Singapore-based investors now the top non-local buyers of Hong Kong office assets
Office price declines of up to 50% are drawing long-term capital, potentially sustaining demand for discounted prime, income-producing and strategically located Hong Kong assets.
Singapore-based buyers invested HK$3.37 billion in Hong Kong commercial property during 2Q2026, representing 62% of HK$5.46 billion in non-local and mainland investment.
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Singapore-based investors have become the largest group of non-local buyers of commercial properties in Hong Kong, drawn by the sizeable correction in the prices of distressed assets amid a slump in the city’s office segment, according to Colliers.
The demand from Singapore was likely to remain steady in the coming months, given that the prices of office assets have declined by as much as 50%, according to Thomas Chak, head of capital markets and investment services at the property consultancy.
“Singaporean investors are drawn to Hong Kong more prominently in the second quarter because pricing has become significantly more attractive after several years of correction,” Chak says. “Many see this as an opportunity to acquire quality assets at a discount while positioning for a longer-term market recovery.”
Read also: Offices get pricier to rent and buy in 2Q2026, pipeline supply dwindles
In the April to June period, non-local and mainland Chinese investment in commercial properties in Hong Kong amounted to HK$5.46 billion ($890 million), of which Singapore-based buyers contributed HK$3.37 billion or 62% of the total, data from Colliers shows. Mainland investors, on the other hand, invested HK$1.23 billion during the same period.
In the preceding quarter, mainland Chinese investors were the largest non-local group that acquired commercial assets in the city, accounting for HK$4.73 billion of the total HK$6.03 billion, according to Colliers. Singapore investors, meanwhile, were absent from the market.
Among the Hong Kong assets that Singapore firms and investors bought in the second quarter were the 152,000 sq ft of space across several floors at The Center, a skyscraper in the city’s main business district, for about HK$2.62 billion by DBS Bank (Hong Kong), as well as the en bloc acquisition by Wee Hur Holdings of One Bedford Place, an office building with 184,041 sq ft in Tai Kok Tsui, for HK$748.8 million, according to data compiled by Colliers.
Hong Kong’s office property leasing segment is seeing a gradual recovery led by prime assets in Central. Grade A office rents in the district rose 7.3% in the first half, the biggest six-month increase in 15 years, while the district’s vacancy rate fell to 8.8% from 10.9% at the end of last year, according to JLL.
Landmark towers including One and Two IFC posted rent increases of more than 20%.
In the coming months, Chak said investors were likely to seek “stable income-generating assets, particularly in the education and living sectors, and owner-occupiers purchase strategically located commercial properties for self-use and future expansion.”