INVESTMENT AND PORTFOLIO STRATEGIES OF REAL ESTATE DEVELOPERS IN SINGAPORE
GOH LAY ENG
GOH LAY ENG
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Abstract
The past decade has been a period of globalization in the world's investment markets. The
trend of globalization in Singapore took off in the early 1990s after the government call for
regionalization of businesses. This paper reviews the property investment portfolio trend of
developers over a period of 10 years (from 1992 to 2002), and identify the similarities and
differences of strategies adopted by each developers. This is done through analyzing the
portfolio strategies carried out by seven SGX-listed property companies, in terms of its
portfolio strategies and investment strategies. It can be found that all developers adopt
different portfolio strategies, differentiated by geographical locations and property types.
But local developers adopt similar investment strategy over the 10 year period. The most
common method of property investment among local developers is the creation of buying
over of subsidiary companies, especially for overseas projects. However, the only foreign
developer, Hong Kong Land's most frequently used method of property investment is joint
venture with other developers, regardless of local or overseas projects. It can be concluded
that international diversification will be a continuing trend, particularly in China and other
emerging developing countries such as Pakistan.
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2003
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