12 Sep '11, 12am

Luxury apartments in Singapore drawing more foreign buyers

Luxury apartments in Singapore drawing more foreign buyers

Singaporeans may be cautious as prices have not recovered from peak or they may have bought landed homes By Esther Teo, Property Reporter Foreigners are snapping up posh apartments and contributing to much of the activity in the high-end market that has been languishing since the heady days of 2007. Foreigners, including permanent residents, have bought 162 non-landed units with a price tag of more than $5 million in the first half of this year. That is about 60 per cent of the transactions at the top-end market, according to an analysis by Cushman and Wakefield of caveats lodged with the Urban Redevelopment Authority. These include both primary and secondary sales. Background story Singaporeans have retreated, accounting for just 20 per cent of purchases of more than $5 million in the six months to June 30. Foreigners, including permanent residents, have bought 162 non-la...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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