Saturday, September 17, 2011

Cooling measures won't slow property demand: CapitaLand Residential

SINGAPORE: The head of CapitaLand's residential unit said government cooling measures will not slow underlying demand for residential property in Singapore.

Wong Heang Fine, CEO of CapitaLand Residential Singapore, said prices are likely to keep rising this year, although the pace of increase may moderate.

He said continuing low interest rates and high liquidity will support demand.

Chong Lit Cheong, CEO of CapitaLand Commercial said rental rates for commercial space will moderate as demand softens with many major tenants such as investment banks having already secured office space.

CapitaLand unveiled designs for a S$1.4 billion commercial project on a site that was formerly Market Street Carpark and a new condominium in Bishan on Thursday.

And its Group CEO is banking on Singapore's projected future as a financial hub to expand its commercial business.

Liew Mun Leong, President & CEO of CapitaLand Group said: "In general, Singapore is small city in terms of area, the demand for office space would definitely grow if Singapore were to grow into a cosmopolitan city and a financial centre."
 

Source : MediaCorp Pte Ltd by Stella Lee

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