303 views

Home developers to benefit from heightened foreign buyer interest: experts

Home prices in the region grew by 1.6% in the second quarter of 2022.

As wealthy Asians turn to Singapore for private home investments, home developers in the Core Central Region (CCR) may benefit from foreigners' increased demand, real estate experts said.

Knight Frank Research Head Leonard Tay cited that price growth in home prices in the CCR region coincides with the reopening of air travel lanes from April 2022 onwards.

Despite raising the Additional Buyer’s Stamp Duty for foreigners, high-net-worth individuals in Asia are still demanding luxury properties in prime areas in Singapore, which will help developers with projects in the CCR to sell the remaining stock of units in their new launches.

“Examples of foreign home buyer interest include the purchase of 20 units at CanningHill Piers for over $85 million by a Chinese national, as well as an Indonesian family reported to be in exclusive due diligence to buy 22 units at Draycott Eight,” said Tay in a statement.

Data from the Urban Redevelopment Authority showed that prices of non-landed private residential properties in the CCR went up by 1.6% in the second quarter of 2022, compared to a 0.1% decline in the past quarter.

The reopening of borders, which also allowed foreign homebuyers to return, also supported an increase in prices in CCR, Huttons said.

“The CCR, which tends to see more foreign buyers, saw prices firming by 1.6% in 2Q 2022,” it said.

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

SIT, DNV ink 3-year partnership on maritime decarbonization and digitalization
The parties will cooperate in three key areas.   The Singapore Institute of Technology (SIT) has joined hands with a maritime advisor, DNV, to advance net-zero ambitions in the Lion City’s maritime sector.

Exclusives

Where to invest your millions in real estate
Amongst locations, realtors suggest the Core Central Region.   Individuals seeking shelter in the real estate market amidst the rising inflation must consider three things before deciding where to invest their millions in.   George Tan, managing director of Savills Digital Residential Marketing, said one of these factors is location.    Tan said buyers should consider areas which are highly demanded and well located—easy access to prestigious or international schools, MRT, malls and food and beverage (F&B) establishments. All these will contribute to good rental demand.   PropNex realtor, Andy Lim, echoed this, adding that buyers should particularly invest in properties within one kilometre of the prestigious schools.