Property News · September 20, 2016

Come home: Indian developer targets Singapore’s NRIs


Physical presence is crucial to increasing market share
Sunset over Mumbai. Luxury developments in India are marketing to Indians in Singapore. fuyu liu / Singapore
To property developers based in India, wooing Singapore’s ever-growing Indian community from afar may not be enough to increase their share of this increasingly lucrative market.
Mumbai’s Godrej Properties opened on Wednesday an international representative office in the city-state. “To be physically present in Singapore will enable us to market our properties, mainly residential properties, more effectively to Indians in Singapore, Malaysia, Indonesia and Hong Kong,” Mohit Malhotra, executive director of Godrej Properties, told The Straits Times.
Non-resident Indians (NRIs) have a high disposable income, he said. “They actively invest in India, so we would like to tap the opportunities in Singapore where there is a large Indian community with strong cultural linkages between Singapore and India.”
This development comes on the heels of the Singapore government signing a preliminary memorandum of understanding with the Indian state of Himachal Pradesh to develop an integrated township in Shimla.
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The Indian diaspora is a ballooning market, with 350,000 expatriates working in various sectors in the city. Around 250,300 Singaporean citizens have Indian ethnicity, making up 7.4 percent of the city’s populace, according to the Singapore Department of Statistics.
It is for the same reason that the developer opened another overseas representative office in Dubai in 2014. Indians make up the largest non-Arab investors in the emirate’s property market, according to the Dubai Government Land Department.
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Source : property-report.com
Read more…Come home: Indian developer targets Singapore’s NRIs

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