[SINGAPORE] Keppel Land is looking to sell its residential properties in India to Indians based in Singapore, the developer told BT.
"In Singapore we see a growing non-resident Indian (NRI) market," said Ang Wee Gee, KepLand's director of regional investments.
"In the past we have not been selling in Singapore. But now - with more Indian professionals coming here to work and live - we have decided to."
KepLand showcased its India properties in Singapore last weekend.
About 300 people visited the company's booth and about 40 of them are "serious buyers" the developer will follow up with, Mr Ang said.
KepLand is now marketing two projects in India - the 1,573-unit Elita Promenade in Bangalore and the 1,376-unit Elita Garden Vista in Kolkata.
It also has another project - the 1,168-unit Elita Horizon in Bangalore. The project is expected to be launched soon.
KepLand has so far sold 86 per cent of 1,340 units launched at Elita Promenade. Units went for between 3,000-3,400 rupees per square foot - a jump of more than 30 per cent since the project was first launched in 2005.
At Elita Garden Vista, the company has sold about 60 per cent of the 250 units launched. Prices were 2,600-3,000 rupees psf, Mr Ang said. The project was launched a few months ago.
About 15 per cent of all the units sold at both projects were bought by NRIs, Mr Ang said.
But most of these people are not from Singapore - they are from places such as the US, the UK and Hong Kong.
However, this is set to change as KepLand is seeing more interest among NRIs based here. "We have an advantage here - they know us and can see the projects we have launched here," Mr Ang said.
KepLand is upbeat about its future in India, where it has had a presence since 2003. More residential projects are planned there. "Definitely, we would want to expand," said Mr Ang.
"Apart from Bangalore and Kolkata we are also looking in Hyderabad, Chennai and the gateway cities of Mumbai and New Delhi."
