Among the top foreign buyers of properties in the Island Republic in the first none months of 2016, Indonesians have higher budgets with most of their deals around S$3 million (RM9.3 million), Singapore’s Business Times reported, quoting real estate consultancy JLL.
According to findings from a JLL study, Indonesians have strong preference for pricier properties above S$1,400psf (RM4,326psf) and located in the core central region.
Buyers from China and Malaysia are more budget-conscious as a higher proportion of the properties they picked up were
priced below S$1.5 million (RM4.6 million) and within the range of S$750psf (RM2,317.5psf) to S$1,700psf (RM5,253psf). The Chinese are more active in the suburban property market while Malaysians prefer the core central region.
JLL said Singapore has remained a popular residential investment destination for foreign buyers due to its fundamentals and the prospect of long term capital gains.
The deterrent effects of cooling measures are subsiding as the market gradually accepts them as the new norm.
Furthermore, the recent imposition of additional stamp duties on foreign purchases by other popular residential investment destinations like London in the United Kingdom; Melbourne and Sydney in Australia; and Vancouver in Canada; has levelled the playing field.
The number of foreign buyers, excluding Singapore permanent residents, from January to September rose 11.7 per cent compared to that in the same period last year driven by buyers from China, Indonesia, Malaysia and the United States.