The value of Singapore real estate investment deals jumped 67.4 per cent in the first three months of 2017 to S$4.99 billion from S$2.98 billion in the year-ago quarter, according to a report by property services firm JLL on Monday (May 8).

The quantum however was 40.9 per cent lower than the S$8.44 billion worth of sales made in the previous quarter. Market activity was dominated by the private sector with the S$4.47 billion concluded accounting for almost 90 per cent of all of the first quarter's total sales value.

JLL said the office sector was the star performer and the only sector that posted quarter on quarter growth. It accounted for 47.5 per cent of private investment sales in the first quarter.

Said Ms Tay Huey Ying, head of research & consultancy at JLL Singapore: "In all, investors injected about S$2.12 billion worth of capital into the sector in the first quarter. This not only represented a 60.6 per cent quarter on quarter jump from the preceding quarter's S$1.32 billion, it was also the highest first quarter private sector office investment sales value amassed since 2008 when two billion-dollar deals involving One George Street and Singapore Power Building propelled sales to S$3.41 billion."

The top two office deals in the quarter involved the sale of entire buildings: The entire interest in the holding company of PwC Building was sold to an indirect subsidiary of Manulife Financial Corporation for S$760.60 million, while the entire interest in Plaza Ventures, the registered owner and developer of GSH Plaza, was sold to Hong Kong-listed Fullshare Holdings for S$725.21 million.

Private sales of residential properties worth S$5 million and above apiece fell 35.3 per cent quarter on quarter to S$1.69 billion, although this still placed the sector on the second spot on the quarter's private sector investment sales chart with a 37.7 per cent market share.

Private sales of S$5 million and above retail and industrial properties slipped more than 50 per cent quarter on quarter and each accounted for less than 10 per cent of the quarter's private sector investment sales. Sales of hotel and mixed-use properties remained muted, with no known major transactions in the first quarter.