List Sotheby’s compiles list of neighbourhoods for super-rich in Singapore

List Sotheby’s International Realty released a list of neighbourhoods with expensive properties for the super-rich in Singapore. Singapore is home to some of the most expensive properties in the world. List Sotheby said the cooling measures rolled out over the past 20 years did not seem to diminish the value of real estate in Singapore. This is because the measures are meant to check the sharp increases in home prices so as to maintain a stable and sustainable property market. As a result, property prices are able to hold steady even though sales volume is reduced.

Exactly how expensive properties can be in Singapore be?

List Sotheby’s said typically, a luxury apartment would be priced from $3,000 per square foot (psf), with factors like size, level and orientation affecting the price. Good Class Bungalows (GCBs) and luxury apartments in the Core Central Region (CCR), which can range from $5 million to anywhere close to $100 million, are probably the most expensive properties in Singapore.

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Promising both luxury and privacy, these addresses are hard to come by, List Sotheby’s took a look at where some of the most expensive properties are located.

Image credit: Google Map

Singapore has also been constantly on the radar for international property buyers of expensive properties.

List Sotheby’s said apart from the clear legal and institutional systems, there are also no capital gains or inheritance tax in Singapore. It added that demand for properties especially in these neighbourhoods will continue to attract interest from investors and home buyers.

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Paul Ho chief mortgage consultant at iCompareLoan said foreign buyers are disproportionately represented in the expensive properties market of Singapore. “Foreign property buyers with overseas income are using mostly home loans with a lower loan-to-value ratio of typically 60-70% to finance their purchases,” he said.

He added that the high-end property market has especially felt the brunt of the Government’s property cooling measures, but that this segment would continue to find itself to be the centre of foreign property buyers interest.

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