'Super rich' PRC Chinese enter Singapore property market

Foreign buyers are streaming back into the private homes market in growing numbers, especially those from China.
New research from property consultancy Savills Singapore shows foreigners accounted for 22.7 per cent of private home sales in the third quarter - above the 19.7 per cent average since the start of 2000.
Buyers from China have dislodged those from India for the No. 3 spot in the rankings this year with a contribution of nearly 15 per cent of total foreign purchases. This puts China just behind Indonesia in the second spot and Malaysia at No. 1

About 54 per cent of the purchases by China buyers were for resale homes, said DTZ head of South-east Asia research Chua Chor Hoon.
Like Malaysian buyers, buyers from China tend to prefer homes priced between $500,000 and $1 million.
One-fifth of them bought homes costing $1.5 million to as much as $5 million.
Savills said recent data showed that foreigners who are not permanent residents tend to buy more pricey projects.
This group was also more likely to buy homes in prime districts than permanent residents, said Ms Sun. 'We are hearing that more of these super-rich mainland Chinese buyers have come in recent weeks to buy prime properties like the bungalows in Sentosa Cove.'
A senior private banker at a foreign bank said: 'We are seeing some clients consider buying a Singapore property as one of a string of homes they have around the world.

Asia One