The number of foreigners buying resale executive condominiums (ECs) is increasing, pushing prices up to record levels. According to research and consultancy firm Savills, foreigners, including permanent residents (PRs), accounted for 33 percent of the resale transactions recorded last year. It said that 321 ECs were acquired by foreigners last year, with Indian nationals making up the biggest share,...
Foreign Buyers
There was a record number of mainland Chinese home buyers in the last quarter of 2010, according to data from the Urban Redevelopment Authority (URA). With more drastic cooling measures implemented by the Chinese government, analysts say more Chinese will put their money in Singapore property. SINGAPORE: Mainland Chinese buyers are now the second largest group of foreigners who buy homes in Singapore,...
The proportion of mainland Chinese buying Singapore residential properties jumped three percent in the fourth quarter of 2010, from 20 percent in the previous quarter. For the full-year 2010, their proportion among non-Singaporean buyers hit a yearly high of 19 percent, against 15 percent in the previous year. Ms. Chua Chor Hoon, Head of DTZ South East Asia Research, commented: “Mainland Chinese buyers...
About 20 percent of properties sold in Singapore from 2000 to 2010 were acquired by foreign buyers, with Indians accounting for 12 percent, based on data from the Urban Redevelopment Authority (URA). Today, even as the anti-speculative measures announced by the government have had some effect, Indians are still signing along the dotted line. For many Indians, having multiple properties, particularly...
It has been a good year for agents selling luxury properties to foreigners in Singapore. Ms Jasmine Png, an associate director with real estate agency OrangeTee, says she has never before seen as many earnest buyers from China. What's drawing them here are "the tightening measures in China and Hong Kong, which have actually made the Singapore residential market look appealing," said Ms Png. The "relative...
Foreign buyers were out in force last month, snapping up almost one in three new private homes in Singapore. DMG & Partners Research shows that just under 30% of new private residential units were sold in November to foreigners or permanent residents (PRs). This marks an 8-percentage point gain on the 22% seen in October. The growth appears to come from Chinese buyers, who are increasingly making...
More Chinese investors are entering the Singapore property market, according to property consultant DTZ. Among non-Singaporeans, mainland Chinese buyers have grown significantly in number from 2009, recording their highest ever share of 20 per cent in the third quarter this year. This puts them on par with Indonesians as the second-largest group of non-Singaporean buyers after Malaysians, who topped with...
Changes to the Residential Property Act were passed in Parliament on Monday. It restricts foreign ownership of landed residential properties, including strata landed housing and land meant for residential development. To prevent speculation, approved purchasers are allowed to buy only one property, which cannot be sold within the initial period of three years. Approved purchasers are also required to...
Now that the recent measures introduced by the Government to curb property speculation are finally beginning to bite, property developers here should start taking a more pro-active role in attracting foreign buyers. Sales of new residential developments appear to be slowing down, while response to government land sales are expected to be tepid. For instance, the highest price for a 220,000 sq ft site in...
Citizens and permanent residents who cut their ties with the Republic cannot expect to continue owning landed property in the city. That is the message the Singapore government is sending through the Residential Property (Amendment) Bill, tabled in Parliament on Monday. Analysts said the Bill puts former citizens and PRs in the same boat as foreigners when it comes to landed houses. Individuals who give...