More wealthy buyers in Asia are snapping up luxury homes in the world, with China being in the top for the most important buyers. The second to China is Singapore, where wealthy individuals are snapping up properties overseas due to the state’s expensive property locally.
Singaporean buyers are looking around for properties in many locations. In particular, London is the most popular among these buyers. The 2nd most popular location is Malaysia, primilary driven by many of the Iskandar projects. Singaporeans on average spend an average of $2.3 million for their properties.
Surprisingly, the Chinese counterparts prefer Hong Kong as their top destination for overseas property followed by New York and then London.
A report suggest that China’s buyers prefer to look at overseas property due to appreciation of the yuan as well as a slowing domestic economy, which prompt the buyers to look for overseas property as the local properties are facing slow demand.
It remains to see whether the new Jurong West new Launch Condo by MCL Land along Jurong West Street 41 can attract buyers from globally as it is very near the Jurong Gateway district as well as the Jurong Lake District. The Jurong Lake District has been gaining a lot of attention lately as 2 hotel clusters will be built around the district, prompting investors to look at it with rental potential.
Properties have remain the choice location to preserve investor’s wealth in the wake of the fragile economy and the uncertain economic conditions. In particular, choice property locations like Hongkong and Dubai has seen their property prices increase almost 80% since early 2009.