Published:
Foreigners more active in property buys
They accounted for 17.6% of investment deals, compared to 10.5% in the first quarter.
DTZ Research noted:
| Foreign investors were more active in Q2 2011 as they accounted for 17.6% of investment deals, compared to 10.5% in Q1 2011. Foreign investments were largely driven by foreign capital from the Asian economies. Of these, investors from China and Hong Kong were the most active, as they bought three collective sale sites and two government land sites for a total of S$746.4m. Malaysian investors were involved in two entity-level transactions, as GuocoLand sold 20% of its stake in its Tanjong Pagar development to Malaysia’s Employees Provident Fund while IOI Corporation bought over Elad Group’s share in the South Beach development. |
Ms Chua Chor Hoon, Head of DTZ South East Asia Research, commented, “As rental and capital growth outlook remains positive, we expect similar investment activity in the second half of 2011, with developers buying state land and private collective sale sites, and REITs continuing on their acquisition mode.”
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