The Hindu Business Line : Singapore bullish on Indian real estate market

Mumbai, Sept. 27 Singapore’s investments in India have seen dramatic growth. Last year, Singapore was the fourth largest investor in India with investments amounting to over $621 million, Mr S Iswaran, Minister of State, Ministry of Trade & Industry, Republic of Singapore, said here on Thursday. Mr Iswaran was addressing the international real estate summit 2007, organised by the Federation of Indian Chambers of Commerce and Industry.

Real estate companies in Singapore had noted the dynamism in India’s real estate sector with increasing excitement.

Quite a few have already made inroads into the Indian market.

A prominent example is Ascendas, currently one of Asia’s largest business space providers.

The company made its first foray with its flagship International Tech Park in Bangalore back in 1997.

Today, Ascendas has a diverse portfolio of landmark projects in India, which include the Cyber Pearl and The V in Hyderabad, andas well as the International Tech Park in Chennai.

Apart from Ascendas, Singapore real estate majors with property investments in India include Keppel Land and CapitaLand.

Another promising avenue for bilateral cooperation is the Real Estate Investment Trust, (REIT), a concept evolving in India.

Singapore currently accounts for 47 per cent of the REIT market in Asia outside of Japan and Australia. To promote this sector, the Singapore government has put in place business-friendly processes and a conducive regulatory environment. The Embassy Group, a Bangalore-based business park developer, is keen to do a REIT listing in Singapore. DLF Assets, with its large portfolio of SEZs and IT parks, has also recently revealed its plans to follow suit, he said.

Singapore service providers who have ventured into India include CPG Consultants, Ascott Group, Surbana Corporation, Jurong Consultants, Ong & Ong and Architects Team 3. These companies were involved in various segments of the real estate value chain, including architectural services, master planning, landscaping, specialist engineering services providers and hospitality management services, he said.

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