Singapore property market among the world’s most transparent | 3 July 2014
Singapore has been ranked among the 20 most transparent commercial property markets in the world by a new Jones Lang LaSalle (JLL) study.
In its latest Global Real Estate Transparency Index, JLL lists the sovereign city-state at 13th place in its table – ahead of nearby Hong Kong. This also makes it the highest ranking market in Asia, channelnewsasia.com reports.
This isn’t the first time that Singapore has overtaken Hong Kong in the list – it also raced ahead in 2010. According to JLL, the latter’s performance this time around was affected significantly by the cooling measures recently introduced by the government.
JLL’s head of research in Singapore, Yuan Liang, spoke about the possible reasons behind the results: “In other markets, the tenants have the ability to look the components within that service charge. In Singapore’s case, it is typically a broad number and tenants typically do not have the ability to audit.”
According to shanghaidaily.com, the Transparency Index was first published in 1999 and is compiled using market data gathered from a worldwide network of 102 markets.
On a global level, the rankings are still dominated by anglophone markets like the UK and the US, which finished first and second respectively. In a separate JLL report focusing on environmental sustainability transparency, Australia finished first with France and the UK completing the top three.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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