Sotheby’s International Realty opens regional HQ in S’pore

PETALING JAYA (March 29): Luxury residential real estate firm List Sotheby’s International Realty has expanded its footprint to Singapore, making the city-state its Southeast Asia headquarters.

It will have access to a network of 20,000 affiliated independent sales associates in about 880 Sotheby’s International Realty offices across nearly 70 countries.

In a statement today, List Sotheby’s International Realty said it is timely and strategic to capitalise on Singapore’s position as a global financial hub and the growing number of affluent individuals in the region.

“The Sotheby’s brand name is synonymous with prestige and discernment. This gives us access and insights to ultra-high-net-worth clients of the world.

“And because of our reach, properties listed exclusively with us will be exposed to all our affiliate offices and their clients globally, which creates a very strong marketing proposition to these same clients,” said List Sotheby’s International Realty, Singapore chief operating officer Leong Boon Hoe (pictured).

Despite the challenging market sentiments, Leong added that the ultra-high-net-worth clients remain underserved by qualified salespersons with both local and regional market knowledge.

According to the luxury residential brokerage firm, in Malaysia, foreign investors often go for residential developments which are well-built with good specifications and located in prime locations such as Kuala Lumpur, Penang and Johor.

Meanwhile, Singapore remains attractive with prices having fallen some 10% since the peak of the market in 1Q2013. In 2016, the rate of decline has significantly slowed down vis-à-vis the other segments, potentially signalling a bottoming-out effect.

“Residential properties will remain a key part of the ultra-high-net-worth investors’ portfolio, and Singapore’s luxury residential sector is primed for recovery when such interests return. We are well positioned to ride on this new wave of growth,” said Leong.

Apart from the Singapore office, List Sotheby’s International Realty has nine offices in Japan, two in Hawaii and one in the Philippines. The group is looking to add another office in Bangkok by 2018.