MORE FOREIGN DEVELOPERS SETTING UP SINGAPORE OFFICES

A growing trend is seeing established foreign developers opening sales offices in Singapore as high property prices and prohibitive cooling measures in the city-state are continuing to drive local investors to look overseas for better investment opportunities.

A growing trend is seeing established foreign developers opening sales offices in Singapore as high property prices and prohibitive cooling measures in the city-state are continuing to drive local investors to look overseas for better investment opportunities.

In the space of only a few days, UMLand from Malaysia and Australia's Crown Group have announced their newest offices in Singapore. Other foreign players that have set up offices here in recent years include UEM Sunrise, E&O Berhad and UK property giant Berkeley Group. 

Strategically located at Anson Road, the 2,000 sq ft UMLand Property Galleria officially opened last Friday and showcases all of the developer's projects in Kuala Lumpur and Iskandar Malaysia. One of its latest projects being launched to Singapore investors is Star Residences, a luxury mixed-use development consisting of high-end condominiums and retail units, situated in KLCC. 

Charlie Chia, UMLand Group CEO, said: "Singapore has established itself well as an international hub therefore we have recognised the importance for us to have a strategic presence in this market place, where we can better service our existing and potential customers from the local community, as well as customers from regional markets such as Hong Kong, Indonesia, China and Australia."

Meanwhile, Crown Group which is active in property development and investment in Sydney yesterday revealed it is opening an office at Suntec Tower Two – the company's second in Asia after Indonesia. 

The new Singapore office will serve to expand upon Crown Group's growing presence in the region. The developer has a A$3 billion portfolio of projects under development and in the pipeline and is currently developing and selling four major projects.

"In a market showing high demand for Australian property – as an investment or for children studying overseas – the office will provide access to potential Singaporean buyers and local brokers. It will also enable Crown Group to establish valuable partnerships with relevant companies on a local level," the group said in a statement. 

Iwan Sunito, CEO of Crown Group, noted: "The demand of buyers in the Asian market has grown significantly in the last six months.

"Furthermore, the Australian government is dedicated to engaging with overseas investors – primarily in Asia – a key component in our decision to expand into this chosen market. For Singapore-based investors, Australia is geographically, politically, educationally and culturally attractive." 

Research from HSBC published in February 2014 shows that more than one third of affluent Asians have overseas property investments, with Australia ranked as the most sought-after destination regionally. For Singaporeans, it was Malaysia that emerged as the top location overseas for buyers and investors.    

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg

Source: PropertyGuru.com.sg

Date Post: 28/5/2014
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