With Singapore’s ongoing economic success, political stability and healthy real estate market, many Malaysian property developers are finding golden opportunities in the Singapore property market.
Singapore has a liberal policy when it comes to bringing in foreign expertise, regardless of the industry, said Yeoh Guan Jin, Corporate Affairs Manager of Selangor Dredging Bhd (SDB).
SDB has joined other Malaysian developers in venturing into the Singapore property market. Last week, the company unveiled its Hijauan on Cavenagh project, which aims to captivate the public with its stunning architectural designs.
The company is not new to the Singapore market, as it has already launched three property developments in the country — Jia development at Wilkie Road, Gilstead Two at Gilstead Road and Okio project at Balestier Road.
Liew Kee Sin, Chief Executive Officer of SP Setia, also expressed the company’s intention to enter the Singapore property market.
“Singapore is a good market to enter but we will do it step by step,” said Liew during the Invest Malaysia 2011 event.
Recently, SP Setia marked its first foray into the Singapore property market after it acquired Leong Bee Court for S$65 million (S$824 psf ppr). The company said it plans to develop the 29,440 sq ft site into a high-rise project comprising 105 one-, two- and three-bedroom units.
“Now that we have secured a project in Singapore, the group will be able to showcase its development capabilities locally to potential customers,” said Liew.
Meanwhile, Guocoland, a property investment unit of Hong Leong Group, is also preparing to develop Singapore’s tallest apartment.
The company said it is teaming up with Malaysian pension fund Employees Provident Fund (EPF) to jointly develop a S$3.2 billion mixed-use development above Tanjong Pagar MRT station. The new project will comprise more than a million sq ft of Grade A office space, a five-star hotel, retail space and Singapore’s tallest ever residences, which could go as high as 280m.
In addition to these, Malaysian conglomerate Sunway Holdings is also expected to launch another Singapore project this year, with a total gross development value (GDV) of S$370 million. It will comprise 17 blocks of a five-storey residential project.
Last year, the Malaysian developer launched its third property project in the country, Vacanza @ East. The project, located on a freehold site at Jalan Senang in District 14, comprises eight blocks of 12-storey buildings and will yield up to 500 residential units.
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