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Sunday, 24 October 2010

More Singaporeans consider buying overseas properties

SINGAPORE: The strong Sing dollar and rising property prices in Singapore have prompted Singaporeans to consider investing in properties overseas.

More than 6,000 visitors turned up at an exhibition on overseas properties on Saturday, the first day of the two-day event.

More than 150 properties worldwide are being put up for sale at the exhibition at Marina Bay Sands.

Among the properties is The Elements@Ampang in Kuala Lumpur. At about S$400 per square feet, the freehold property saw half of the block's units being taken up when the sale was launched in July.

Land & General Berhad's sales & marketing manager, Lim Kok Yee, said: "With a HDB flat [costing] about S$600,000, you can easily get about four units of this [The Elements@Ampang].....[On] the returns for capital gain, we are looking easily at about 15-20% in terms of three years to come."

The weaker euro has also made properties in Europe more appealing.

Ocean Villas Group's director, Rebecca Smith, said: "Singaporeans, unfortunately, can't get 100% finance loan most of the time, but 70% of finance in these properties is possible."

Still, buying properties in Spain now is about 50 percent cheaper than several years ago as property prices there have reached rock bottom, said property developers.

But property agents advise investors to consider other substantial charges including property taxes, interest rates and even property management fees.

- CNA/ir

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