Singapore – If you were a member of one of Asia’s wealthiest families, which dream home would you buy next?
One facing Marina Bay Sands, the architectural marvel in Singapore, or one where you can take in the iconic New York skyline?
To mark the release of the Hollywood movie Crazy Rich Asians, Knight Frank, the independent global property consultancy, has selected five properties out of its extensive portfolio of prime luxury developments likely to appeal to the region’s wealthiest homebuyers.
Victoria Garrett, Asia Pacific Head of Residential at Knight Frank, says, “Location remains one of the most important factors when it comes to attracting the top 5% of Asian ultra-high-net-worth individuals (UHNWIs). Driven by a need to diversify their portfolios, or to invest in cities where their children are studying, Asian UHNWIs typically prize new builds valued over US$10 million within a prime central location.”
Over the course of 2018, 27% of Asian UHNWIs, above the global average of 22%, plan on buying an additional property in their home country.
Looking abroad, 23% of Asian UHNWIs have indicated they intend to purchase another property outside their home country, in line with global trends. UHNWIs are defined as those worth US$30 million or more in net assets, excluding their primary residence.
Asia’s most prolific overseas buyers came from Malaysia and China, for whom the average number of homes owned are 3.5 and 3.3 respectively. UHNWIs from Singapore hold an average of 3.0 homes, with most favouring properties locally and in the UK, Australia, Japan, Thailand and the US.
This comes from the Attitudes Survey, incorporated into Knight Frank’s flagship publication The Wealth Report 2018, offering an annual snapshot on the issues that are influencing wealthy individuals’ investment and lifestyle decisions.
This year’s survey results were based on the responses from 541 of the world’s leading private bankers and wealth advisors, representing roughly 50,000 clients with a combined wealth of around US$3 trillion.
To download The Wealth Report, please visit: http://www.knightfrank.com/wealthreport