Foreigners Accounted For 22.7% of Singapore Private Home Sales in 3rd Quarter 2009
Foreign buyers are streaming back into Singapore private home market. They accounted for 22.7% of private home sale in 3rd Quarter 2009 – above the 19.7% average since the start of 2000.
Chinese buyers have dislodged those from India for the No. 3 spot in the rankings this year with a contribution of nearly 15% of the total foreign purchasers. This puts China just behind Indonesia in the 2nd spot and Malaysia at No. 1. In the past 2 years, India had been in the 3rd spot, but it has slipped to 4th placing.
About 54% of the purchases by China buyers were for resale homes. Like Malaysian buyers, they tend to prefer homes priced between $500,000 and $1million. one-fifth of them bought homes costing $1.5million to as much as $5million.
Indonesians tended to go for higher priced projects, particularly those priced $1.5million to $5million. They like properties located at Novena, River Valley and the Singapore River.
Recent data showed that foreigners who are not permanent residents tend to buy more pricey projects. The most popular project sought by foreigners was Sophia Residence, a project launched in July. Then came Caribbean at Keppel Bay, Ascentia Sky, One Devonshire and Viva.
Source: URA and Savills Research & Consultancy
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