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Singapore ranked eleventh in Asia Pacific’s best places to invest in a report jointly published by the Urban Land Institute (ULI) and PwC. The city-state also ranked 9th in development.
Japan and Australia remained as the favourite countries for investment and development, with Tokyo, Sydney, Melbourne and Osaka occupying four of the top five spots for promising markets within the Asia Pacific region. Ho Chi Minh City, which took the fifth spot, rounded out the list of most favoured cities.
Providing an outlook on Asia Pacific real estate investment and development trends, Emerging Trends in ReaI Estate Asia Pacific 2016 is based on the opinions of 343 internationally renowned real estate professionals, including investors, developers, property company representatives, lenders, brokers and consultants.
The report attributed Singapore’s rating to the market’s loss of traction in 2015 following a surge in commercial rents during the previous year.
Notably, businesses within the city had problems expanding due to a tight labour market and ongoing restrictions on hiring foreign staff.
But despite the tepid activities, Singapore is “always a market where institutions are looking to buy,” the report said, adding that a number of major property purchases are expected to be completed before the end of 2015.
“Given the current sentiments of Singapore’s property market, we’re seeing local players becoming more involved at a regional and global level as they explore, increase and diversify investments into other major markets such as Japan and Australia,” said Yeow Chao Keong, Real Estate & Hospitality Leader, PwC Singapore.
“There will still be acquisition opportunities in the commercial space over the next 12 months. Singapore will always be an attractive city state to invest in as mirrored in the Building Bauer Cities report, launched at the recent APEC CEO Summit, where Singapore secured the third position among 28 APEC cities for its excellence in culture & social health, connectivity, environmental sustainability and economics.”
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