Savills plc, a London-listed property firm, announced it plans to merge with SingaporeÂ´s Hampden Real Estate Pte Ltd.
However, no financial details were available except that the deal will be tagged to future performance, Savills group chief executive Aubrey Adams said.
Adams said that the company will be named Savills Singapore and will focus on developing high-end residential properties.
'Hampden Real Estate brings a strong portfolio of clients for prime residential properties in Singapore and the Asian region. This merger supports our vision to be number one in Asia Pacific and Singapore will be the gateway for European investors to the region,' Adams said.
He said that Savills is confident about SingaporeÂ´s property market, and higher-end niche property prices may see double digit growth rates, adding that last yearÂ´s influx of foreign funds into the luxury residential market is expected to grow.
'We belive the Singapore market is undervalued, its low borrowing rates, and relatively low currency makes it very attractive for Â´euroÂ´ investors,' Adams said.