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AsiaSoutheast Asia

Rich Chinese are flocking to buy luxury Singapore condos

  • Buyers from China purchased 932 private units in the first eight months of 2022, almost twice the number bought by Malaysians
  • Total foreign transactions this year are also close to pre-pandemic levels, reaching more than 14,000 by August
Singapore
Bloomberg
Bloomberg
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Mainland Chinese buyers have scooped up the largest number of Singapore’s private apartments this year compared with other foreigners, underscoring the amount of wealth flowing into the city state from the world’s second largest economy.
Buyers from China purchased 932 private units in the first eight months of 2022, almost twice the number bought by Malaysians, which came in second, according to a report by industry watcher OrangeTee & Tie. Chinese buyers have been the biggest foreign buyer group since 2016, and took up 6.7 per cent of total transactions this year, almost bouncing back to pre-Covid levels.
Other countries within the top five foreign buyers include India, followed by the US and Indonesia.

03:12

Singapore reverses downward-population trend, while Hong Kong exodus continues

Singapore reverses downward-population trend, while Hong Kong exodus continues

Chinese buyers also took the top spot for luxury condominiums north of S$5 million (US$3.5 million), accounting for almost 20 per cent of sales, or 81 units. US citizens came in second with 34 units.

Total foreign transactions this year are also close to pre-pandemic levels, reaching more than 14,000 by August.

While Singapore introduced property curbs in December 2021, increasing stamp duties for second-home buyers and foreigners purchasing private property, that’s not deterred interest. Some foreign buyers consider luxury properties in the city state to be cheaper than in other cities, said the report. It added that the new cooling measures introduced last week is “not likely to be significant” for high net worth individuals.

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Singapore is likely to tighten monetary policy this month, the fifth time in a row, amid persistent inflation in the Asian financial hub due to global supply chain disruptions and a tight labour market.

The central bank is expected to release its next semi-annual monetary policy statement no later than October 14.

Singapore has removed most of its Covid-19 curbs with high-profile international conferences and events returning to the city state in recent months.

Additional reporting by Reuters

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