If you’re looking for proof of average Indians’ growing financial clout, here is one. The Far East Organization, a Singapore-based realty developer for 50 years, has come to Kolkata to sell residential properties there.
Their exposition at the Hotel Hindustan International ran for 2 days and concluded this evening. Response from those interested is said to be quite good.
Going by reports, Far East’s bouquet of offers included 100 villas and 1200 apartments. Prices ranged between Rs.2.5 crore to Rs.15 crore.
The table model brought was that of VIDA, located in the affluent district of Cairnhill Rise [image below courtesy]
The minimum property price is higher than the RBI’s maximum limit of forex outgo for an individual’s property investment abroad. This amount is $200,000, which comes to about Rs.80 lakh.
So how does a Kolkattan buy a Singapore apartment? Far East asked for a booking amount of 5% in the fair to be followed by another 25% in a month or 2.
The developer will then arrange bank loan in Singapore for an average interest as low as 3.5%. This can help one to circumvent the RBI rules.
Apparently, Far East will also oversee leasing out of property once it’s ready, thus ensuring some income. And if the owner needs to sell out the property in 3-4 years time, that too is arranged by the company.
According to survey done by Far East and their Indian marketing partner, Delhi-based Land Solutions, many students from Kolkata study in Singapore.
They hope therefore that their moneyed parents may be interested to set up another home in the city-nation, if only for the duration for their kids’ studies.
For the record, Far East Organization and its Hong Kong based sister company, the Sino Group, have a combined annual turnover of $4 billion. Their total assets are valued at over $25 billion.
Together, the Far East Organization and the Sino Group employ over 12,000 staff worldwide. Impressive, no doubt.
Like this blog? Get daily posts by email.
Leave a Reply