SINGAPORE: Four of the ten largest property investment deals in Asia in the first quarter were for Singapore properties.

Consultants CB Richard Ellis says this is a very clear signal that investors are confident about Singapore's strong economic fundamentals.

In a report, CBRE says property funds and overseas institutional investors anticipate further capital value and rental appreciation of Singapore properties.

A total of S$11.2 billion of investment sales were sealed in Singapore in the first quarter.

This is an 86 per cent increase from the previous year.

CB Richard Ellis attributed the rise to the large number of development sites sold during the quarter.

The private sector took up 84 per cent of total sales or S$9.4 billion.

In terms of sectoral performance, the residential sector commanded the lion's share or 62 per cent of total sales (S$6.9 billion).

The office sector contributed 27 per cent or over S$3 billion. - CNA/yy