Singapore firms went on a US$4.4b overseas property shopping spree in Q2

To avoid systemic risks in Singapore.

Singapore was the second-largest source of capital for overseas property investments in the second quarter.

A report by CBRE highlighted that Singapore -based firms spent US$4.4b on overseas property acquisitions during the quarter, coming in second to the US$6.6b spent by Chinese firms.

Among the notable deals are Starhill Global REIT’s purchase of the Myer Centre in Adelaide for $302m, Fortune REIT’s purchase of Laguna Plaza for $324m, and the purchase of Sandhill Plaza at Shanghai by Mapletree Greater China Commercial Trust for $402m.

In terms of country destination, the United States replaced the United Kingdom as the top country for Asian investors with US$6.1 billion of investments in H1 2015, as opposed to US$4.4 billion for the UK.