Singapore Foreign Investments Generate 8.8 billion Singapore Dollars

The property market in Singapore has received approximately 8.8 million Singapore dollars this year.

The announcement came from Grace Fu, Minister of State for National Development in Singapore, during the signing of a new government collaboration project reported to be worth 1.7 billion Singapore dollars.

Grace Fu commented “This represents an increase of 66% over the 2006 full-year volume of about 5.3 billion dollars. This dramatic increase reflects the optimistic economic outlook and development potential in Singapore”

Growth figures have been rising steadily since 2004; foreign direct investment (FDI) increased exponentially from 800 million Singapore dollars, to 4.1 billion in 2005 and a record 5.3 billion in 2006.

The Urban Land Institute along with Pricewaterhouse Coopers conclude that Singapore comes in at a close second to Shanghai as having the best real estate investment prospects in the Asia-Pacific rim for 2008.

The new government project, covering 3.5 hectares, is to be developed specifically for commercial use only and will include a hotel, retail and office space.

Grace Fu concluded, “We look forward to seeing a development that will become a new landmark in Singapore.”

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