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UAE-Singapore trade up 50% |
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By: Bahrain Tribune MENA FN.com 24 March, 2008
(MENAFN - Bahrain Tribune) 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.
For more information: http://www.menafn.com/qn_news_story_s.asp?StoryId=1093187944
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