Real estate investments by foreign developers doubled in 2013

Foreign investments in the local property sector surged in 2013, while the share of real estate investments by foreign developers doubled, said a DTZ report on Jan 8.

Foreign investments saw a year-on-year increase of more than 30 per cent to $4.1 billion in 2013.

Most of these investors were from Asia. They invested $3.7 billion, which accounted for close to 90 per cent of all foreign investments in 2013.

Chinese investors were particularly active in 2013 as well, as they invested $2.9 billion in Singaporean properties. This is almost triple the $1 billion worth of Chinese investments in 2012.

Major deals of 2013 include Bright Ruby Resources acquiring Grand Park Orchard in Orchard Road for $1.2 billion, the largest non-real estate investment trust and non-Government Land Sales deal in 2013.