Singapore's luxury apartments are proving a magnet for Chinese buyers with purchases of properties north of 5 million Singapore dollars (HK$25.84 million) almost doubling in the third quarter.
The number of private homes sold to Chinese buyers rose to 40 in the three months ended September 30, up from 21 the same period in 2018, data compiled by Cushman & Wakefield shows.
But cooling measures levied in July 2018, which made units more expensive for foreigners, have resulted in a drop in purchases of apartments under S$5 million.
Sales of units priced between S$3 million and S$5 million have dropped 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 (HK$1.13 million), 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.