Buyers from China snap up biggest number of Singapore's luxury condos

Buyers from China purchased 932 private units in the first eight months of 2022, almost twice the number bought by Malaysians, who came in second. - ST

SINGAPORE (The Straits Times/Asia News Network): Chinese buyers have scooped up the biggest number of Singapore's private apartments in 2022 compared with other foreigners, underscoring the amount of wealth flowing into the Republic from the world's second-biggest economy.

Buyers from China purchased 932 private units in the first eight months of 2022, almost twice the number bought by Malaysians, who 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 in 2022, almost bouncing back to pre-Covid-19 levels.

Other countries among the top five foreign buyers include India, followed by the US and Indonesia.

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

Total foreign transactions in 2022 is also close to pre-pandemic levels, reaching more than 14,000 by August, the report said.

While Singapore introduced property curbs in December 2021, increasing stamp duties for second-home buyers and foreigners purchasing private property, that has 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" as these high net worth individuals have sufficient cash or capital.