Why is this British property firm opening two Asian offices in a year?
Why is this British property firm opening two Asian offices in a year?
A new Singapore and China office in the space of a few months for this London-based property firm
London-based real estate investment company Select Property Group has opened its second Asian office in Shanghai.
The opening is hot on the heels of the April opening of Select’s office in Singapore, its first in Asia.
Apparently, Select has recorded an 835 percent increase in the number of Asian investors taking up real estate in Britain since 2010. The largest proportion of Asian clients turn out to be from either Singapore or China.
“Asia is one of our most important growth markets and the launch of our second office in the region will allow us to better serve our valued investors from China. Our first footprint in Asia through our Singapore office has yielded encouraging results, and we are excited about the opportunities our Shanghai office will bring,” said Adam Price, Select’s managing director of global sales.
The opening of the Shanghai office is seen to target Select’s growing base of student tenants who require purpose-built student accommodation.
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According to Knight Frank, Singaporeans and Chinese were the largest Asian buyers of British and Australian property in 2015, with USD25.10 billion and USD22.09 billion in investments, respectively.
In spite of Brexit arousing a sense of caution among investors worldwide, Chinese property giant Dalian Wanda Group obtained a debt facility for a pair of skyscraper projects in London’s Nine Elms area last month.
Similarly, Singapore-based property developer Oxley Holdings Ltd is building more than 3,000 homes in London’s Royal Docks. Hotel Properties Ltd, also based in Singapore, has a mixed-use project in a former Royal Mail post office in the British capital.
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Source: Property Report