Singapore’s new homes widen their price gap over older real estate, buoyed by interest from foreign buyers
- Anecdotally, the high-net-worth individuals from Hong Kong have a shopping budget in the S$4 million to S$5 million range
- While there is definitely an increase in interest from Hongkongers, it is still too early to tell whether this will translate into actual sales
As the political unrest in Hong Kong has taken a violent turn, there is growing unease among the wealthy. A side-effect has been an increase in enquiries and expressions of interest about buying residential property in Singapore from private bankers in Hong Kong, according to some property agents.
“It’s not just private bankers inquiring on behalf of their clients in Greater China including Hong Kong, but the private bankers themselves are house-hunting in Singapore too,” said Ken Low, managing partner of SRI, who recently met such a banker. “And it’s not just local Hongkongers, but expatriates living and working there, who are now exploring the possibility of diversifying their risks and parking some of their wealth in Singapore.”
Anecdotally, the high-net-worth individuals from Hong Kong have a shopping budget in the S$4 million to S$5 million (US3.6 million) range, Low said, and are looking at completed projects in the Core Central Region, the likes of Wallich Residence at Tanjong Pagar Centre, Marina One Residences, 8 St Thomas and South Beach Residences.
However, some are also shopping at new launches in the prime districts, for instance, Juniper Hill on Ewe Boon Road, The Hyde at Balmoral and Boulevard 88, as they are looking at “the prospect of capital appreciation,” he said.
While there is definitely an increase in interest from Hongkongers, it is still too early to tell whether this will translate into actual sales, said Bruce Lye, managing partner of SRI.
