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The office and retail property markets in Singapore were among the 2012 top picks by Pacific Star Group, a leading real-estate investment firm in Asia. Pacific Star said the republic could benefit with the expansion of international brands within Asia and witness a rebound quickly by 2013.
The investment house ranked nine Asian markets in its biannual report on Asian Property Outlook and Strategy, based on real-estate and macroeconomic drivers that include socio-political stability, projected property vacancy rates, ease of doing business and economic outlook.
Singapore, Hong Kong and Kuala Lumpur were hailed the most attractive retail markets, backed by interest from international retailers, strong tourism flows and healthy labour market conditions.
In agreement with Pacific Star’s outlook on the local retail market, Dennis Yeo, Managing Director at Colliers International, said this was due to Singapore’s growing affluence, increasing number of permanent residents (PRs) and emergence of the two integrated resorts.
Pacific Star also shared positive views on the Singapore office market, attributed to its standing as a global and regional hub as well as healthy pre-commitment levels.
In addition, there will be greater buying opportunities in the residential sector, as demand grows and borrowing costs become lower.
“If you take a long-term view of at least three years, yes. But if you take a short-term view and hope to cherry-pick from the market, you have to be more careful and alert in your selections,” said Nicholas Mak, Head of Consultancy and Research at SLP International.
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