{"id":111002,"date":"2019-09-23T10:42:38","date_gmt":"2019-09-23T03:42:38","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/sales-of-singapore-high-end-apartments-reach-11-year-high\/"},"modified":"2019-09-23T11:05:44","modified_gmt":"2019-09-23T04:05:44","slug":"sales-of-singapore-high-end-apartments-reach-11-year-high","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sales-of-singapore-high-end-apartments-reach-11-year-high\/","title":{"rendered":"Sales of Singapore high-end apartments reach 11-year high"},"content":{"rendered":"


\nFor the first eight months of this year, 68 condominium units in the city state were sold for at least $10 million each, the highest mark since the corresponding period in 2008.
\nSales of apartments in Singapore valued at $10 million have reached an 11-year high, buoyed by increased demand from Chinese millionaires looking for safe-haven assets, reported Thomson Reuters citing OrangeTee & Tie.
\nSingapore has long been viewed as a place of stability that attracts Chinese multi-millionaires and the super-rich from its less developed South-east Asian neighbouring countries.
\nFor the first eight months of this year, 68 condominium units in the city state were sold for at least $10 million each, the highest mark since the corresponding period in 2008.
\nOrangeTee & Tie\u2019s analysis of transaction data show that the sale of such apartments exceeded the numbers reached each year from 2011 to last year.
\nThere are buyers who may have been shifting funds from China after its currency was devalued in a trade war with the US, while some may be seeking an alternative to Hong Kong which has been rocked by political protests.
\n\u201cThis may explain why we have observed more foreign buyers, especially mainland Chinese, coming into Singapore lately,\u201d said Christine Sun, OrangeTee & Tie head of research and consultancy.
\nLuxurious apartments in high-end neighbourhoods are mainly purchased by foreigners, because at such high prices, citizens have the option to buy landed property, such as mansions and bungalows.
\nIn fact, mainland Chinese are the biggest group of foreign buyers of local luxury homes.
\nChinese citizens purchased 76 apartments in Singapore\u2019s prime districts valued at more than $5 million each from January to last month, in contrast to 75 purchases by citizens.
\nSingapore prohibits foreigners from buying landed homes, except for those on the resort island of Sentosa.
\n\u201cWe do see that even though the stamp duties have increased\u2026 we are still seeing people putting big money on these apartments, predominantly more for stability than anything else,\u201d said Leong Boon Hoe, List Sotheby\u2019s International Realty chief operating officer.
\nHe was alluding to the measures Singapore used last year to cool down its real estate market, including hiking additional stamp duties for foreign buyers from 15 percent to 20 percent.
\n\u201cThey are parking their money here \u2013 they know that the Singapore dollar won\u2019t depreciate overnight,\u201d he added.
\nHome buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Sales of Singapore high-end apartments reach 11-year high<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

For the first eight months of this year, 68 condominium units in the city state...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-111002","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-sSm","jetpack-related-posts":[{"id":110927,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chinese-millionaires-propel-singapores-luxury-home-sales-to-11-year-high\/","url_meta":{"origin":111002,"position":0},"title":"Chinese millionaires propel Singapore\u2019s luxury home sales to 11-year high","date":"September 20, 2019","format":false,"excerpt":"\r Sales of Singapore flats worth at least S$10 million (US$7.3 million) have hit an 11-year high, fuelled by increased demand from Chinese millionaires seeking safe-haven assets, property consultants OrangeTee & Tie said.Investors have long viewed Singapore as an island of stability that attracts the super-rich from its less developed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101542,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-condo-prices-hit-record-high-in-q3\/","url_meta":{"origin":111002,"position":1},"title":"Luxury condo prices hit record high in Q3","date":"November 22, 2018","format":false,"excerpt":"\r View of luxury apartments in Singapore. The average price of resale luxury condos in Singapore reached a new record high of $2,063 psf in Q3 2018, likewise for new sales of high-end condos at $2,819 psf, according to a new report from OrangeTee & Tie. The most expensive luxury\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":85794,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/luxury-home-prices-in-downtown-singapore-rising-faster-than-other-high-end-districts-report\/","url_meta":{"origin":111002,"position":2},"title":"Luxury home prices in downtown Singapore rising faster than other high-end districts: report","date":"April 18, 2018","format":false,"excerpt":"\r View of historical shophouses and modern skyscrapers in Tanjong Pagar. (Photo: GuocoLand) Prices of luxury apartments in the downtown core, which includes Raffles Place, Marina Bay and Tanjong Pagar are outperforming other high-end districts in Singapore, according to an OrangeTee report. The area comprises districts 1 and 2 and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110995,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/foreigners-buy-249-condominium-units-in-q2-2019\/","url_meta":{"origin":111002,"position":3},"title":"Foreigners buy 249 condominium units in Q2 2019","date":"September 23, 2019","format":false,"excerpt":"\r This is the first quarterly increase seen since the\u00a0cooling measures\u00a0back in July 2018.\u00a0 The share of foreigners who purchased non-landed residential properties in the second quarter of this year grew to 249 units or 5.9 percent of the total transactions, reported Singapore Business Review citing OrangeTee & Tie. Image\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/09\/Foreign-buyers-private-property.png?fit=488%2C388&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":89997,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propertyguru-news-roundup-may-2018\/","url_meta":{"origin":111002,"position":4},"title":"PropertyGuru News Roundup (May 2018)","date":"May 31, 2018","format":false,"excerpt":"\r Our top Singapore property stories. Chancery Court In District 11 Sold En Bloc For $401.8m Chancery Court, a privatised HUDC estate right across the road from the Anglo Chinese School campus, has been sold en bloc for $401.78 million, or six percent higher than its reserve price of $390\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2018\/05\/Singapore-property.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":106706,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-acquisition-by-singaporeans-soar-in-q1-2019\/","url_meta":{"origin":111002,"position":5},"title":"Private Home Acquisition By Singaporeans Soar In Q1 2019","date":"April 30, 2019","format":false,"excerpt":"\r Singaporeans\u2019 share of local home purchases rose the highest in a decade versus foreigners, with 79 percent of private apartments snapped up by locals during the first quarter of 2019, reported Bloomberg citing OrangeTee & Tie. 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