Mr Akshay Jain, CEO, Land Solutions (India) told on 21st June that by the end of FY 08-09, Indian citizens are expected to invest Singapore dollar (SGD) One hundred fifty million in real estate in Singapore. Land Solutions (India) is the Indian counterpart of the Singapore based real estate developer Far East Organization.
According to Mr Jain Fifty out of one thousand seven hundred premium segment apartments, developed by Far East Organization, is estimated to be sold to Indian buyers by the end of this fiscal (08-09). Each one apartment will costs approximately SGD One million (Rs 31 million).
Mr. Jain further added, “Easy availability of housing loan, even up to 70% of property cost at a rate of 2.5% per annum is an additional advantage to the buyers who want to acquire property in Singapore.”
In the meantime, the CEO pointed out his company’s wish to set up a Special Economic Zone (SEZ) on two thousand seven hundred thirty four acres of land within a couple of years in Hyderabad. The SEZ will be set up at an initial priced of ten thousand crore rupees.
The project will be a joint venture between Land Solution (India) and a Dubai based property developing company.