Industrial Market
A Record S$42.4b Year, in Three Lines
Record deals, a quarterly pace and borrowing costs, reduced to three lines from Stacked Homes.
Published
A digest of the Stacked Homes report of 9 October 2026 on big-ticket real estate investment, which tracks transactions of at least S$10 million, bulk or land sales of that size and institutional asset transfers. Stacked Homes drew on a property consultancy's figures for the first nine months of 2026, and the three lines below keep to that material.
Sengkang Connection Readers: The Record in Three Lines
- Record total: Stacked Homes reported S$42.4 billion in the first nine months of 2026, above the S$40.7 billion of all 2025 and the S$35.5 billion of 2017, with the consultancy expecting a year-end figure near S$50 billion.
- Quarterly pace: Stacked Homes listed S$16.2 billion, S$15.5 billion and S$10.7 billion for the first three quarters, and the consultancy says rate-hike expectations may motivate parties in negotiation to complete deals by year-end.
- Money and mix: Stacked Homes cited SORA at about 1.2% and a commercial property loan rate of 1.20% at the time of the report, while industrial investment activity doubled in the third quarter, led by government land sales.
The sector detail rounds out the digest. Stacked Homes reported that commercial volume decreased in the third quarter after leading since the end of 2025, with the purchase of Wheelock Place for S$1.1 billion named as one top commercial deal. Hospitality recorded the S$134 million acquisition of Coliwoo Midtown by CapitaLand Ascott Trust in the quarter, and seven hotel deals worth S$1.5 billion across the nine months, against nine worth S$957.2 million in all of 2025. For reference, Stacked Homes noted that volumes fell from S$30.9 billion in 2022 to S$21.1 billion in 2023.
Verdict: The figures from Stacked Homes describe a strong year for large transactions, a third quarter lighter than the first two, and an industrial segment that gained ground while commercial volume eased from its lead. Borrowing costs in Singapore sit well below those quoted for the US, London and Sydney, and the larger loan quanta mentioned by Stacked Homes carry about 1.6% to 1.7%. The year-end expectation of about S$50 billion is the consultancy's, as reported by Stacked Homes, and the full-year total will confirm how the fourth quarter closes the picture.
Sengkang Connection is a B2 general industrial development by Soilbuild Group Holdings Ltd at Seletar West Road 3 in Sengkang West: an 8-storey multiple-user factory on a 33-year JTC leasehold site of 23,196.6 sqm. JTC awarded the site on 1 October 2025 at S$156,114,008 after four bids, with completion scheduled by Q1 2029. Pre-launch registration is open, and the unit count, mix, floor plans and pricing will be published as the developer releases them; see the project details page or return to the homepage.
Source: Stacked Homes. Register interest through the contact page to receive each release as it is issued.
General information only, not financial or legal advice.
Source: Stacked Homes. This article is independent commentary; Sengkang Connection is not affiliated with the parties mentioned.
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