THERE is little danger that Singapore’s high-end property prices will affect its cost competitiveness, said a panel promoting the country’s real estate prospects.

Mr Daryl Ng, the executive director of Sino Group, one of Hong Kong’s largest developers, said it was healthy that prices of top-end homes in Singapore have finally caught up with those in other global cities such as New York and London.

‘There is good value in Singapore…where prices were a laggard compared with those in other international cities,’ he said yesterday at Mipim Asia, a major property conference and exhibition being held in Hong Kong this year.

Mr Ng is the son of Sino Group chairman Robert Ng and the grandson of group founder Ng Teng Fong.

The panel was addressing a question from an audience member on whether Singapore’s costly homes would price the city out, especially as some Orchard Road flats now cost twice as much as apartments near New York’s Times Square.

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source: Straits Times (http://propertymarketupdates.com/2007/11/30/top-end-property-%e2%80%99still-good-value%e2%80%99-despite-higher-prices/. )