Minister Welcomes Mid East Presence at Cityscape Asia
Mah Bow Tan, Minister for National Development, Singapore, officially opened the inaugural Cityscape Asia exhibition and conference, which is taking place at the Suntec Singapore International Convention & Exhibition Centre and runs until Thursday 12th April 2007. During the opening ceremony, Mr. Mah welcomed foreign participants at the Cityscape Asia conference, and addressed them on current real estate investment and development climate in Singapore and the wider region.
Mr. Mah stated, “Singapore real estate had attracted foreign investment worth US$ 3.56 billion in 2006, a five-fold increase on the US$ 600 million recorded in 2004. Sustainable and robust economic growth is underpinning the regional property markets and in the government's plans for key development areas, both local and foreign developers have been buying up development sites sold under the government’s sale of site programme.”
However it could be Singapore's role of regional financial hub that may drive SE Asian property markets with foreign investors. Strategically positioned both physically and financially, Singapore is ideally placed to enhance its Real Estate Investment Trust (REIT) market.
"Presently 15 REITs are available on the Singapore Stock Exchange, which is second only to Japan in the Asia region. Diversified portfolios offering investors, income streams from office, retail, industrial, hotel and logistics combined with their pro-investor tax environment lends Singapore the potential to be the regional hub for REIT listings," commented Neil Hickman, Exhibition Director, Cityscape Asia.
Appreciating the massive potential the region has to offer, Abu Dhabi-based Sorouh, Saudi major Tanmiyat, Dubai’s Fortune Investment Group and Aqaba Development Corporation from Jordan, are part of a Middle East contingency covering almost 30 per cent of available exhibition space.
Syed Furqan Hanif, Director – Administration of Dubai-based Fortune Group, who are developing what will be the tallest commercial tower in the world, Burj Al Alam, said, “We are honoured that Mr. Mah has opened Cityscape Asia and found the time to visit our stand. His attendance further emphasises the calibre and potential of this event.”
Apart from Singapore and the Middle East region, exhibitors from Australia, Malaysia, India, Thailand, Vietnam, Indonesia and China, are also participating. Event organiser, IIR Middle East, announced some months ago that the event had been sold out clearly underlining the strength of the regional real estate market. The three-day event highlights regional investment opportunities, iconic architecture and development best practice to global investors through a world-class conference and up to a total of 8,000 square metres of exhibition space.
Singapore’s Urban Redevelopment Authority is the official supporter of the show, further enhancing Cityscape Asia’s market position.