The figures are a dramatic barometer reading of the pandemic's effect on the Asian city-state, one of the great wealth management centres of the world.

The coronavirus pandemic hit property investment sales in Singapore by more than a third (37 per cent) falling to S$3.02 billion ($2.13 billion) in the first three months of this year from the prior quarter, according to international real estate business Cushman & Wakefield, as cited by the Straits Times on 13 April. 

Q1 investment sales, defined as transactions of $10 million and above, were dominated by the residential sector at $2.02 billion, double the previous quarter's volume. This came mainly from the award of previously bid government land sale sites, the report said. 

Cushman & Wakefield predicts that the subdued nature of the investment market will continue into the second quarter as government lockdowns remain in place until early May.