Foreign investors put 30% more into Singapore local property

Foreign investors piled into local property last year, far outpacing the level racked up in 2012, said a DTZ report yesterday. Investments from overseas hit $4.1 billion in 2013, a rise of more than 30 per cent on the previous year. Investors from Asia... More

Foreign investors piled into local property last year, far outpacing the level racked up in 2012, said a DTZ report yesterday. Investments from overseas hit $4.1 billion in 2013, a rise of more than 30 per cent on the previous year. Investors from Asia comprised nearly 90 per cent, or $3.7 billion, of the spending, with Chinese buyers alone accounting for $2.9 billion of that. This is almost triple the $1 billion they contributed in 2012. Read More Major deals last year included Bright Ruby Resources - a Singapore-incorporated firm controlled by a Chinese family - acquiring Grand Park Orchard in Orchard Road for $1.2 billion. This was the year's largest deal, excluding those struck by real estate investment trusts and those involving the Government Land Sales (GLS) programme, DTZ said. Other Chinese developers were also major participants in GLS tenders for private residential and executive condominium (EC) sites. Two adjacent private residential plots in Upper Serangoon View were sold Less