Sales of Singapore apartments priced at SGD 10 million or more have reached an 11-year high, driven by demand from Chinese millionaires seeking secure investments. The number of these high-end apartment sales in the first eight months of 2019 surpassed annual totals from 2011 to 2018. Many buyers are choosing Singapore over Hong Kong due to protests, or moving funds from China due to the yuan's devaluation. Mainland Chinese are the largest group of foreign buyers of luxury homes in Singapore, with significant purchases in prime districts. Foreigners prefer high-end apartments as they are restricted from buying landed properties, except on Sentosa Island.
Sales of Singapore apartments priced at a minimum of SGD 10 million (EUR 5.81 million) have reached an 11-year peak, driven by increased interest from Chinese millionaires seeking secure investments, according to property consultants Orange Tee & Tie.
Singapore has long been seen by investors as a stable island that attracts the ultra-wealthy from less developed Southeast Asian countries and multimillionaires from mainland China.
In the first eight months of 2019, 68 condominium units in the affluent city-state were sold for SGD 10 million or more, the highest number since the same period in 2008.
Sales of these high-value apartments also surpassed the annual totals recorded from 2011 to 2018, according to the consultants' analysis of transaction data.
An expert from Orange Tee suggested that some buyers might have turned to Singapore as an alternative to Hong Kong, which has been affected by protests, while others might have moved funds out of China following the yuan's devaluation amid the trade war with the United States.
Mainland Chinese are the largest group of foreign buyers of luxury homes in Singapore.
In Singapore's prime districts, Chinese citizens purchased 76 apartments worth over SGD 5 million from January to August, compared to 75 purchases by Singaporeans, data up to September 2019 show.
Expensive apartments in prime neighborhoods are primarily purchased by foreigners. At such high prices, Singaporeans often opt to buy landed properties like bungalows and mansions. Singapore restricts foreigners from buying landed homes, except on the resort island of Sentosa.
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