Investing in a Singapore Condo offers numerous advantages, with one of the most prominent being the potential for capital appreciation. Thanks to its strategic location as a thriving global business hub and strong economic fundamentals, Singapore has a continuous demand for real estate. Consequently, property prices in the city have consistently shown an upward trend, especially in prime locations where condos have experienced significant appreciation. Investors who wisely enter the market at the right time and hold onto their properties for a long-term period can reap substantial capital gains.
Understanding the regulations and restrictions surrounding property ownership in Singapore is crucial for foreign investors. While there are fewer restrictions on purchasing condos, the same cannot be said for landed properties, which have stricter ownership rules. It’s worth noting that foreign buyers must also pay the Additional Buyer’s Stamp Duty (ABSD), currently set at 20%, for their first property purchase. Despite the added expense, the steady growth and potential of the Singapore real estate market continually draws in foreign investment. This is why many foreign investors are interested in Singapore Projects and their potential for success.
Wee Hur Holdings has announced that it has entered into a binding agreement to sell its portfolio of seven purpose-built student accommodation (PBSA) assets to Greystar for a purchase consideration of A$1.6 billion ($1.4 billion). The portfolio, which spans over 5,500 beds across multiple Australian cities, will be sold through the group’s subsidiary, Wee Hur (Australia). The transaction is expected to be completed within the next six months, subject to Greystar obtaining Foreign Investment Review Board approval and Wee Hur obtaining consent from its shareholders. Wee Hur is set to retain a 13% stake in the portfolio through its subsidiary, and the net proceeds of approximately $320 million will be used to support the group’s strategic growth and expansion into new areas such as alternative investments. The group’s CEO, Goh Wee Ping, states that the sale reflects Wee Hur’s resilience in navigating challenging market conditions, including the impact of Covid-19 and greenfield developments. He adds that the sale aligns with the group’s long-term strategy of diversifying its portfolio and positioning itself for sustainable growth in various sectors. This transaction follows the group’s successful recapitalization with RECO in 2021/2022, which provided the group with liquidity and stability amid global uncertainty. As the PBSA market rebounded and the portfolio approached full stabilization, Wee Hur saw an opportunity to unlock maximum value for its stakeholders.