CityDev CEO says it's a good time to buy commercial property

Singapore

CITY Developments Ltd, Singapore's second-largest developer, may seek to buy offices this year as rising interest rates makes such assets cheaper worldwide.

"We are coming into a very good time for acquisitions," said Grant Kelley, chief executive officer of City Developments, in an interview in Singapore. "The long-term trend line for assets for the next 12-24 months could be deflationary because I believe as interest rates go up, fixed income will become more attractive and maybe liquidity will drain from real estate assets a little bit."