B K Modi, founder of telecom major Spice Group, bought a penthouse in the prime Marina Bay business area in downtown Singapore, for about $10.5 million. That was in 2008, when the island nation’s real estate market was struggling to cope with the ripples of the subprime crisis in the US.Two years later, Modi’s investment has appreciated to close to $20 million, say property dealers.
“Indians have been steadily investing in the residential market in Singapore, a major factor being increasing concentration of the Indian business community. The interest rates have also been low, at 2-2.50 per cent, which has led to rising investments,” said Sandeep Choudhary, head of an investment advisory firm dealing in Singapore’s property market. Full Story
