Real estate investment deals grew 18% quarter-on-quarter (q-o-q) to $3.6 billion in 1Q15, according to DTZ Research. Among the big-ticket items were the sale of AXA Tower to a consortium led by Perennial Real Estate Holdings for $1.17 billion.

REIT acquisition rose 2% q-o-q as they race to complete their transactions before the stamp duty concessions lapsed on March 31, 2015, the report said. Key acquisitions include the purchases of Crowne Plaza Changi Airport and The Kendall by OUH H-REIT and A-REIT respectively. There had also been keen interests in shophouses. Property fund manager Pamfleet bought six shophouses along Peck Seah Street for $42.8 million or $2,155 psf on gross floor area. Pamfleet also purchased Homestay Lodge, a workers’ dormitory with a balance lease of 14 years, for $127 million.

The residential sector was quiet by comparison as investors continued to take a cautious stance. The highlight in the sector was the bloc sale of 16 units at 111 Emerald Hill for $75 million.