S’poreans are putting their money in overseas property
PROPERTY buyers are not just snapping up properties in Singapore but are also looking overseas, in yet another sign that property investments are still in vogue.
Last weekend, marketing agents Top Leaders Realty and Jones Lang Lasalle launched private residential properties in Chennai and London, respectively. Both projects garnered relatively promising sales.
Most buyers, it appeared, bought them as investments.
Human resource manager Usman Masood was one of the 30 buyers who signed on the dotted line for a Chennai apartment over the weekend. The 5-acre residential project, comprising 588 units, was developed by India’s Vijay Shanthi Builders and marketed by Top Leaders Realty in Singapore.
“I have been looking at investing in Chennai over the last two years and following the developments there,” said Mr Masood.
He finally made his $31,000 decision in the Infiniti apartments after checking out the site in Chennai. The clincher was that “there are no hidden costs (such as charging for car park lots and infrastructure) and the prices are the same here and in India”, he added.
The apartments, ranging from 365 to 1,059 sq ft, cost $28,500 to $82,500 each.
This is the first foreign project that Top Leaders Realty has marketed this year, said the company‚s managing director, Mr H Mashaardin. Buyers include locals and Indian permanent residents.
The housing project with lifestyle amenities is located on the Bangalore Highway and is located within the close proximity of several multinational companies such as Dell, Motorola and Samsung.
“There is a growing demand for affordable apartments in Chennai, even in the current economic situation,” added Mr Mashaardin.
“With the launch of this project, we are offering affordable housings at a price within the reach of the common man.”
Over the weekend, Jones Lang Lasalle launched Napier at West 3, its first development in London this year. Singapore was picked as the first stop for the launch of 86 units, which saw 18 sales.
Jones Lang Lasalle’s residential head Jacqueline Wong told Today that the favourable exchange rate between the Singapore dollar against the British pound is one of the factors driving current sales. Some buyers also bought the apartments for their children studying in London.
Marketing agents said Singapore is a good location for international property launches because of its well-travelled population and relatively large pool of foreign talent.
Top Leaders Realty said it is planning to launch two other Chennai projects in the coming months. Jones Lang Lasalle has another three London launches in the pipeline.
“Singapore is the gateway to other parts of Asia and the market here presents potential buyers, both local and foreign,” said Mr Andy Tan, associate director for international marketing at Savills.
In March, Savills launched The Surawong, a freehold luxury condominium in Bangkok. Ten out of 52 units were sold to local and foreign buyers in Singapore.
Savills is launching another four international projects here later this year.
Source : Today – 21 May 2009