By BERNAMA / Pic By BLOOMBERG
SINGAPORE • Upper-class Malaysians have continuously been interested in purchasing high-end residences in Singapore even when the ringgit is weakening against the republic’s currency over the years.
GuocoLand (Singapore) Pte Ltd group MD Cheng Hsing Yao said strong interest is also shown in the company’s two iconic projects, Wallich Residence and Martin Modern.
“Malaysian buyers see Singapore properties as a good investment opportunity. Everyone is interested to acquire a piece of property here,” he told Bernama in an interview in Singapore yesterday.
He added that currency fluctuations are not a determining factor as Singapore is a natural business hub in South-East Asia due to its strategic location.
The ringgit depreciates against the Singapore dollar from late 2015 to hit an all-time low of RM3.18 against the dollar in April last year. Since early this year, the ringgit has shown signs of improvement.
“Currency fluctuations do not play a big part in property investment as the assets are considered risk-free,” Cheng said.
Besides the strategic location and the country’s vibrant economy, foreign buyers are interested in Singapore properties due to no restriction on foreign purchase, low annual interest rates for loans and an active resale market.
To date, Malaysians and those with permanent residence have acquired 20% of the units in Wallich Residence and 25% in Martin Modern.
Wallich Residence, the tallest residential development in the republic, is part of the S$3.2 billion (RM9.5 billion), 64-storey integrated development known as Tanjong Pagar Centre.
Units in both Wallich Residence and Martin Modern are sold for above S$2 million each.
GuocoLand Singapore is the key arm for property development in the republic under the Hong Leong Group.