11/10/2022
๐๐ก๐ฒ ๐๐ข๐ง๐ ๐๐ฉ๐จ๐ซ๐ ๐ฉ๐ซ๐ข๐ฏ๐๐ญ๐ ๐ฉ๐ซ๐จ๐ฉ๐๐ซ๐ญ๐ฒ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฐ๐ข๐ฅ๐ฅ ๐๐จ๐ง๐ญ๐ข๐ง๐ฎ๐ ๐ญ๐จ ๐ฌ๐ญ๐๐ฒ ๐ฌ๐ญ๐ซ๐จ๐ง๐ ๐๐๐ฌ๐ฉ๐ข๐ญ๐ ๐ญ๐ก๐ ๐๐จ๐ฏ๐๐ซ๐ง๐ฆ๐๐ง๐ญ ๐ข๐ง๐๐ซ๐๐๐ฌ๐ข๐ง๐ ๐ญ๐๐ฑ๐๐ฌโ
1. There is a flood of relocations โ๏ธโ๏ธ to Singapore from Hong Kong as we open up our borders. FYI, mainland Chinese buyers make up the bulk of foreigners purchasing condo units in Singapore.
2. Singapore is actively wooing the ultra-rich ๐จโ๐ผto Singapore, issuing visas to those earning more than $30000 per month.
3. The ultra-rich love Singapore's stable politics, strong currency, and our reputation as a safe haven to park assets ๐ต.
4. There is good confidence ๐ช in Singapore property market, as the Singapore Government will introduce cooling measures from time to time to make sure the property market does not heat up too fast and furious. Conversely, China is facing a property crisis with low consumer confidence ๐ with developers defaulting on debts and covid lockdowns.
5. While 30% ABSD is a lot of money ๐ฐ๐ฐ to the average buyer, but it is just mere transaction costs for ultra rich.
โจโจSo, while the Government has recently announced new cooling measures on Sep 30, it is unlikely to have a big impact on the high-end private property market, as HNW individuals will likely still have sufficient cash or capital.
SINGAPORE: Wealthy Chinese nationals have been the top foreign buyers of expensive private properties in Singapore this year as the country reaps the benefits of post-pandemic reopening and a relatively strong currency, despite tax increases. Buyers from China accounted for about one-fifth of the 42...