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June 24, 2008
Asia's real estate market remains optimistic: Grace Fu
THE outlook for Asia's real estate market, including Singapore's, remains optimistic, notwithstanding the recent shake-up in the global financial markets and rising inflation, said Senior Minister of State for National Development Grace Fu on Tuesday.
Asia will continue to be resilient and the growth momentum across the region can withstand the challenges posed by the current financial and economic uncertainties, she said.
In her upbeat address to the Real Estate Investment World (REIW) Asia Conference 2008 at the Raffles City convention centre on Tuesday morning, Ms Fu said Asia still offers a diverse range of investments that can match different interests and risk appetites.
"Indeed, Asia's macroeconomic fundamentals are much healthier compared to a decade ago. Progress has been made to its banking systems while corporate balance sheets have also improved," said Ms Fu.
"Stronger external positions are also seen in most Asian countries, with current account running surpluses, large foreign reserves and diversifying exports.
'In fact, some analysts are of the view that Asia is looking more attractive now amidst the current economic uncertainties in the US and Europe. There is a good basis for this optimism about Asia."
�Asia's share of the global GDP has almost doubled from 19 per cent in 1980 to 36 per cent today. This will rise to 45 per cent by 2020, according to the Asian Development Bank.
S'pore an ideal investment location
Ms Fu highlighted Singapore as an attractive location for investments for two key reasons - its strong economic fundamentals, and the quality living environment it offers for locals and global talents alike.
Leveraging on the growth in the region, she said the outlook for Singapore is promising, with its growth forecast for the medium term expected at 4 per cent to 6 per cent.
"What makes Singapore increasingly attractive is also its quality living environment. The liveable environment in Singapore - clean, green, healthy and safe - has served as a key competitive advantage for companies located here in their global talent attraction efforts," she told the delegates.
Mercer Human Resource Consulting has ranked Singapore as the city with the best quality of life in Asia, excluding Australia and New Zealand in 2007 and this year.
Singapore, she added, is putting in place new plans to further support future growth and sharpen our attractiveness as a magnet for investments and new businesses.
These development plans will open up many opportunities in Singapore's real estate market, from the provision of quality homes, to new hotel, leisure and retail investment and development opportunities.
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