New UK, Australian properties beckon Singapore investors

Singapore DEVELOPERS and marketeers continue to whet Singapore investors' appetite for overseas properties - especially in the UK and Australia - going by the string of projects being promoted here recently. This is despite the impending changes that may impact real estate investments in the two countries, such as the implementation of a capital gains tax for foreigners in the UK.

More London properties are being exhibited in Singapore of late due to a weak pound, said Doris Tan, head of international residential property services at JLL. "The introduction of the capital gains tax may affect some investors who are looking for quick gains," commented Mrs Tan. "However, with an allowance of £11,000 (S$22,400) per person coupled with all the interest costs which can be used for tax deductions, the effective tax rate may not look that high."

Her firm is handling The Atlas Building, that is being developed by Rocket Investments. Set to be the tallest in London's expanding digital and tech cluster (called Tech City), the mixed-use development will consist of a 40-storey residential tower containing 302 apartments that comprise studios, one, two and three-bedders, as well as penthouses.