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Singapore attracting global property investors

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Singapore  USD  GBP  Asia  real estate transactions  Richard Ellis  Cushman and Wakefield  Urban Redevelopment Authority  Christina Sim  Singapore Investment Property 

Singapore attracting global property investors

By - Thursday 23 December 2010

Overseas buyers are increasingly looking to invest in en bloc property in Singapore, it has been claimed.

According to figures from the Urban Redevelopment Authority, residential en bloc transactions in the first 11 months of this year amounted to USD 862.3 million (GBP 559 million).

This is almost five times as much as the USD 176.3 million seen last year.

And the market shows no sign of slowing down with analysts predicting the residential collective sale market next year may match or exceed the 2007 transaction value of USD 12.3 billion, reports TodayOnline.com.

According to the news provider, there are a number of en bloc properties with an asking price of more than USD 500 million set to be sold next year, such as Pine Grove in Ulu Pandan, which is understood to have set an asking price of USD 1.7 billion.

Christina Sim, director of investment sales at Cushman and Wakefield, commented: "With mostly foreign buyers who have much cash to spare purchasing such properties, there is still a lot of market potential in this segment."

It follows a recent report from CB Richard Ellis which showed that real estate transactions picked up during the third quarter in Asia, with investment rising 53 per cent.

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