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If you are looking to invest in real estate and the opportunities in the United States are not exactly lighting your fire, look overseas. Right now Singapore is on fire as housing and commercial prices are exploding all over the country. The economy is changing from manufacturing to tourism and finance and the property prices are increasing accordingly.

With more than 12 different REITs to choose from there are ways you can live in the United States and still invest in Singapore’s real estate industry.

As it aims to become a playground for Asia’s rich, Singapore is shifting its economy from manufacturing to tourism and financial services, building yacht marinas and casino resorts next to the gleaming skyscrapers that house its private banks. On the ground, this translates into a growing influx of prosperous foreigners — and fast-rising demand for luxury homes and prime office space.
Prices for Singapore’s private residential properties rose 4.8% in the first quarter of this year from the previous quarter, after gaining 10% in 2006. Prices for the island’s top-end and midrange residential real estate could be up as much as 35% for the full year, predicts UBS Securities. Rents in the sector should surge 30% to 40%, Citigroup forecasts.
Office properties are just as attractive, in part because more buildings are being demolished for redevelopment rather than completed this year, resulting in a shortage of supply. Singapore’s prime office rents, which climbed 20% to 11.80 Singapore dollars (US$7.78) a square foot last year, could reach S$14.50 by the end of 2007 and S$18.50 in 2008, Citigroup estimated in a recent research note. Although the government has released new land for construction projects, “the prime office-space shortage will persist for at least three more years,” a Goldman Sachs report predicted. via the WSJ.com.

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