Savills Singapore has appointed Marcus Loo as its managing director with effect from March 2. Loo was previously executive director at Savills Singapore for close to three years. Prior to joining Savills, he spent 13 years at Colliers Singapore overseeing their office services division.

There is renewed confidence across many facets of Singapore’s property markets, says Loo. Investors and developers, both home grown and international, are actively seeking opportunities in the local commercial and residential markets, evidenced by the $36 billion transacted last year, which is up from $22.7 billion the year before.

Corporate leasing demand doubled from the long-term five-year average of 0.8 million sq ft to 1.6 million sq ft, driven by the new technology, media, and telco sector, Loo adds. Insurance and professional services with rents in ‘AAA’ grade office buildings have risen by 4.5%, and rental growth is expected to more than double to 10% for 2018, says Loo, who expects continued demand and growth in values for commercial offices.