S’pore Real Estate ‘Still Attractive’ To Foreign Players

Foreign developers and investors are still very keen on buying Singapore real estate, the head of the property developers’ industry body said on September 11. Mr Chia Boon Kuah, president of the Real Estate Developers’ Association of Singapore (Redas), who is also chief operating officer at Far East Organization, said that the Government’s plans to develop certain areas of Singapore have “opened up tremendous economic and business opportunities” for developers.

In particular, Tanjong Pagar and Paya Lebar will be “the biggest blank slates for Redas members to work on since Marina Bay”, he said. He also cited existing projects such as a “vertical kampung” planned in Woodlands that will integrate homes, shops, clinics and other amenities in one building.

Foreign developers, especially some from China, have been active in state land tenders recently. For instance, the second-highest bid for a plot at Mount Sophia on Tuesday was lodged by a unit of Chinese developer Fantasia Holdings Group and Singapore-based private equity firm F&H Fund Management. Its bid of $442 million for the 99-year leasehold site was just 0.06 per cent below the top bid of $442.3 billion.