Singapore homes top choice for ultra-rich Asians

Singapore’s top quality education has placed the country second on the list for second-home purchases for ultra-rich Asians, especially the Chinese and Indians, according to The Wealth Report 2011 compiled by Citi Private Bank and Knight Frank.

Meanwhile, when it comes to principal residence, Singapore is the top choice for Asia’s ultra-high net worth individuals (UHNWIs). This was mainly attributed to the country’s stable economic and political conditions, as well as its favourable taxation policies for wealthy individuals.

Prices of Singapore’s luxury properties are also much cheaper, compared to other markets like Paris, Tokyo, London and Hong Kong.

According to the report, which is based on an online survey of nearly 5,000 UHNWIs from 36 countries, education is one of the primary reasons for second-home purchases, particularly among East Asian UHNWIs.

“A property for (university-going) children to live in is an obvious step to take and a very popular investment option,” said Rupert Hoogewerf, publisher of the Hurun Report.

“Anecdotal evidence indicates that the condition of property markets can be an influencing factor when universities are being assessed.”

Besides the US and the UK, other top locations for education are Australia, Canada, New Zealand, Singapore and Hong Kong.

Source : PropertyGuru – 7 Apr 2011

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