Property boom to continue
‘Of course, it will continue but up to a certain point. Singaporeans are reactive - ‘Oh, I better hold on, I don’t sell, I want to make more money.’ An Englishman taught me 40 years ago, when you have good profit, you shouldn’t be greedy, you should get out. Let the next person take the higher risk and make some profit. Nobody can tell when is the peak, when is the rock bottom…’
MR KWEK LENG BENG, executive chairman of the Hong Leong Group, when asked about how long the collective sale frenzy can be sustained
‘Office property will continue to go up because we have very limited supply. We are so successful in attracting multinationals and many companies when the economy is good… Don’t forget we’ve gone through about 10 years of difficult times, when we had retrenchments and we had to deal with so many problems one after another, including Sept 11, bird flu. Now, we have passed all these, we are on a new platform. The opportunity is there for the private sector to take advantage of. The Government has created an environment very conducive to doing business.’
MR KWEK, on how long high office rental prices will continue. He confirmed that City Developments, the publicly listed property arm of Hong Leong Group, was interested in bidding for a prime 1.02ha Marina Bay site opposite One Raffles Quay.
Source : Straits Times - 5 Jun 2007
Loading ...
Post a Comment
Tell me a bit about yourself; who you are, where you're from, what information you would like to see on this site. As I continue to provide you with Singapore property happenings, your feedback will encourage me to post more frequently. Thank you.