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SINGAPORE: The Singapore property market has been performing well on a broad front across all sectors over the last two years to three years.
And according to National Development Minister Mah Bow Tan, a good part of it is due to strong foreign investment in Singapore's real estate.
Speaking at the Cityscape Asia property exhibition, he cited private sector figures which showed that Singapore's property market attracted a five-fold increase in foreign investment to S$5.4 billion last year, compared with 2004.
The Minister also said that the government is furthering its efforts to make Singapore more vibrant and exciting to attract even more overseas real estate investors.
Figures showed Singapore's property market is on the roll.
In the office sector, demand for space hit a six-year high in 2006.
Demand for shop space last year also grew by the highest annual increase since 1993.
And in the private housing market, a total of 10,300 uncompleted residential units were sold by developers in 2006 - a historical high surpassing the previous record of 9,800 set in 1994.
Of these, a quarter was bought by foreigners, including permanent residents.
And, foreign companies poured S$5.4 billion into Singapore's real estate market last year compared to just S$900 million in 2004.
National Development Minister Mah Bow Tan said: "More than just a good place to do business, I believe the other reason why we have been successful in attracting investments is that Singapore is, I submit, a great place to live in. We welcome people from different cultures, we offer a good quality living environment."
Mr Mah said that the government would continue to make Singapore's cityscape more beautiful and exciting so as to attract even more overseas property investors.
Singapore's city planner, the Urban Redevelopment Authority, says it is approaching this on two fronts.
URA's Chief Executive, Cheong Koon Hean, said: "What we now need to do is to add the vibrancy, give more variety. And I think we have to leverage on our strengths. Two things we need to capitalise on. The fact that we are an island, so we capitalise on water - the use of the water. And let water bring value and enhancement to the city. The second thing is our tropical-ness. Because our weather plants grow very well, we are already a garden city. But we can do better to make ourselves a city in a garden."
The URA has been releasing more land sites in the city to cater for greater demand for office, hotel, residential and mixed development use.
And these will be targeted at transforming the city into a better work-live-play environment. - CNA/ir
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