Foreigners buying more than half luxury apartments in Singapore

0 Comment(s)Print E-mail Xinhua, September 12, 2011
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Foreigners are buying about 60 percent of the luxury apartments with a price tag of more than 5 million Singapore dollars (4.1 million U.S. dollars) in the first half of the year, local daily Straits Times reported on Monday.

Foreigners, including permanent residents, bought 162 non- landed units worth above 5 million Singapore dollars in the six months, building on a trend of increasing foreign buyer interest since the heady days of 2007, it said.

Cushman and Wakefield had the findings based on analysis of caveats lodged with the Urban Redevelopment Authority, including both primary and secondary sales.

In comparison, Foreign buyers accounted for 46 percent and 24 percent of the market in 2010 and 2005, respectively.

Chinese and Indonesian buyers were the leading foreign buyers in the high-end market, followed by the Malaysians, British and Indians.

Singaporeans accounted for just 20 percent of the purchases of more than 5 million Singapore dollars in the six months ended June 30. The ratio was 34 percent in 2010 and 25 percent in 2007, respectively.

The rest were bought by companies.

Experts said the increased interest from foreigners is not entirely surprising, due in part to the buzz created by the two integrated resorts and the country's growing strength as a financial hub.

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