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Commercial real estate properties in Asia will do well in the last six months of 2011, Pacific Star Group, a premier real estate investment house, has announced. The firm's Property Outlook and Strategy Report, which comes out biannually, details trends in investment in regional real estate.
The real estate market in Asia is bolstered by positive consumer sentiment, healthy economic growth and solid economic fundamentals, notes the Strategy report. Regional economies are expanding and capital values have risen along with this growth.
Kuala Lumpur, Singapore and Hong Kong are the top regions in Asia for investment in retail property. The report noted a number of factors contributing to this growth, including rising tourism and higher rates of retail spending.
Leslie Chua, Pacific Star's senior vice president, noted that “Hong Kong is supported by tourist spending especially from outbound Mainland Chinese visitors. Singapore likewise is enjoying a surge in visitors attracted especially to its integrated resorts." She added that Kuala Lumpur has seen strong growth in wages, which has strengthened the real estate market.
Rentals of office properties have been strong, as well. Confidence in business coupled with corporate expansion has strengthened this sector. Pacific Star notes that Singapore is the top city for such investments.
