So it was of interest to see this report at Bloomberg: Singapore Landlords Build World Empires With Bond Sales
Singapore developers have spent more than $9.8 billion on foreign purchases this year, almost double the same period of 2013, snapping up real estate from malls in Beijing to luxury apartments in Sydney and London. The island’s house prices fell 0.7 percent in the third quarter and shop values dropped 0.2 percent, the Urban Redevelopment Authority said last week.
Property companies’ “upside potential is limited in Singapore amidst an increasingly challenging operating environment,” said Yvonne Voon, an equity analyst at Credit Suisse in Singapore. “The lower cost of funds in Singapore has allowed local corporates to bid more competitively for overseas acquisitions, particularly in higher-yielding markets like Australia and the U.K.”Not any criticism of Aspial or the project proposal but something I would keep a watch on in coming years.