Foreigners comprised 17.6 percent of the property investment transactions in the second quarter, up from 10.5 percent in the first quarter, according to a report published by DTZ Research.

Overall, approximately S$8.3 billion in investment sales were recorded in Q2, slightly above the S$8 billion worth of deals registered in the first quarter of this year.

The investment figures compiled by DTZ consist of over S$5 million worth of transactions each and excludes around S$1.6 billion transactions for single residential units and land plots that cannot be redeveloped or sub-divided.

DTZ also noted that foreign investment in the second quarter was fuelled by foreign capital from Asian economies such as Hong Kong and China.

Government land sales (GLS) purchases made up the majority of investments in the second quarter of this year, totalling S$4.6 billion, approximately 55 percent of overall investment activity. The second quarter witnessed the awarding of 16 sites from the GLS programme, double the number of sites in the first quarter.

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