Foreigners snapping up posh apartments in S’pore

Foreigners are acquiring posh apartments in Singapore and contributing to the health of the luxury market, which had been weak since early 2007, according to an article in The Straits Times.

Foreigners, including permanent residents (PRs), acquired 162 non-landed units with an average price of over S$5 million in the first half of 2011.

According to a Cushman and Wakefield analysis of URA caveats lodged, the new figure is approximately 60 percent of the total transactions seen in the top-end market, including both primary and secondary sales.

In comparison, overseas buyers accounted for 46 percent of the total transactions in the high-end market in 2010 and 24 percent in 2005. Indonesians and mainland Chinese dominated the upmarket segment this year, followed by Malaysians, Indians and the British.

Meanwhile, serviced hotel apartments in Singapore are also proving popular with expats, said another report.

Such residences have become popular primarily among Japanese, American and European expats, followed by expats from China, the United Arab Emirates and India.

Tan Boon Khai, Regional Manager of Ascott for Singapore and Malaysia, said the demand for such residences has increased, as more multinational companies are choosing Singapore as their base of operations.

He noted that factors such as a high level of safety and security, as well as economic stability, boost Singapore’s appeal as a global hub within the international business community.

Source : PropertyGuru – 12 Sep 2011

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