Following a successful sales performance in 2010, the Singapore property market has remained robust in the first quarter of 2011.
Research by CB Richard Ellis (CBRE) has revealed that the total investment sales over the past three months currently stands at USD 5.73 billion, up 66.6 per cent on the corresponding period last year.
And despite the residential property cooling measures introduced in January, prices have remained firm across the country, CBRE said.
"The tougher investment conditions in the residential sector have shifted some investor attention to the other sectors, but there is also a growing price gap between the asking and expected prices," said Jeremy Lake, executive director of Investment Properties.
Mr Lake added that the impact from Japan's recent earthquake and "unfolding geopolitical events" are likely to impact on Singapore's growth to some extent. But he forecast that total investment sales could exceed USD 15.84 to USD 19.8 billion this year.