News: China drives sales of Singapore’s luxury apartment market

Oct 11, 2019

Mainland Chinese nationals bought 97 of the 315 units at Singapore’s core central region in the first nine months of 2019. 

Sales for the luxury segment of Singapore’s residential market is on a high, due to increased interest from mainland Chinese, reported Bloomberg citing Colliers International Group.

In the first nine months of 2019, foreigners bought 315 apartment units located at Singapore’s prime core central region.

Mainland Chinese nationals, considered as Singapore’s largest foreigner buyer group, bought 97 of these units. In contrast, Hong Kongers bought only eight units.

The sales figure is almost similar to the pace before cooling measures were introduced by the government in July 2018.

While some market observers expected the protests in Hong Kong to push people there to purchase property in the city-state, it appears that isn’t necessarily the case.

“The increase in luxury home sales could be due to more China buyers seeking an alternative from Hong Kong, while others may have shifted funds from China after the yuan was devalued,” said Tricia Song, Colliers head of research for Singapore.

“Based on the available data, we have not seen any strong evidence to suggest a sharp inflow of Hong Kong money into Singapore residential properties. However, we note that there is more Chinese interest, particularly in luxury homes,” said Song.

The figures indicate that over the same period, 75 apartment units were bought for at least S$10 million, equal to all of 2010.

 

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

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