The country reaps the benefits of post-pandemic reopening and a relatively strong currency despite tax increases, as wealthy Chinese nationals have been the top foreign buyers of expensive private properties in Singapore this year.
Buyers from China accounted for almost one-fifth of the 425 luxury units - defined as costing more than S $5 million US $3.52 million - sold from January to August this year. This was followed by 34 units bought by Americans and 28 units by Indonesians.
Singapore is a magnet for the mega-rich, wooed by the country's stable politics, strong currency and reputation as a safe haven to park assets, analysts said. Singapore's property prices have tended to accelerate slowly, with few booms and wild busts seen in other popular markets.
China is facing a property crisis, with slumping sales and developers defaulting on debts, and consumer confidence has been soured by repeated COVID 19 lockdowns.
In the first eight months of this year, the number of luxury units sold to foreigners in Singapore has outpaced the 282 in the same period in pre-pandemic 2019 and 322 in 2018.
The Urban Redevelopment Authority and OrangeTee Tie property consultancy show that Singapore property remains popular among foreigners despite the Government raising taxes for purchases last December.
Stamp duties for foreigners without permanent residency were raised from 20 per cent to 30 per cent in a bid to cool the private property market.
In January to August this year 143 luxury apartments were sold to these foreigners - higher than the 136 during the same period in pre-pandemic 2019.
In June, a Chinese tycoon splurged more than S $85 million on 20 new units in central Singapore, while another Chinese buyer snapped up four units for around S $60 million.