China gets credit for Singapore’s booming luxury apartment market
Stable Singapore dollar, devalued yuan, and Hong Kong’s unrest prompted mainland Chinese property investors to focus on Singapore
The luxe residential market in Singapore has witnessed a growing interest from mainland Chinese investors, The Straits Times reported, citing data from Colliers International Group.
Tricia Song, the head of research for Singapore at Colliers, sees the stability of the Singapore dollar as a possible cause, urging Chinese buyers to move their funds from their home country after yuan was devalued. She also believes that the turmoil in Hong Kong has encouraged them to look for an alternative country to invest in.
Since the start of the year, foreigners have purchased 315 apartments in the premier central region of Singapore. Out of these units, Chinese nationals bought 97 or around one-third, making them Singapore’s biggest foreigner buyer group.
MORE: Wealthy foreigners pour back into Singapore market
Hong Kongers, on the other hand, only purchased 8 units.
“Based on the available data, we have not seen any strong evidence to suggest a sharp inflow of Hong Kong money into Singapore residential properties,” shared Song. Their research instead found Chinese investors’ growing interest in luxury homes.
The Urban Redevelopment Authority home-price data revealed that the price of luxury apartments grew by 2.9 percent in premier and central locations from June to September, compared to the previous quarter’s 2.3 percent increase. Throughout the year, the residential rates rose by 0.9 percent.
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