HIGH property prices in Hong Kong are making Singapore more attractive to investors, says a Singapore-listed property developer. Gregory Tan, of Fraser and Neave, noting that everyone was looking at the bottom line, said investing in Singapore properties would result in savings compared with buying properties in Hong Kong. He said there were signs some Hong Kong-based companies were moving to Singapore, but was unwilling to say whether this would develop into a trend. Conglomerate Fraser and Neave is engaged in soft drink, breweries, dairy products, properties, leisure parks and packaging sectors. Mr Tan said its subsidiary, Centrepoint Properties, was the fourth-largest listed property company in Singapore. Centrepoint had grown into a property investment, development and management company, with wide-ranging experience in shopping, commercial and residential properties, he said. The company is launching the sale of its Anchorage residential project in Singapore to Hong Kong investors. The project comprises 773 apartments and a shopping centre. About 80 per cent of the units are already sold. About 100 have been reserved exclusively for Hong Kong buyers. Mr Tan said the units were being offered at an average price of about S$600 (about HK$2,976) per square foot. Noting that prices of residential properties in Singapore had risen by 80 to 100 per cent in the past two years, he said there was further room to grow. Richard Ellis is responsible for the marketing of the Singapore project.
