Buyers from China now comprise the largest group of foreign buyers in the exclusive residential enclave of Sentosa Cove.
In the first half of this year, Chinese buyers accounted for nearly a third of all foreign buyers - well up from 18 percent for all of last year and just 7 per cent in 2008, according to a new DTZ report yesterday.
Chinese buyers have shown a clear preference for the landed homes, accounting for 60 per cent (12 deals) of all foreign buyers. These properties tend to be more expensive than apartments, due, but, DTZ opinions, offers Chinese buyers a ‘resort-style living environment’, at prices lower than similar properties in mainland China and Hong Kong.
Although they now outnumber Malaysians, the largest group at the gated community last year, overall, they are still No. 3 among foreign buyers here, after Indonesians in second place and Malaysians at the top. The latter two groups together accounted for around 40 per cent of total deals by non-Singaporeans in the first half of this year.
Still, foreign buyers, not including PRs, remain cautious, owing to slow economic growth in the United States and Europe, said DTZ, while Singaporeans accounted for a higher proportion of private home purchases in the second quarter, at 74 per cent of total deals.
Chinese buyers are attracted to the transparent and well-regulated Singapore market, come to Singapore to work, or want their children to study here, due to the comfortable, bilingual environment, and have the wealth and mobility to purchase properties, such as the $36 million purchase of a Sentosa Cove bungalow in June this year.
Rising real estate prices and property purchase curbs in China have also motivated its citizens to look to overseas markets for diversification and investment opportunities, Ms Chua said.
Savills Singapore prestige homes and investment director Steven Ming said Singapore is the main Asian market Chinese buyers are keen on. The DTZ report said that when it comes to non-landed homes, Chinese buyers generally prefer districts 15, 16 and 23.
Singapore PRs from China generally like homes in districts 22 and 23 such as Jurong and Choa Chu Kang as they are near a number of their workplaces.
On the other hand, well-to-do Chinese buyers are attracted to prime districts 9, 10 and 11 as well as waterfront areas in Sentosa Cove and district 15 in the east.
Source : The Straits Times © Singapore Press Holdings Ltd. Reprinted with permission.
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anonymous said...
wow
November 22, 2010 2:35:00 PM
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