EXCLUSIVE INTERVIEW: Robert Fraser is no stranger to Singapore. The Managing Director of Fraser & Co (pictured) has been coming here since 1995 and has a well-established list of clients who turn to him and his colleagues for advice about all aspects of the London property market.
The company’s Singapore business, which is handled through a licensed local real estate agent, has grown to the extent where he now hopes to open an office in the city-state in the near future.
Contrary to many media reports, Fraser hasn’t seen any drop-off of Singapore interest in London property.He told PropertyGuru: “Properties in Zones One and Zones Two are still popular, but we have sold a few in Zones Three and Four.
“Looking back 20 years you’d have struggled to sell anything in East London to anyone in Southeast Asia, but now we have people buying in places like Stratford and Canary Wharf. If someone had told me back then this would be happening I’d have said they were mad.”
Fraser acknowledged that property will be a hot top in next year’s British General Election, but he was keen to point out the issue will be more about the number of new homes that need to be built, and not specifically about the number of overseas buyers.
“Property is already a very hot topic in the United Kingdon,” he said whilst answering a range of questions from attendees at last weekend’s PropertyGuru International Investment Show in Singapore.
Many questions revolved around the capital gains tax issues for overseas property owners which will come into force in the United Kingdom during April 2015, and Fraser & Co advised U.K. property owners to obtain an official property valuation well in advance of April 2015 for tax purposes. Capital gains at rates yet to be confirmed are set to come into force on any profits made from April 2015 onwards.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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