Malaysians, Chinese Turn to Singapore Property Amid Turmoil at Home

Asian buyers are returning to Singapore as a safe haven from economic and political uncertainty

Singapore’s prime residential market is showing signs of a rebound, led by demand from Malaysian and Chinese buyers who have been spurred by political and economic uncertainties at home, a new survey shows.

Property sales in Singapore’s upmarket districts jumped almost 70% from 364 in the first three months of the year to 608 in the second quarter, according to real estate services firm DTZ.

The prime districts include the city center and the exclusive island resort of Sentosa.

Demand from foreigners was up 63% quarter-on-quarter, with 219 sales to overseas buyers recorded during the period.

Malaysians and Chinese were top buyers, according to DTZ, followed by those from Indonesia, the U.S. and Hong Kong.

“This trend seems interesting,” Lee Nai Jia, the Southeast Asia research head for Chicago-based DTZ, told Mansion Global.

“It coincides with a time when the Chinese market is still uncertain due to the (turmoil in the) equity market and for Malaysia, the falling ringgit. Malaysian buyers are coming to Singapore to safeguard their wealth.”

Lee said he was surprised to see increased demand among buyers from neighboring Malaysia as its currency, the ringgit, has fallen heavily which means Malaysians have to pay more for Singapore property.

 

Source: Mansion Global

http://www.mansionglobal.com/articles/8345-malaysians–chinese-turn-to-singapore-property-amid-turmoil-at-home

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