Brookfield Eyes Further Singapore Acquisitions After Investing Close to S$900 Million

Brookfield entered Singapore in 2014 as a client hub and established a dedicated real estate investment team in 2023 before making its first local acquisition two years later. It has since acquired three assets from Mapletree Industrial Trust (MIT) for S$553.3 million, comprising The Strategy, The Synergy, and the Woodlands Central Cluster, and followed up with eight industrial and logistics properties from ESR Reit for S$338.1 million.

“Singapore is a critical hub for Brookfield’s regional real estate business, combining strong fundamentals, policy stability, deep capital markets and a strategic location,” said Andrew Burch, managing partner and head of East Asia for Brookfield’s real estate group, in an interview with The Business Times.

Brookfield expects to triple its Asia-Pacific and Middle East assets under management over the medium term. The firm underwrites its Singapore investments as value-add opportunities, targeting assets where it can unlock value through repositioning, redevelopment, and active leasing rather than passive buy-and-hold strategies.

Explaining Brookfield’s focus on industrial assets, Burch pointed to the correlation with the broader economy and economic growth. Singapore continues to benefit from the reconfiguration of Asian supply chains and remains an attractive base for multinational corporations despite relatively high business costs. Demand for industrial and logistics space has been supported by limited new supply, underpinning occupancy and rental growth.

At its former MIT assets, Brookfield is upgrading common areas, enhancing building exteriors, and expanding tenant amenities. Tenant feedback has been positive, and the properties are being “leased up ahead of schedule,” Burch said.

On the Johor-Singapore Special Economic Zone, Burch reckoned that while it may draw some industrial investments across the Causeway due to lower operating costs, “it will be net beneficial overall” as higher-value-add activities concentrate in Singapore.

Beyond industrial and logistics, Brookfield sees potential in office properties, especially in the Central Business District, and strong rental supply. However, Burch noted that capital values are “very high,” making it harder to generate returns. The firm is also evaluating hospitality opportunities, though the sector trades “very tightly” in Singapore, making it harder to build scale.

Brookfield intends to recycle capital from its Singapore portfolio over time and continue deploying capital into the market. Its Brookfield Strategic Real Estate Partners V, which closed in May 2025, raised US$16 billion in commitments.

While the firm does not have acquisition targets tied specifically to Singapore, Burch said a similar pace of investment of close to S$1 billion in transactions is “potentially doable for the next few years.” However, he cautioned that the capital markets being supportive of transaction activity could mean people are paying higher prices for assets than fundamentals suggest. “That’s what we’re watching,” he said. Brookfield is also monitoring how macroeconomic uncertainty could affect rent growth and capital flows, though Singapore’s diversified economy should continue to present investment opportunities.