Is there a need for a property gallery in Singapore? If you are a Malaysian developer which is also trying to court Singaporean buyers? Personally, I feel that the developer needs to really have a huge GDV to do that or else the cost is going to be exorbitant. How exorbitant is exorbitant? Well, the rental for a 2,000 sf unit in a more prominent area may easily hit S$10,000 and this does not yet include the renovation costs and manpower costs yet. You cannot be renting a gallery in a place where no one passes right? When it happens to be a Malaysian developer, this becomes a nightmare if you could not sell enough properties to cover this new overhead. Furthermore, be reminded that if I am serious, I would definitely want to visit the actual unit in Malaysia. right?
Nevertheless, I think the ROI must be worth it because one of Malaysia’s established developers has just opened a new high street property gallery in Singapore for the promotion of its developments as well as new launches. This gallery is envisioned to showcase its projects not only to Singaporeans but also to Asia Pacific investors and perhaps even expats based in Singapore today. According to UMLand, it is important for them to be in Singapore because they recognise the importance of Singapore strategically to better service existing and potential customers. In one sentence, having a gallery in Singapore attracts more than just Singaporeans.
In Iskandar, UMLand’s flagship development Bandar Seri Alam, also known as City of Knowledge as it includes several renowned educational institutions. It has won both the Asia Pacific International Property Awards in 2013 and 2014. Besides that, UMLand still have more than 1,800 acres of undeveloped land. In the future, there would be another multi-phased development in Medini called Medini Lakeside.
I think many more galleries may be opened in the future if Iskandar continues to be targeted by Singapore. As it is, the largest investor in Iskandar today is already SIngaporeans. Read more here: Singapore investors MUST be top in Iskandar, always
written on 22 June 2014
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