






{"id":13707,"date":"2021-04-01T14:22:54","date_gmt":"2021-04-01T07:22:54","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=11859"},"modified":"2021-06-04T16:11:29","modified_gmt":"2021-06-04T09:11:29","slug":"as-covid-disrupts-international-travel-habits-singapores-jet-setters-cash-in-on-real-estate","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/as-covid-disrupts-international-travel-habits-singapores-jet-setters-cash-in-on-real-estate\/","title":{"rendered":"As Covid disrupts international travel habits, Singapore\u2019s jet setters cash in on real estate"},"content":{"rendered":"<p>Being confined within a small island has nudged the elite to focus on home renovations, hotel stays, and more<\/p>\n<figure id=\"attachment_11860\" aria-describedby=\"caption-attachment-11860\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-11860 size-full\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/04\/shutterstock_553757443.jpg\" alt=\"\" width=\"1000\" height=\"667\" \/><figcaption id=\"caption-attachment-11860\" class=\"wp-caption-text\">Singaporeans and overseas investors have been helping the sector recuperate as they continue to snap up residential properties. RichieChan\/Shutterstock<\/figcaption><\/figure>\n<p><span data-contrast=\"auto\">In 2016<\/span><span data-contrast=\"auto\">,\u00a0<\/span><a href=\"https:\/\/www.visa.com.sg\/about-visa\/newsroom\/press-releases\/singapore-households-estimated-to-be-worlds-7th-top-overseas-travel-spenders-by-2025.html\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Visa<\/span><\/a><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">predicted Singaporeans\u00a0<\/span><span data-contrast=\"auto\">to<\/span><span data-contrast=\"auto\">\u00a0be the 7th top spenders overseas by 2025<\/span><span data-contrast=\"auto\">, propelling them to be in the top 10 globally and top 3 in Asia Pacific, <\/span><span data-contrast=\"auto\">and\u00a0<\/span><span data-contrast=\"auto\">are<\/span><span data-contrast=\"auto\">\u00a0expected to spend roughly<\/span><span data-contrast=\"auto\">\u00a0USD45 billion<\/span><span data-contrast=\"auto\">.<\/span><\/p>\n<p><span data-contrast=\"auto\">The city-state&#8217;s population\u00a0<\/span><span data-contrast=\"auto\">is<\/span><span data-contrast=\"auto\">\u00a0known to be well-off, with 3,732\u00a0<\/span><span data-contrast=\"auto\">people<\/span><span data-contrast=\"auto\">\u00a0including 26 billionaires<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">boasting\u00a0<\/span><span data-contrast=\"auto\">a net worth of at least <\/span><span data-contrast=\"auto\">USD30 million, according to\u00a0<\/span><a href=\"https:\/\/www.knightfrank.com\/wealthreport\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Knight Frank<\/span><\/a><span data-contrast=\"auto\">.<\/span><\/p>\n<p><span data-contrast=\"auto\">Andrea Savage, a partner at high-end interior design firm Design Intervention<\/span><span data-contrast=\"auto\">, said,\u00a0&#8220;The lifestyle here \u2014 it doesn&#8217;t matter whether you&#8217;re a local or an expat \u2014 is very much about being on a plane and seeing the region and doing weekends away to Vietnam.\u201d<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cIt&#8217;s sort of equivalent to going to the Hamptons,&#8221; she added.<\/span><\/p>\n<p><span data-contrast=\"auto\">In 2015, for instance, the residents managed to shell out a combined USD22.5 billion in travel spending, <\/span><span data-contrast=\"auto\">earning<\/span><span data-contrast=\"auto\">\u00a0them the\u00a0<\/span><span data-contrast=\"auto\">title of the\u00a0<\/span><span data-contrast=\"auto\">world\u2019s\u00a0<\/span><span data-contrast=\"auto\">7th highest spenders.<\/span><\/p>\n<p><span data-contrast=\"auto\">But since<\/span><span data-contrast=\"auto\"> the outbreak interfered<\/span><span data-contrast=\"auto\">\u00a0with\u00a0<\/span><span data-contrast=\"auto\">their regular spending habits and\u00a0<\/span><span data-contrast=\"auto\">with<\/span><span data-contrast=\"auto\">\u00a0minimal options for local travel in the\u00a0<\/span><span data-contrast=\"auto\">island<\/span><span data-contrast=\"auto\">\u00a0that is 170 times<\/span><span data-contrast=\"auto\">\u00a0smaller than New York City<\/span><span data-contrast=\"auto\">,\u00a0<\/span><a href=\"https:\/\/www.insider.com\/singapore-rich-spending-travel-luxury-hotels-pandemic-2021-3\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Insider<\/span><\/a><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">uncovered that Singapore\u2019s\u00a0<\/span><span data-contrast=\"auto\">elite\u00a0<\/span><span data-contrast=\"auto\">have\u00a0<\/span><span data-contrast=\"auto\">turned to real estate<\/span><span data-contrast=\"auto\">\u00a0to keep themselves occupied<\/span><span data-contrast=\"auto\">\u00a0amid the pandemic<\/span><span data-contrast=\"auto\">.<\/span><\/p>\n<p><span data-contrast=\"auto\">&#8220;What clients are spending money on hasn&#8217;t changed during the pandemic, as much as where they&#8217;re spending it has changed,&#8221; explained Veron Shim, CEO of Singapore-based Envysion Wealth Management that <\/span><span data-contrast=\"auto\">handl<\/span><span data-contrast=\"auto\">es the wealth of\u00a0<\/span><span data-contrast=\"auto\">affluent<\/span><span data-contrast=\"auto\">\u00a0families.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><i><span data-contrast=\"auto\">Staycations in 5-star hotels<\/span><\/i><\/p>\n<p><span data-contrast=\"auto\">As soon as the control measures eased and the threat of infection grew less<\/span><span data-contrast=\"auto\">, and with no definite timeline as to when international travel can resume,\u00a0<\/span><span data-contrast=\"auto\">experts revealed<\/span><span data-contrast=\"auto\">\u00a0that\u00a0<\/span><span data-contrast=\"auto\">Singapore&#8217;s\u00a0<\/span><span data-contrast=\"auto\">rich<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">have\u00a0<\/span><span data-contrast=\"auto\">forked out on<\/span><span data-contrast=\"auto\">\u00a0staycation packages\u00a0<\/span><span data-contrast=\"auto\">in<\/span><span data-contrast=\"auto\">\u00a0five-star hotels<\/span><span data-contrast=\"auto\">\u00a0across the city-state.<\/span><\/p>\n<p><span data-contrast=\"auto\">Goh, an event planner, s<\/span><span data-contrast=\"auto\">hared\u00a0<\/span><span data-contrast=\"auto\">that most of his clients\u00a0<\/span><span data-contrast=\"auto\">&#8220;<\/span><span data-contrast=\"auto\">basically go around Singapore trying all sorts of hotels. They&#8217;ve probably never stayed in hotels in Singapore all their life \u2014 they&#8217;re always flying<\/span><span data-contrast=\"auto\">.<\/span><span data-contrast=\"auto\">&#8220;<\/span><\/p>\n<p><span data-contrast=\"auto\">On the other hand, Mike Harlow, the general manager of global luxury travel operator Scott Dunn, said that\u00a0<\/span><span data-contrast=\"auto\">even\u00a0<\/span><span data-contrast=\"auto\">though some <\/span><span data-contrast=\"auto\">clients\u00a0<\/span><span data-contrast=\"auto\">di<\/span><span data-contrast=\"auto\">d\u00a0<\/span><span data-contrast=\"auto\">request stays in<\/span><span data-contrast=\"auto\">\u00a0premier hotels,\u00a0<\/span><span data-contrast=\"auto\">the ultrawealthy<\/span><span data-contrast=\"auto\">\u00a0still<\/span><span data-contrast=\"auto\">\u00a0preferred to stay home.<\/span><\/p>\n<p><span data-contrast=\"auto\">&#8220;The majority of them live in very nice landed properties on the edge of central Singapore, and they don&#8217;t necessarily see the value in doing the staycations,&#8221; explained Harlow.<\/span><\/p>\n<p><i><span data-contrast=\"auto\">Home renovation projects<\/span><\/i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As for residents who favoured their own home<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\">\u00a0over hotels, some\u00a0<\/span><span data-contrast=\"auto\">have taken\u00a0<\/span><span data-contrast=\"auto\">this\u00a0<\/span><span data-contrast=\"auto\">time to\u00a0<\/span><span data-contrast=\"auto\">touch up<\/span><span data-contrast=\"auto\">\u00a0their\u00a0<\/span><span data-contrast=\"auto\">properties.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Andrea\u00a0<\/span><span data-contrast=\"auto\">of Design Intervention said that by the end of 2020, their company saw a \u201chuge increase\u201d in clients who want to spruce up their primary homes in Singapore<\/span><span data-contrast=\"auto\">.<\/span><\/p>\n<p><span data-contrast=\"auto\">&#8220;It&#8217;s not about having people over or showing off their homes,&#8221; clarified Andrea. &#8220;It&#8217;s actually more about creating a space of well-being for them that makes them feel really good and gives them stability and a grounding factor in this pandemic.&#8221;<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\">\u00a0<\/span><i><span data-contrast=\"auto\">New property investments<\/span><\/i><\/p>\n<p><span data-contrast=\"auto\">T<\/span><span data-contrast=\"auto\">he real estate industry in Singapore\u00a0<\/span><span data-contrast=\"auto\">may\u00a0<\/span><span data-contrast=\"auto\">have taken a hit during the outbreak<\/span><span data-contrast=\"auto\">, but Singaporeans and overseas investors have been helping the sector recuperate as they continue<\/span><span data-contrast=\"auto\">\u00a0to snap up residential properties<\/span><span data-contrast=\"auto\">, even with prices at a two-year high.<\/span><\/p>\n<p><span data-contrast=\"auto\">A<\/span><span data-contrast=\"auto\">mong the developments that have been blessed by this buying frenzy<\/span><span data-contrast=\"auto\">, particularly after the vaccine rollouts,<\/span><span data-contrast=\"auto\">\u00a0include major winners at the<\/span><span data-contrast=\"auto\">\u00a0<\/span><a href=\"https:\/\/www.asiapropertyawards.com\/en\/first-virtual-gala-edition-of-propertyguru-asia-property-awards-singapore-reveals-pioneering-awardees\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">10<\/span><span data-contrast=\"none\">th PropertyGuru\u00a0<\/span><span data-contrast=\"none\">Asia<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-contrast=\"none\">Property Awards<\/span><span data-contrast=\"none\">\u00a0(Singapore)<\/span><span data-contrast=\"none\">\u00a02020<\/span><\/a><span data-contrast=\"auto\">,<\/span><span data-contrast=\"auto\">\u00a0namely\u00a0<\/span><span data-contrast=\"auto\">GuocoLand,\u00a0Aurum Land (Private) Limited,\u00a0Macly Group, and\u00a0Qingjian Realty (South Pacific) Group Pte Ltd.<\/span><\/p>\n<p><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559740&quot;:276}\"><strong><a href=\"https:\/\/www.asiapropertyawards.com\/en\/6-reasons-why-toa-payoh-in-singapore-is-poised-to-become-a-sought-after-neighbourhood\/\" target=\"_blank\" rel=\"noopener\">More: 6 reasons why Toa Payoh in Singapore is poised to become a sought-after neighbourhood<\/a><\/strong><\/span><\/p>\n<p><span data-contrast=\"auto\">Real estate firms told Insider that they have witnessed an increase in sales of landed luxury homes and penthouses as <\/span><span data-contrast=\"auto\">newly remote working employees search for larger spaces.<\/span><\/p>\n<p><span data-contrast=\"auto\">Shim of Envysion said that they have\u00a0<\/span><span data-contrast=\"auto\">even\u00a0<\/span><span data-contrast=\"auto\">observed renewed interest from foreign investors<\/span><span data-contrast=\"auto\"> who are planning to set up family offices in the city-state.<\/span><\/p>\n<p><span data-contrast=\"auto\">&#8220;With the influx of wealthy family offices from overseas into Singapore, these families have been buying up real estate, as well,&#8221; added Shim<\/span><span data-contrast=\"auto\">,\u00a0<\/span><span data-contrast=\"auto\">indicating\u00a0<\/span><span data-contrast=\"auto\">that\u00a0<\/span><span data-contrast=\"auto\">Singapore&#8217;s stability, safety, and multiculturalism<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">has<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">drawn their attention<\/span><span data-contrast=\"auto\">.<\/span><\/p>\n<p><span data-contrast=\"auto\">And<\/span><span data-contrast=\"auto\">\u00a0despite the travel restriction<\/span><span data-contrast=\"auto\">s<\/span><span data-contrast=\"auto\">\u00a0and the uncertain\u00a0<\/span><span data-contrast=\"auto\">economic\u00a0<\/span><span data-contrast=\"auto\">future<\/span><span data-contrast=\"auto\">,\u00a0<\/span><span data-contrast=\"auto\">Asia\u2019s high-net-worth individuals have<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">chosen\u00a0<\/span><span data-contrast=\"auto\">Singapore as the\u00a0<\/span><a href=\"https:\/\/www.straitstimes.com\/business\/property\/asias-ultra-rich-rank-singapore-as-regions-top-choice-for-luxury-homes\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">top choice for luxury homes<\/span><\/a><span data-contrast=\"auto\">\u00a0in the region, based on\u00a0<\/span><span data-contrast=\"auto\">Knight Frank\u2019s 2020 Wealth Report<\/span><span data-contrast=\"auto\">.<\/span><\/p>\n<p><i><span data-contrast=\"none\">Know of any award-worthy homes, condos, flats, or other real estate projects in\u00a0<\/span><\/i><i><span data-contrast=\"none\">the\u00a0<\/span><\/i><i><span data-contrast=\"none\">Singapore<\/span><\/i><i><span data-contrast=\"none\">? Nominate them for the 11th <\/span><\/i><i><span data-contrast=\"none\">Asia\u00a0<\/span><\/i><i><span data-contrast=\"none\">Property Awards<\/span><\/i><i><span data-contrast=\"none\">\u00a0(Singapore)<\/span><\/i><i><span data-contrast=\"none\">\u00a0<\/span><\/i><i><span data-contrast=\"none\">on or before<\/span><\/i><i><span data-contrast=\"none\">\u00a0<\/span><\/i><i><span data-contrast=\"none\">17<\/span><\/i><i><span data-contrast=\"none\">\u00a0<\/span><\/i><i><span data-contrast=\"none\">September<\/span><\/i><i><span data-contrast=\"none\">\u00a0<\/span><\/i><i><span data-contrast=\"none\">202<\/span><\/i><i><span data-contrast=\"none\">1<\/span><\/i><i><span data-contrast=\"none\">. Simply visit <\/span><\/i><a href=\"https:\/\/www.asiapropertyawards.com\/en\/award\/asia-property-awards-singapore-2021\/\" target=\"_blank\" rel=\"noopener\"><i><span data-contrast=\"none\">asiapropertyawards.com\/award\/<\/span><\/i><i><span data-contrast=\"none\">a<\/span><\/i><i><span data-contrast=\"none\">s<\/span><\/i><i><span data-contrast=\"none\">ia<\/span><\/i><i><span data-contrast=\"none\">-property-awards<\/span><\/i><i><span data-contrast=\"none\">-singapore\/<\/span><\/i><\/a><i><span data-contrast=\"none\">\u00a0<\/span><\/i><i><span data-contrast=\"none\">f<\/span><\/i><i><span data-contrast=\"none\">or more details.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Being confined within a small island has nudged the elite to focus on home renovations, hotel stays, and more<\/p>\n","protected":false},"author":9,"featured_media":21109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[750,112,114,115,638,110],"class_list":["post-13707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-covid-19","tag-foreign-investment","tag-hospitality","tag-property-investment","tag-real-estate","tag-singapore","news_country-singapore","news_author-gynen-kyra-toriano"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>As Covid disrupts international travel habits, Singapore\u2019s jet setters cash in on real estate | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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