Singapore-based investors now the top non-local buyers of Hong Kong office assets

Singapore-based investors have become the largest group of non-local buyers of commercial properties in Hong Kong, drawn by the sizeable correction in the prices of distressed assets amid a slump in the city’s office segment, according to Colliers.The demand from Singapore was likely to remain steady in the coming months, given that the prices of office assets have declined by as much as 50 per cent, according to Thomas Chak, head of capital markets and investment services at the property consultancy.“Singaporean investors are drawn to Hong Kong more prominently in the second quarter because pricing has become significantly more attractive after several years of correction,” Chak said. “Many see this as an opportunity to acquire quality assets at a discount while positioning for a longer-term market recovery.”