Sales of luxury apartments in Singapore hit record in 11 years

VNA
Sales of Singapore apartments worth at least SGD10 million (US$7.3 million) have hit an 11-year high, fueled by increased demand from Chinese millionaires seeking safe-haven assets, according to Reuters news agency.

General view of apartment blocks consisting of private and public housing, in Singapore, September 27, 2018 (Source: Reuters)

General view of apartment blocks consisting of private and public housing, in Singapore, September 27, 2018 (Source: Reuters)

According to property consultants OrangeTee & Tie, investors have long viewed Singapore as an island of stability that attracts the super-rich from its less developed Southeast Asian neighbours, as well as multimillionaires from mainland China.

In the first eight months of 2019, 68 condominium units priced at at least SDG10 million were sold, the highest tally since the corresponding period of 2008.

Expensive apartments in premium neighborhoods are mainly bought by foreigners, because at such high prices Singaporeans have the option to buy landed property, such as bungalows and mansions.

Singapore does not allow foreigners to buy landed homes, except for those on the resort island of Sentosa.

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