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SINGAPORE: Property investment sales have hit a record.

New data shows more than S$5.7b worth of deals were completed in the first quarter of this year.

And consultants CB Richard Ellis said 61 per cent of this was in the commercial sector.

The figure was inflated by the acquisition of Raffles City by CapitaMall Trust and CapitaCommercial Trust, for S$2.2b - from their parent company.

Residential investment sales totalled S$1.7b in Q1, compared to the S$919m recorded in the same period a year ago.

CB Richard Ellis expects the outlook for the collective sale market, in particular, to be positive.

The buzz in the Singapore real estate market mirrors the upbeat performance in other major commercial hubs of Asia. - CNA /dt