| 05 Mar 2008 |
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UAE-Singapore trade up 50%
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With United Arab Emirates-Singapore trade increasing by over 50 per cent between 2004 and 2006, reaching in excess of $30 billion, bilateral business, investment and trade ties are set to enter into a new era of progress and development. Dubai investors are diversifying in Asian luxury properties and Singapore developers see strong interest from UAE patrons, a report released this week suggested.
Dubai's red-hot property market continuing to show strong returns, a recent flurry of purchases by investors has driven real-estate prices to record new highs across the UAE. However, although far from being saturated, industry observers say that it is no longer a necessity to consider the country as the only basket for well-calculated, profitable ventures.
Seasoned property enthusiasts are already venturing beyond the borders to new markets with budding opportunities with some not-so-new ones that have been in a league of their own. Although mostly institutional investors until now, Middle Eastern individuals are increasingly looking towards the sub-continent and the Far East for new frontiers.
Ong Chih Ching, co-founder and managing director of Singapore's Hayden Properties, said the Middle East, particularly the GCC, is an important market for ultra-high-end property developments.
Hayden, a joint venture between KOP Capital and Emirates Tarian Capital, a unit of Emirates Investments Group, is developing the Ritz-Carlton Residences (RCR) in Singapore's exclusive Cairnhill neighbourhood.
"Even with the global uncertainty surrounding the US economy, Singapore's property market set new records last year. We at Hayden are very pleased that our flagship development, RCR, still managed to be the most exclusive luxury property in Singapore," the managing director said.
Singapore has proven to be fertile ground for a strong property market, with record levels of investment activity in 2006 and 2007. Economists and market watchers anticipate strong demand levels through this year and next, with many expecting expansion all the way through the first quarter of 2010.
In an exclusive, invitation-only road show planned for next week, RCR in Singapore is targeting a particular niche of long-term, premium-property investors with an eye toward high-end service. "Our clients tend to be high net-worth individuals who plan to live in this kind of property for some time. This entails a relatively medium to long-term investment, and this stability is reinforced by the premium brand associated with the residences," added Ong.
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