mr funny
24-07-07, 07:30
July 19, 2007
Singapore's property values rise most in world
http://www.straitstimes.com/STI/STIMEDIA/image/20070719/ln-rafflesplace.jpg
In the prime Raffles Place area, office values rose by US$804 (S$1,216) per sq ft in the last 12 months, boosted by a supply crunch and soaring rentals. -- ST PHOTO: CHRISTOPHER LOH
SINGAPORE'S office buildings have risen more in value over the last year than anywhere else in the world.
These soaring values, as well as an inrush of investment capital into Singapore, have made the property market here the world's hottest.
This was revealed by property firm Jones Lang LaSalle (JLL) on Monday, ahead of a fuller report on global real estate investment due out next month. It will track property deals above US$5 million worldwide, most of which are of commercial real estate, such as offices and shops.
JLL's head of Asia capital markets, Mr Stuart Crow, elaborated on the preliminary findings on Thursday. He told The Straits Times that capital values of property in Singapore - particularly those of offices - have risen the most in nominal terms compared to the rest of the world.
In the prime Raffles Place area, office values rose by US$804 per sq ft (psf) in the last 12 months, boosted by a supply crunch and soaring rentals.
This is more than double the increase in Hong Kong's central district, where offices rose about US$280 psf in value on average, said Mr Crow.
In percentage terms, Singapore's office values jumped a staggering 105 per cent in a year to reach $1,568.50 psf last month.
In Hong Kong, values rose only 16.7 per cent in the same period to hit US$1,958.60 psf. But Mumbai's growth beat Singapore's in percentage terms - values there grew 123 per cent to US' $1,166.20 psf.
The surge in real estate values here has been boosted by buzzing investor interest in Singapore, said Mr Crow.
Read the full report by property reporter Fiona Chan in Friday's edition of The Straits Times.
Singapore's property values rise most in world
http://www.straitstimes.com/STI/STIMEDIA/image/20070719/ln-rafflesplace.jpg
In the prime Raffles Place area, office values rose by US$804 (S$1,216) per sq ft in the last 12 months, boosted by a supply crunch and soaring rentals. -- ST PHOTO: CHRISTOPHER LOH
SINGAPORE'S office buildings have risen more in value over the last year than anywhere else in the world.
These soaring values, as well as an inrush of investment capital into Singapore, have made the property market here the world's hottest.
This was revealed by property firm Jones Lang LaSalle (JLL) on Monday, ahead of a fuller report on global real estate investment due out next month. It will track property deals above US$5 million worldwide, most of which are of commercial real estate, such as offices and shops.
JLL's head of Asia capital markets, Mr Stuart Crow, elaborated on the preliminary findings on Thursday. He told The Straits Times that capital values of property in Singapore - particularly those of offices - have risen the most in nominal terms compared to the rest of the world.
In the prime Raffles Place area, office values rose by US$804 per sq ft (psf) in the last 12 months, boosted by a supply crunch and soaring rentals.
This is more than double the increase in Hong Kong's central district, where offices rose about US$280 psf in value on average, said Mr Crow.
In percentage terms, Singapore's office values jumped a staggering 105 per cent in a year to reach $1,568.50 psf last month.
In Hong Kong, values rose only 16.7 per cent in the same period to hit US$1,958.60 psf. But Mumbai's growth beat Singapore's in percentage terms - values there grew 123 per cent to US' $1,166.20 psf.
The surge in real estate values here has been boosted by buzzing investor interest in Singapore, said Mr Crow.
Read the full report by property reporter Fiona Chan in Friday's edition of The Straits Times.