Written answer by Ministry of National Development on foreign participation in Singapore’s commercial and industrial property markets over past five years

Nov 4, 2025

Question No: 898

Question by: Ms Gho Sze Kee

To ask the Minister for National Development (a) what are the current levels and trends of foreign participation in Singapore’s commercial and industrial property markets over the past five years, including acquisitions and ownership patterns; and (b) to what extent does the Ministry assess such foreign participation to have influenced commercial rent movements over the same period.

Answer:

Landlords of commercial and industrial properties, both local or foreign, generally price their rents competitively to attract and retain tenants, given the costs and forgone rental income of leaving their properties vacant. 

2. Between 2020 to 2024, foreign buyers accounted for less than 20% of private commercial and industrial property transactions. Therefore, foreign buyers are not the main driver of commercial and industrial rent movements.