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Singapore developers on overseas buying spree

Local entities invest US$9.8b in commercial property abroad in the nine months to September, overtaking China at US$8.4b, says research firm RCA

Singapore

SINGAPORE developers struggling to sell apartments in their home market are buying property overseas, turning the island-state into the largest foreign investor from the region this year.

Companies including City Developments and Keppel Land pumped US$2.32 billion into overseas markets in the nine months through September, a three-fold increase from the same period last year and the most in at least eight years, according to data from Real Capital Analytics, a research firm that specialises in investments in commercial property.

The Singapore developers are looking abroad as government measures to rein in property values have caused residential prices to fall for four straight quarters,...

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