Singapore outspent China on US CRE in 2017

Experts predict Asian city-state will continue to be region’s biggest spender

New York /
Jan.January 29, 2018 09:30 AM

60 Wall Street and GIC’s Lim Chow Kiat (Credit: Paramount Group)

As investment from Chinese investors dwindled last year, Singapore rose to be the largest Asian investor in U.S. commercial real estate.

Data from Real Capital Analytics and Cushman & Wakefield show that Singaporean investors spent a total of $9.5 billion on U.S. properties, while Chinese investment dropped 66 percent to $5.9 billion, Bloomberg reported.

It was the first time since 2012 that Singapore outspent China.

Sovereign wealth fund GIC accounted for nearly 75 percent of Singapore’s dollar volume, including a 95 percent stake the fund bought in 60 Wall Street in a deal that valued the 50-story office tower at $1.1 billion – one of the few billion-dollar sales of the year.

“We expect Singapore to continue to be the single largest source of Asian investments in the U.S. real estate markets,” said Cushman’s Priyaranjan Kumar, executive director of the firm’s capital markets for Asia Pacific.

Singapore ranked as the No. 3 biggest investor worldwide in U.S. commercial real estate behind Canada and France. The city-state’s investments in commercial real estate around the globe climbed by roughly 40 percent to $28.4 billion in 2017, surpassing the record year of 2015. [Bloomberg]Rich Bockmann


Related Articles

arrow_forward_ios
30 East 14th Street (Google Maps)
Witnick, Namdar, Gorjian buy 30 East 14th Street for $23.5M
Witnick, Namdar, Gorjian buy 30 East 14th Street for $23.5M
Winery owner Giovanni Borghese (Facebook via Borghese Vineyard)
Rare vintage: Long Island’s oldest winery hits the market
Rare vintage: Long Island’s oldest winery hits the market
One Court Square tower in Long Island City (Getty)
Target is coming to Long Island City
Target is coming to Long Island City
Stuart Miller of Lennar with The Maddox complex (Lennar, LMC)
ING “green building” loan program targets energy upgrades
ING “green building” loan program targets energy upgrades
(iStock illustration by Kevin Rebong for The Real Deal)
Morgan Stanley bans unvaccinated staffers from offices
Morgan Stanley bans unvaccinated staffers from offices
(Getty / Photo Illustration by The Real Deal)
Mall landlords turn to pop-up stores to boost revenue
Mall landlords turn to pop-up stores to boost revenue
Photo illustration of Tishman Speyer Properties President Rob Speyer and Brookfield Asset Management CEO Bruce Flatt (iStock, Getty)
Office investors Tishman Speyer, Brookfield put money where mouth is
Office investors Tishman Speyer, Brookfield put money where mouth is
Sure We Can has tried to purchase the property in the past (Facebook via Sure We Can, Getty)
Lifeline for canners needs city’s help to buy redemption center site
Lifeline for canners needs city’s help to buy redemption center site
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...