S'pore tempts overseas property developers<\/p>\n
SINGAPORE (AFP): Singapore invited overseas developers
\nyesterday to explore opportunities in this land-short city-state
\nand offered to be a strategic partner in joint ventures elsewhere
\nin the Asia-Pacific region.<\/p>\n
\"I welcome you to exploit the tremendous opportunities in
\nSingapore and in the Asia-Pacific region,\" National Development
\nMinister Lim Hng Kiang told a property sector conference.<\/p>\n
He said Singapore's understanding of the region and
\ngovernment-level contacts and cooperation with countries like
\nChina, Indonesia and Vietnam were among factors which made it an
\nideal partner.<\/p>\n
\"Let Singapore be your springboard to this dynamic region,\"
\nLim said.<\/p>\n
The minister noted what he called \"some correction and
\nconsolidation\" underway in the Singapore property market after a
\ndecade-long bull run which saw real-estate prices appreciate
\nsharply.<\/p>\n
The government has in the past year imposed credit and tax
\ncurbs to cool an overheated private property market and drive out
\nspeculators, and announced measures to reform the public housing
\nsystem.<\/p>\n
Over the last decade, value of office space in the island
\nincreased about 14 percent per year on average while private
\nresidential property values have appreciated by 17 percent
\nannually, Lim said.<\/p>\n
The value of construction contracts last year totaled S$19
\nbillion (US$13.57 billion), up from four billion dollars in 1986.<\/p>\n
Lim attributed the strong growth over the decade to 1996 to
\ncomprehensive, long-term plans for physical development, steady
\nrelease of commercial, industrial and residential land for
\ndevelopment, and Singapore's status as a regional hub.<\/p>\n
\"Singapore's growth as a global trading and financial hub has
\ncontributed significantly to the development of the real estate
\nindustry,\" he said. \"Foreign real estate companies have been
\nactively tendering for land in our land sales programs.\"<\/p>\n
The real-estate industry could look forward to more
\n\"tremendous growth opportunities\" here, Lim said.
\nSingapore's development plans include a new downtown which will
\ndouble commercial space, a waterfront township and a new
\nentertainment district, he said.<\/p>\n
Lim said business parks with back-up facilities for
\n\"knowledge-intensive\" industries and warehouses to support
\nSingapore's ambition of becoming a regional logistics hub hold
\nout other opportunities for developers.<\/p>",
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