Singapore luxury apartment sales hit 11-year high, driven by Chinese demand

Tan KW

Publish date: Fri, 20 Sep 2019, 06:01 PM

SINGAPORE: Sales of Singapore apartments worth at least S$10 million ($7.3 million) have hit an 11-year high, fuelled by increased demand from Chinese millionaires seeking safe-haven assets, say property consultants OrangeTee & Tie.

Investors have long viewed Singapore as an island of stability that attracts the super-rich from its less developed Southeast Asian neighbours, as well as multimillionaires from mainland China.

In the first eight months of 2019,68 condominium units in the wealthy Asian city-state were sold for S$10 million and more, the highest tally since the corresponding period of 2008.

Sales of such apartments also exceeded the numbers racked up for each full year from 2011 to 2018, the consultants' analysis of transaction data shows.

Some buyers may have sought an alternative to rival financial hub Hong Kong, hit by protests, while others may have shifted funds from China after its yuan currency was devalued in a trade war with the United States, an OrangeTee expert said.

"This may explain why we have observed more foreign buyers, especially mainland Chinese, coming into Singapore lately," said Christine Sun, its head of research and consultancy.

Mainland Chinese are the biggest group of foreign buyers of Singapore luxury homes.

In Singapore's prime districts, Chinese citizens bought 76 apartments worth more than S$5 million in the period from January to August, versus 75 purchases by Singaporeans, data until Sept. 19 show.

Expensive apartments in premium neighbourhoods are mainly bought by foreigners, because at such high prices Singaporeans have the option to buy landed property, such as bungalows and mansions.

Singapore does not allow foreigners to buy landed homes, except for those on the resort island of Sentosa.

"We do see that even though the stamp duties have increased.... we are still seeing people putting big money on these apartments, predominantly it is more for stability than anything else," said Boon Hoe Leong, chief operating officer of high-end realtor List Sotheby's International Realty.

He was referring to measures Singapore adopted last year to cool its real estate market, such as hiking additional stamp duties for foreign buyers to 20% from 15%.

"They are parking their money here - they know that the Sing dollar won't depreciate overnight," he added.

- Reuters

Discussions

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calvintaneng

This sudden rise is artificial caused by enbloc collective sale

Many owners suddenly received windfall Bonanza due to enbloc fever

A condo worth only $1 millions could get twice the value because of its prime land for redevelopment

So an old condo block with 300 units will be demolished and rebuild into 4 x of 1200 units of taller and smaller units

2 things push up current prices artificially

1. By being enblocked many units are destroyed both for owners and renters
So there is not enough apt condos currently as many many thousands are taken off and demolished. As a result too many landlords and tenants chasing for shrunken pool of available units

2. And landlords who got 2x or 3x jackpots from chosen enblocked windfall condos suddenly find themselves enriched

And they pay very high current prices for available units in the market (why are they able to do so? The answer is the sudden new found luck of getting extra $$ for their old condos like hitting lottery

And they can pay 10% or 20% more buying from open market according to their fancy

SO THIS CREATES A TEMPORARY ARTIFICIAL JACK UP OF CONDO PRICES IN SINGAPORE WHICH IS TRANSIENT

MANY FOOLISH MALAYSIANS WHO BUY NOW IN SINGAPORE WILL BE CAUGHT WITH THE PANTS DOWN LATER

WHEN EACH BLOCK OF DEMOLISHED OLD CONDOS ARE REBUILD INTO 1200 UNITS OF NEW CONDOS EACH AND MULTIPLY THAT BY THE THOUSANDS....

SINGAPORE WILL THEN BE FLOODED BY NEW AND VERY EXPENSIVE CONDOS THAT CAUSE A MASSIVE HORRENDOUS GLUT OF GIGANTIC PROPROTION

THIS WILL CAUSE OVER SUPPLY MORE THAN REAL DEMAND

AND PRICES OF SPORE REAL ESTATE WILL THEN COLLAPSE...BRINGING MISERY TO THOSE WHO BUY NOW AT THE VERY TOP

WHAT SHOULD MALAYSIANS DO?

ANSWER IS AVOID BUYING CONDOS IN SPORE BY ALL MEANS

IN FACT IF YOU OWN ANY INVESTMENT CONDOS IN SPORE YOU SHOULD SELL AND GET OUT NOW!!!

TO KNOW MORE VISIT WWW.JOHORINVESTMENT.COM

2019-09-20 23:14

Armada An Quantum Leap Stock In 2019/2020

Very genuine sharing from Dato Calvin.
That's the capital class trick game.

Money & Power always can create vacuum from the within.
Who got suck in, his blood will be vaporized.

2019-09-20 23:19

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