Expats snap up ‘landed properties’ in
S'pore
Leah Hyslop
The
Telegraph
An increasing number of expats are turning away from the
traditional apartment or condo to purchase property with land in
Singapore.
Land is
scarce in the city-state of Singapore, but foreigners this year
have been eagerly buying so-called “landed
properties”.
According to new research by
property agent Knight Frank, foreigners were responsible for the
purchase of around 150 landed properties in the first half of 2010
- only slightly less than the number purchased in the whole of
2009.
The 81 units purchased in quarter
two comprised the largest number of landed homes bought by
foreigners since 2007, and around seven per cent of the total
amount of landed properties sold within this
period.
The analysis also showed that fewer
foreigners are buying apartments and condominiums. In quarter one,
foreigners bought 2,262 landless residences, while in quarter two,
they bought 2,093.
A spokesman for Knight Frank’s
consultancy and research department said: “The strong interest for
landed homes is due to an increasing recognition for landed homes
as a priced commodity in land-scarce Singapore. The bulk of new
residential properties launched are condominiums and apartments,
and newer choices from landed homes are limited.
“Landed
homes are also becoming increasingly attractive to foreigners who
are seeking exclusive projects in quieter locations away from main
town centres.”
According to a report published this
week by Global Property Guide, Singapore currently has the best
performing property market in the world, with prices rising faster
than anywhere else in the world.
http://www.telegraph.co.uk/property/expatproperty/7968505/Expats-snap-up-landed-properties-in-Singapore.html