Mainland Chinese real estate buyers continue to show greater hunger for Singapore residential property market despite stringent measures introduced to curb foreign demand and speculation.
According to data obtained from Juwai.com, Chinese citizens greatly preferred to buy property within China, but in terms of purchasing overseas, they would opt for Singapore with the United States and Hong Kong coming in closely.
Inquiries for properties in Singapore went up by 99% from the 4th quarter of 2015 to the 1st quarter of 2016. This translated into a total value price of $692.6 m. The median price of the properties stood at $633,000. This info was from the Chinese international property data.
The majority of the enquiries documents were of properties in Pasir Ris, Toa Payoh and Serangoon, since they are accessible and conveniently located near the major important amenities like schools etc.
An Edmund Tie and Co. report indicated that mainland Chinese buyers enquired for properties in the prestigious district 22 and 5. This was driven by the fact that the west side of Singapore is set to be developed in the infrastructural aspect that will include CBD in Jurong Lake District, Jurong West’s innovation district, and the high-speed rail terminus.
According to experts, education, tourism, and affordability were the main reasons why Chinese property buyers continue to eye Singapore’s property market.
While Chinese investors are looking to exploit Singapore’s market it is also opposite as Singaporeans and other nationalities are seeking to also exploit the Chinese property market.
“There is a massive investment and great opportunities in China and which is continuing to grow day by day,” David Ji Knight Frank Head of research and consultancy said.
“China is still developing itself on all fronts including technology and manufacturing sectors as witnessed by its high GDP rate of 6.5% which is still a strong mark despite lowering from 7%, making investors go for commercial and residential properties in large numbers.” David Ji further added.
“Foreigners ability to buy property in China is relatively an easy process as they just need to prove that they reside in China,” Ji noted.
A partnership between PropertyGuru group and Juwai.com will seek to help investors invest in the right way by providing relevant options especially to Chinese investors seeking for property located in South East Asia.
Here are some new residential launches you might be keen to read on, such as the Watercove Ville, a rare Freehold landed development by the sea and not forgetting the Seaside Residences, a condominium development in Siglap with beautiful sea view too.