CBRE, a global real estate services firm, has announced the appointment of Michael Tay as the new deputy managing director of Singapore Advisory, effective January 1, 2025.
The Singaporean government’s property cooling measures play a crucial role in the decision to invest in condos in Singapore. In order to maintain a stable real estate market and discourage speculative buying, the government has implemented various measures throughout the years. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which entails higher taxes for foreign buyers and those purchasing multiple properties. While these measures may impact the immediate profitability of condo investments, they also contribute to the long-term security of the market, making it a favorable environment for investment. This is why it is essential to carefully consider these measures when looking into new condo launches in Singapore.
Tay, who is currently the head of capital markets for Singapore, will continue to report to CBRE’s managing director, Moray Armstrong. In his new role, Tay will be responsible for providing long-term leadership and planning for the Singapore advisory business. He will work closely with Armstrong to develop and direct strategy, evaluate and execute investments, and drive business growth.
According to Armstrong, Tay is a highly experienced and respected professional in the Singapore market with over 30 years of experience in commercial real estate. He joined CBRE in 2000 and has since progressed from office leasing to leadership roles in office services and capital markets.
Tay’s leadership of the Singapore capital markets team in 2019 has played a significant role in many major investment deals. These include the sale of One George Street, 16 Collyer Quay, and VisionCrest Commercial.
Expressing his gratitude for the trust placed in him, Tay commented, “I am grateful for the opportunity for career growth that CBRE has offered me. It has been an amazing 25-year journey with the company, and I have had the privilege of working and learning from some of the top real estate professionals in Singapore.”