An increasing number of Indian nationals working in Singapore are investing in properties in India and other countries, like Malaysia, London, Australia, Thailand and Singapore, according to a local media report.
“The new wealth which they have acquired also enables them to invest beyond their shores,” said Joshua Kumar, head of the recently set up India Desk of international real estate advisory group Knight Frank in Singapore.
Indians are the fourth largest property buyers in Singapore after Indonesians, Malaysians and Chinese, according to Wendy Tang, Executive Director of Knight Frank, which has more than 250 offices worldwide, including six in India.
Indians are mostly mid and high-range buyers with a preference for residences, condominium and apartments in posh suburban areas of the prosperous city state.
Non-Resident Indians (NRI) start with at least a S$5,000 a month salary and work as bankers, IT managers, doctors, engineers, researchers, academics, traders and business owners, according to Tabla, a Friday English-language weekly catering to the Indian population in the city state.
People of Indian origin, including older citizens, account for 6.85 per cent of Singapore’s 5.08 million-strong population.
Knight Frank had in March taken Singapore property groups to New Delhi to market their properties in the Indian market. It is also marketing the representative of Mumbai-based Hiranandani and Bangalore’s Century Real Estates in Singapore.
Meanwhile, more than 30 Indian developers started showcasing their properties at a three-day Indian Property Show that kicked off in Singapore today.
More than 100 projects are being presented at the August 12-14 show organised by Dubai-based Sumansa Exhibitions LLC.
