Cheung Kong looking to invest in Singapore’s property market

Recession woes have not deterred Hong Kong billionaire Li Ka Shing from seeking out investment opportunities in Singapore’s property market.

The tycoon’s Cheung Kong Holdings is aiming to increase its investments in the city-state.

Justin Chiu, executive director, Cheung Kong Holdings, said: “Actually there are ample opportunities in Singapore right now, so we are looking at various locations. We hope that we can invest in mass market developments, so that’s why we are looking at various locations in the West Coast area.”

But the timing of this investment depends on when the Singapore government releases land for tender.

Speaking on the sidelines of an industry event on Monday, Cheung Kong said it hopes to buy some land in the next six months, and it is looking for a large plot of at least half a million square feet.

The developer said its investments in Marina Bay and the potential West Coast project reflect its positive outlook for the Asian property market.

While it is hard to say when the Singapore and Asian markets will bottom out, Cheung Kong believes the longer term outlook for the next three to seven years remains bright. And it is especially bullish on the property markets of China, Hong Kong and Singapore.

Source : Channel NewsAsia – 27 Apr 2009

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