22 May '17, 3pm

Chinese Buyers Smash Singapore Property Price Record in Sign of Things to Come

A Chinese joint venture has smashed another property record, this time in Singapore. The sale illustrates how mainland companies are driving up the price of property around Asia. A weakening currency and an economy where growth likely topped out in the first three months of the year are only likely to sustain that trend. Mainland developers Logan Property Holdings (HK:3380) and the Nanshan Group , which is privately held, joined forces to offer S$1.0 billion ($723 million) for a residential plot in Singapore, the most money ever offered for a development site in the city. The price is also a record pound-for-pound for a residential plot at S$1,050 ($755) per square foot. The Urban Redevelopment Authority must now evaluate the bids before picking a winner. It's the second record set by Logan in a matter of months. In late February, Logan, based just across the border from m...

Full article: http://realmoney.thestreet.com/articles/05/22/2017/chines...

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