Published 31 March 2011
The Business Times
By Kalpana Rashiwala
Foreigners’ share of bungalow deals hits 11.7% last year, from 9.1% in 2009
MAINLAND Chinese replaced Malaysians as the biggest foreign buyers (including permanent residents) of bungalows across Singapore last year, shows a caveats analysis by CB Richard Ellis.
China nationals picked up 19 properties in 2010, giving them a 3.3 per cent share of the total 571 caveats lodged for bungalows last year.
UK citizens were in second place, with 11 deals or 1.9 per cent share, followed by Malaysians, who picked up eight bungalows (1.4 per cent share).
In 2009, Malaysians were the number one buyers, followed by UK citizens and mainland Chinese.
Foreigners’ (including PRs’) share of bungalow purchases across Singapore rose from 9.1 per cent in 2009 to 11.7 per cent in 2010, surpassing their 11 per cent share in 2007. Companies’ share of purchases rose from 10.8 per cent in 2009 to 12.3 per cent last year.
Singaporeans remained the predominant buyers of bungalows, accounting for 434 deals (76 per cent of all bungalow purchases) last year.
However, this is lower than their 80.1 per cent share in 2009.
Throughout Singapore, a total 571 caveats were lodged for bungalow purchases last year, up 6.3 per cent from 2009 but still 29.7 per cent lower than the high of 812 deals in 2007.
The Chinese were most active in District 4 (which includes Sentosa Cove) where they picked up 15 bungalows last year, nearly double the eight properties they acquired in the area in 2009.
They were the biggest foreign buyers in the district for both years.
Singaporeans, however, bought even more bungalows in the district – 15 in 2009 and 23 in 2010.
After the Chinese, Indonesians were the next biggest foreign buyers of bungalows in District 4 with six deals, followed by Malaysians (three deals) last year.
District 10 – a high-end bungalow location on mainland Singapore – last year saw three purchases each by Australians and Malaysians, and two purchases each by Chinese and UK citizens.