The Singapore real estate industry has come here wooing Indians with promises of high returns on investments made in the island nation.
And the courtship has begun with Kolkata.
According to representatives of Far East Organisation, a leading real estate developer in Singapore, real estate prices in Singapore had grown by 31% last year.
?We choose Kolkata because our internal surveys have shown that Kolkatans invest a lot more money in long-term prospects than people from any other city in India,? said Akshay Jain, the chief executive officer of Land Solutions (India), a real estate consultant associated with Far East Organisation in India.
Chia Boon Kuah, chief operating officer of Far East Organisation, said, ?You can earn as much as 30-40% return on equity in three to four years by investing in property in Singapore, as real estate prices are constantly appreciating in the country and also there are no taxes on capital gains in Singapore.?
Far East Organisation, together with its Hong Kong-based sister company, Sino Group is one of Asia?s largest real estate developers, with a combined annual turnover of $4 billion, and total assets valued at $25 billion. The company owns and operates the well-known Fullerton chain of hotels in Southeast Asia.
According to Kuah, Indians own 2% of all the real estate in Singapore, and the number is likely to increase significantly in the next five years. A mix of corporate travelers, people with children studying in Singapore, young professionals, and DINK (Double Income No Kids) couples constitute the profile of the Indian owners.
The Far East Organisation had on offer a variety of residential properties like apartments, condominiums, and duplexes in skyscrapers to choose from.
