Singapore-funded Pidemco Land will continue to look for property investment opportunities in Hong Kong after its recent purchase of a residential property in Tai Tam, according to president Liew Mun Leong. Mr Liew said Pidemco, a property investment subsidiary of Singapore Technologies Group, would pursue possible investments ranging from residential properties, prime offices and development sites. The company agreed to buy Block 15 of Hong Kong Parkview in Tai Tam for $962 million last month, the largest single property acquisition this year. Mr Liew said Pidemco would invite the Government of Singapore Investment Corp to take about a 20 per cent stake in the property. Pidemco held assets of about $40 billion and its investment in Singapore accounted for 80 per cent of its portfolio, he said. But the company wanted to have a more balanced portfolio and would like to increase the proportion in overseas investments to 40 per cent, said Mr Liew. He said it was a good time to buy properties in Hong Kong as capital values had fallen by 40 to 50 per cent. He said he believed the Hong Kong market would stabilise but in the short term its values would not grow rapidly. 'We are looking at three years to five years prospects,' said Mr Liew. Yesterday, Pidemco signed a joint-venture agreement with quantity surveyors Davis Langdon & Seah Hong Kong to set up Premas Hong Kong which is to develop property and car-park management businesses outside Singapore. PROPERTY
