Thursday, July 8, 2010

Trends emerge as foreigners hunt for landed homes

(SINGAPORE) Districts 15 (which includes Katong, Telok Kurau, East Coast Road and Siglap) and 4 (which includes Sentosa Cove) have been the most popular among foreigners buying landed homes this year up to June 8. They are followed by Districts 19, 10 and 16. Singaporeans, on the other hand, have zoomed in on Districts 19, 15, 16, 28 and 10 - in that order.

Malaysians, the biggest group of foreign buyers of landed properties, purchased 38 landed homes. Their most sought-after location was District 16 (which includes Upper East Coast, Bedok and part of Upper Changi Road East) where they bought eight homes, followed by District 19 (including Serangoon Gardens, Lorong Chuan, Upper Paya Lebar, Upper Serangoon and Hougang). UK citizens were the second biggest foreign buyers of landed houses, with 21 purchases. Their top choice was District 10, which includes Tanglin and Holland roads and part of Bukit Timah.

Chinese nationals were third, with 17 purchases, the bulk (11 units) on Sentosa Cove. Australians bought 10 houses, mostly in districts 10, 15 and 19.

Reflecting their varying location preferences, the prices of landed homes bought by the various nationalities differed. The Chinese, who bought homes mostly on Sentosa Cove - where Singapore's most expensive bungalows can be found - paid $5 million and above for the bulk of their landed purchases in H1 2010 (up to June 8).

For the other major nationalities (including Singaporeans, Malaysians, UK citizens, Australians, Indonesians and Indians), purchases were predominantly in the $1.5 million to $5 million range; there were also deals in the $1 million to $1.5 million price bracket.

While no foreigner picked up a landed property costing under $1 million in H1 2010, 58 Singaporeans did so - the bulk of them probably for terrace houses, CBRE said.

Source: Business Times, 8 Jul 2010

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