Singapore had the third highest property investment volume among 13 Asian markets in 4Q2017, according to deals recorded in the Colliers Asia Market Snapshot report.

Hong Kong witnessed the strongest investment sales with 71 transactions valued at USD14.7 billion ($19.25 billion), and Shanghai second with 17 deals which amounted to USD4.2 billion.

Singapore had four transactions which fetched USD3.03 billion in 4Q2017.

The four deals include the sale of the commercial site on Beach Road to Guoco Land and its parent Guoco Group, who won the tender with a winning bid of $1.62 billion. Frasers Centrepoint out-bid nine other bidders to win the tender for the residential development site in Jiak Kim Street for $955.4 million.

Normanton Park saw a successful collective sale to Chinese developer Kingsford Development for $830.1 million, and the prime commercial building Chevron House in Raffles Place was acquired by Oxley Holdings for $660 million.

Singapore’s optimistic economic outlook and cyclical upturn in underlying markets should continue to drive investment demand for the residential and commercial sectors, says Tang Wei Leng, managing director at Colliers International Singapore.

Developers are expected to continue replenishing their land banks via collective sales and state land sales as well as acquisitions of prime commercial assets, she adds.

Asian property markets ended 2017 with a flurry of activity that show few signs of abating going into 2018. The report highlighted that the office segment in Hong Kong, Shanghai, and Singapore stood out as a key focus for investors. It signals an improved business outlook from a rebound in investment, trade, and manufacturing in the region.