A total of sixty-eight luxurious Singapore condominiums were transacted at a price tag of more than $10 millions from January to August of 2019. This number is of the highest record ever since 2008.
Singapore, has long been regarded as a top spot among real estate investors due to our strong economy and stable political environment. It is no secret that rich property investors from our neighbouring countries or even country like China, are always attracted to getting a property in Singapore.
It is also believed that the ongoing protests in Hongkong could also be one of the factors that turn investors to Singapore instead. Hong Kong, known to the world as one of the leading financial hubs has had its status shaken due to its escalating extradition bill protest. Hence, investors are putting their focus in Singapore, seeing it as a safer haven for their assets. The trade war between China and United State had affected the yuan currency badly and this could be another factor leading to investors transferring their funds out of China. The real estate agency observed that there seemed to be an increasing number of buyers that are foreigners and majority of them came from China.
For the past 8 months in the year 2019, over 70 units that were worth above $5 million and located in the prime districts were sold. Apartments that cost much higher and situated in the prime neighbourhoods are more likely purchased by the locals. At such a hefty price tag, most Singaporeans might prefer to buy landed properties that offer a much bigger size. In Singapore, foreigners are only eligible to buy landed homesTypes of Private Properties in Singapore Part 2 that are found in Sentosa.
Despite changes made in the cooling measures, investors and home buyers still have faith in the property market of Singapore. The Additional Buyer Stamp Duty (ABSD) for foreign buyers are currently at 20%, which is a 5% increase from the previous 15%. This did not greatly affect the sales of private properties among foreigners as they are still investing their money on luxurious apartments here. According to Mr Leong, who is the CEA of List Sotheby’s International Realty, he believed that foreigners are setting aside their funds here as they are positive that unlikely Singapore currency will depreciate overnight.