A developer's tale of two cities
Far East Consortium's Dennis Chiu is as intimately familiar with the Singapore property market as he is with Hong Kong's.
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Kalpana Rashiwala
DENNIS Chiu has been straddling Hong Kong and Singapore for almost three decades, both in his personal life and for his work. The 59-year-old executive director of Far East Consortium International (FEC) came to Singapore in 1988 to help his family's real estate business diversify out of Hong Kong, and has since become a naturalised citizen.
That uniquely cross-market experience has given him an intimate vantage point of the property development business in both cities. From where he stands, the Singapore government's heavier involvement in the property market and its stringent anti-speculation measures are making it harder for developers to gain scale and survive unexpected downturns.
It should come as no surprise that the property markets in Singapore and Hong Kong are often compared to each other. "Both are very urban, land-scarce, and high-density," Mr Chiu says. "Both cities are also very cosmopolitan, open economies, with a fantastic legal system - which means (overseas) investors would like to come and invest here."
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