成交额由第一季度的8.523亿新元升至2026年第二季度的28.1亿新元。 第一太平戴维斯表示，增幅主要来自与REIT投资组合重组及资本循环策略相关的较大宗块交易。 当季最大交易是凯德综合商用信托（CapitaLand Integrated Commercial Trust，CICT）将其持有的Asia Square Tower 2全部权益出售予IOI Marina View（马来西亚交易所上市公司IOI Properties Group的子公司），约定物业价值约24.8亿新元。 这座46层滨海湾综合发展项目包括优质甲级办公空间、配套零售区域以及第三方酒店。第一太平戴维斯指出，成交价较该物业截至2025年12月31日的市场估值溢价9.9%，隐含退出收益率为3.0%。 该交易是CICT在4月投资组合重组行动的一部分，REIT正持续循环资本并将组合重新定位于更长期的增长机会。 当季另一宗主要大宗交易是新地集团（Singapore Land，SingLand Group）以2.99亿新元收购大华银行（UOB）在两家与诺维娜广场（Novena Square）相关的合资公司中的权益。诺维娜广场位于诺维娜地铁站上方，包括两座分别为18层与25层的办公楼，以及一座三层零售商场。 与此同时，分层写字楼投资活动在成交宗数上相对稳定，第二季度完成三宗交易，而第一季度为四宗。不过，较低价值成交使分层写字楼销售额由6230万新元降至3660万新元。 最大的分层交易是108 Robinson Road三楼以1610万新元售出，按分层面积4349平方英尺计算，折合每平方英尺3702新元。第一太平戴维斯指出，该成交完成了这栋12层永久地契写字楼的全部脱售，该楼于2021年由PGIM收购，并在2023年完成资产提升工程。 第一太平戴维斯表示，当季活动反映出投资者持续偏好基本面强劲的高质量资产，同时凸显资产质量与租户需求在新加坡写字楼市场中日益重要。