Ultra-rich Asians and Chinese citizens eye Singapore luxury homes amid coronavirus pandemic
- The city state’s effective handling of Covid-19 has piqued the interest of those looking for investment homes
- Reports say the Asia-Pacific will soon see a growth in ultra high-net-worth individuals, which is likely to benefit the Singapore property market
Closer to the city, This Week In Asia understands that a 5,070 sq ft luxury penthouse at South Beach was sold to a Chinese buyer last week.
And just last month, Taiwan’s Tsai family, who own the Hong Kong-listed snack maker Want Want China Holdings, bought all 20 units of a new condominium in one of Singapore’s most exclusive neighbourhoods for S$293 million.
While property analysts noted the Tsai family’s high-profile purchase was unusual in that high-net-worth buyers tended to prefer anonymity and condominium projects rarely had such few units, the three big transactions indicate that Singapore continues to be a magnet for wealthy Asian investors looking to park their money or find a second home.
Observers suggest the city state’s effective handling of the coronavirus pandemic has boosted interest from property buyers, amid reports that an impending boom in the number of ultra high-net-worth individuals in the Asia-Pacific is likely to benefit Singapore’s luxury residential market.
According to the latest figures from Singapore’s Urban Redevelopment Authority, the number of non-landed private homes sold to foreigners this year appears to have recovered to pre-pandemic levels.
In January last year, just before the virus hit Singapore, there were 91 such transactions. Demand fell fourfold in April and May – at the height of the pandemic – but transactions shot back up to 112 in January this year, steadying at 100 last month.
