In the first nine months of this year, 43 GCBs changed hands for a total of $S1.2 billion. That’s a slower market than last year, when 92 sold for $S2.6 billion. This is partly due to cooling measures imposed by the government last year. But limited supply will ensure prices hold up, Mr Ong said.
“Although landed properties in Singapore are almost exclusively bought by Singaporeans, their limited supply and strong demand has kept prices on the uptrend over the long term,” he said.
Real estate watchers expect Singapore’s luxury home market will this year take the most-expensive-in-Asia title from Hong Kong. It appears fixed on an upward trajectory
The city-state has successfully wooed family offices to set up shop, continues to attract multinational companies to join its manufacturing base, and has long been regarded as a safe place to acquire and park assets.
Last year the government raised stamp duties for foreigners who are not permanent residents from 20 per cent to 30 per cent. In the first eight months of the year, foreigners accounted for 4.3 per cent of condo purchases, up from 3.8 per cent in the same period the year before. China was the biggest source of buyers, as it has been since 2016.
Back in Nassim Rd, the real estate agent trusted with the sale of the three bungalows told the Straits Times newspaper “family offices and ultra-high-net-worth newly minted Singapore citizens hailing from China” were among those who had expressed interest. Three bids had since been lodged, confirmed William Wong from Realstar Premier.