Since the implementation of the property cooling measures and a recently dampened local property market, some developers are moving to developing overseas properties in cities where economic growth and demand for certain types of properties provide fodder for potential yields.
Photo: Flat in London
Spotting opportunities in countries such as Britain and China, these overseas properties developed by local developers give overseas and local investors alike more investment opportunities and options. China has been experiencing some signs of economic stress with the oversupply of properties, leaving some ‘ghost towns’ in her midst. But in major cities such as Shanghai, where commerce and the international community is strong, the demand for properties remain high. Especially after the government lifted their restrictions on loans and relaxed the rules on foreign purchases, interest and buying activity has increased.
In the city of London and her South Eastern suburbs, prospects remain positive. City Development Limited (CDL) is one of the developers concentrating their efforts on larger projects. They are doing the same in Tokyo despite the seemingly slower economy in Japan, and are hopeful that economic measures taken by the Japanese government will give the real estate sector a boost.
Photo: The Brownstone EC in Sembawang
Locally, the executive condominium (EC) market has had varied results as not all launches were equally well received. The Brownstone EC in Sembawang has sold 289 out of its 638 units thus far, but The Criterion in Yishun has only sold 45 out of its 505 units. Both properties are developed by CDL. With more resale private residential options and new and resale HDB flats available in the market, buyers now have more choices on their platter, and may be taking a longer time to shop for a unit.