15 Mar '11, 3pm

Singdollar strength drives overseas property investment

SINGAPORE - Affluent hunters of residential property are seeking investment opportunities abroad to diversify their portfolios and take advantage of the strengthening Singapore dollar. The Singapore dollar has risen considerably against the three major currencies - the US dollar, euro, and British pound - since the crash of Lehman Brothers in Sept 2008. The local dollar has gained over 11 per cent against the greenback, 14 per cent against the euro, and 25 per cent against the British pound. Analysts say that a growing number of the Singapore affluent are looking to buy properties in global cities such as London, largely as investment assets, as local property prices have risen sharply in the last two years. In contrast, overseas property markets in major Western cities such as New York have seen a slump in prices, making them attractive. The property market continues to b...

Full article: http://www.todayonline.com/Business/EDC110315-0001537/Sin...

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