It is a good time to invest in Singapore property

It is a good time to invest in Singapore property with plenty of government plans in the pipeline to keep prospects on the boil.

The thumbs-up came from National Development Minister Mah Bow Tan at yesterday’s opening of the inaugural Cityscape Asia exhibition. The event showcases property development opportunities here.

‘Our economy is structurally and fundamentally strong, which in turn supports a healthy recovery in all sectors of the property market,’ said Mr Mah.

Local and foreign developers have been buying development sites and an increasing number of overseas firms are investing here.

Mr Mah cited data showing that foreign companies invested about $5.4 billion in Singapore real estate last year, up from just $900 million in 2004.

Development of the Marina Bay area has accelerated with the sale of sites for major projects such as the integrated resort. Private investors have pumped in $10 billion with more to come.

Future sale sites include a mixed-use plot and a boutique hotel site next to the new 54ha garden in Marina South.

‘With prime and strategic sites being made available now and in the near future, we look forward to increased participation from local and foreign investors,’ said Mr Mah.

A similar note was struck in the keynote speech by the Urban Redevelopment Authority’s chief executive, Mrs Cheong Koon Hean.

She said more Marina Bay area sites for office and residential developments will be released over time to meet demand.

Mrs Cheong added that the URA expects to see a ‘dramatic transformation in about five years’ time’ in the area. Other strategic zones around the island will also be developed.

One of Cityscape Asia’s sponsors, Saudi Arabia- based investment firm and real estate developer Tanmiyat Investment Group, is one firm with plans to invest here.

Its deputy chief executive officer, Mr Abdullah Abdul Aziz Al Majed, told The Straits Times that the firm is studying opportunities in Sentosa, including the possibility of developing a hotel.

But its main focus now is on setting up its US$1 billion (S$1.5 billion) finance house in Singapore by September. It will fund mainly real estate projects, particularly its own.

Source: The Straits Times, 11 April 2007