• The top foreign buyers of condos in the city state are Chinese citizens.

KUALA LUMPUR (Oct): Malaysians are the second largest group of foreigners buying condominium units in Singapore, according to research by OrangeTee & Tie. The top foreign buyers of condos in the city state are Chinese citizens.

Based on data provided by OrangeTee & Tie, EdgeProp Singapore reported that mainland Chinese buyers made up the bulk of foreigners who purchased condo units in the republic between January and August.  

“Including both permanent residents and non-permanent residents, Chinese buyers took up 932 condo units during the period, followed by buyers from Malaysia (566 units), India (324 units), the US (203 units) and Indonesia (194 units),” revealed the property website.

Chinese buyers also represented the biggest group of foreigners that acquired luxury condos. “Roughly 20% or 81 units of condos priced at S$5 million (RM16.25 million) and above were bought by mainland Chinese buyers. This was followed by US citizens (34 units or 8%) and Indonesians (28 units or 7%),” said the website.

Christine Sun, senior vice president of research & analytics at OrangeTee & Tie told EdgeProp Singapore that pricing “sweet spot” for these foreign buyers “falls between S$800,000 and S$2 million for a condo unit”.

Data for the first eight months of the year revealed that the majority of mainland Chinese and Indian buyers purchased units between S$800,000 and S$3 million, while Malaysian buyers went mainly for units priced less than S$2 million.

As for location, District 10 was the most popular area among these foreign buyers, followed by Districts 9, 3 and 6.

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