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Rich Chinese are biggest Singapore luxury condo buyers

Rich Chinese are biggest Singapore luxury condo buyers
Buyers from China purchased 932 condos in the first eight months of 2022, almost twice the number bought by Malaysians. (PHOTO: ROSLAN RAHMAN/AFP/Getty Images)

By Nurin Sofia

(Bloomberg) — Mainland Chinese buyers have scooped up the biggest number of Singapore’s private apartments this year compared with other foreigners, underscoring the amount of wealth flowing into the city-state 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, which 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% of total transactions this year, almost bouncing back to pre-Covid levels.

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

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

Super-Rich China Hotpot Entrepreneurs Buy Singapore’s Top Homes

Total foreign transactions this year is also close to pre-pandemic levels, reaching more than 14,000 by August.

While Singapore introduced property curbs in December 2021, increasing stamp duties for second-home buyers and foreigners purchasing private property, that’s 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” for high net worth individuals.

©2022 Bloomberg L.P.