Chinese plowing into Singapore luxury homes priced above US$3.7m

Business | 17 Dec 2019 12:39 pm

Singapore’s luxury apartments are proving a magnet for Chinese buyers with purchases of properties north of S$5 million (US$3.7 million) almost doubling in the third quarter, Bloomberg reports.

The number of private homes sold to Chinese buyers increased to 40 in the three months ended September 30, up from 21 the same period of 2018, data compiled by Cushman & Wakefield show.

But cooling measures introduced in July 2018 and which made units more expensive for foreigners have resulted in a slide in purchases of apartments under the S$5 million mark. Sales of units priced between S$3 million and S$5 million -- considered mid-tier in Singapore, which frequently ranks as one of the world’s most expensive places to live -- dropped by 63 percent.

“This could be due to the fact that there were other cheaper alternatives that also appeal to the Chinese, such as Malaysia, where the threshold for foreign buyers has been lowered to 600,000 ringgit (US$145,000) or Thailand, which is also a popular holiday destination for mainlanders,” Christine Li, head of research for Singapore and Southeast Asia at Cushman & Wakefield, said.

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