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S’pore emerges as favoured investment destination for China’s super-rich

Posted by Singapore Property Launch on 13th February 2018 in Blog
Picture of Costa Rhu Condominium, one of the most prestigious apartments in Singapore.

Singapore is gaining popularity amongst wealthy Chinese investors because of its world-class health facilities and international schools, while Mandarin is among its four official languages.

While Hong Kong continues to be the primary destination for China’s offshore money, more Chinese high-net-worth individuals (HNWIs) are looking at Singapore as a safe haven to park their wealth.

This comes as Chinese HNWIs feel exposed by Hong Kong’s changing banking practices, reported Bloomberg.

Hong Kong has entered into tax transparency agreements which requires banks to report their account holder’s information to Hong Kong officials, which in turn makes the information available to 75 jurisdictions, including mainland China.

While Singapore also has similar agreements with 61 jurisdictions, it does not include either Beijing or Hong Kong, which means the Chinese government has no access to their account holders.

“Many rich people from the mainland believe Hong Kong is still a part of China, after all,” said Xia Chun, chief research officer at Noah Holdings Ltd. of Hong Kong, an asset management service provider. “They think there’s no difference in putting money in Hong Kong, compared to Beijing.”

With this, the number of Chinese HNWIs who consider Hong Kong as their preferred overseas destination for investment fell to 53 percent from 71 percent in 2016, revealed a Bain & Co. survey. Over 20 percent prefer Singapore, an increase from 15 percent in 2016.

“Singapore is the Zurich of the East,” said Xiao Xiao, chief operating officer of Chinese wealth manager Fortunes Capital.

“We see Singapore, not Hong Kong, as the bridgehead of China’s investment overseas,” noted Li Qinghao, co-founder of NewBanker Tech Consulting.

Singapore offers other attractions for Chinese HNWIs. The city-state has world-class health facilities and international schools, while Mandarin is among its four official languages.

And with real estate far cheaper than in Hong Kong, mainland Chinese emerged as the biggest foreign buyers of luxury properties in Singapore in H1 2017, said Cushman & Wakefield.

credits: propertyguru

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URA awards 3 housing sites for $728.55m

Posted by Singapore Property Launch on 11th February 2018 in Blog
West Coast Vale land parcel

The land parcel in West Coast Vale was awarded to a subsidiary of CDL for $472.4 million. (Photo: URA)

The Urban Redevelopment Authority (URA) announced on Wednesday (7 February) that it has successfully sold three residential sites for a total of $728.55 million.

In particular, the approximately 210,881 sq ft plot in West Coast Vale was purchased by a subsidiary of City Developments Limited (CDL) for $472.4 million. The selling price submitted by CDL Pegasus translates to $800 psf based on its maximum permissible gross floor area (GFA) of 590,476 sq ft.

CDL Pegasus also acquired the 51,626 sq ft site in Handy Road for $212.2 million, which works out to $1,722 psf based on its GFA of 123,204 sq ft.

Finally, a joint venture between Lian Soon Holdings and OKP Land purchased the 46,101 sq ft land parcel in Chong Kuo Road for about $43.95 million. The selling price translates to $681 psf based on its GFA of 64,551 sq ft.

All three entities submitted the highest bids for the three 99-year leasehold sites.

Previously, the land parcels in Chong Kuo Road, Handy Road and West Coast Vale were respectively launched for sale on 31 October, 30 November and 19 December 2017. Thereafter, the three tenders simultaneously closed on 30 January 2018.

credits: propertyguru

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S’pore emerges as favoured investment destination for China’s super-rich

Posted by Singapore Property Launch on 9th February 2018 in Blog
Picture of Costa Rhu Condominium, one of the most prestigious apartments in Singapore.

Singapore is gaining popularity amongst wealthy Chinese investors because of its world-class health facilities and international schools, while Mandarin is among its four official languages.

While Hong Kong continues to be the primary destination for China’s offshore money, more Chinese high-net-worth individuals (HNWIs) are looking at Singapore as a safe haven to park their wealth.

This comes as Chinese HNWIs feel exposed by Hong Kong’s changing banking practices, reported Bloomberg.

Hong Kong has entered into tax transparency agreements which requires banks to report their account holder’s information to Hong Kong officials, which in turn makes the information available to 75 jurisdictions, including mainland China.

While Singapore also has similar agreements with 61 jurisdictions, it does not include either Beijing or Hong Kong, which means the Chinese government has no access to their account holders.

“Many rich people from the mainland believe Hong Kong is still a part of China, after all,” said Xia Chun, chief research officer at Noah Holdings Ltd. of Hong Kong, an asset management service provider. “They think there’s no difference in putting money in Hong Kong, compared to Beijing.”

With this, the number of Chinese HNWIs who consider Hong Kong as their preferred overseas destination for investment fell to 53 percent from 71 percent in 2016, revealed a Bain & Co. survey. Over 20 percent prefer Singapore, an increase from 15 percent in 2016.

“Singapore is the Zurich of the East,” said Xiao Xiao, chief operating officer of Chinese wealth manager Fortunes Capital.

“We see Singapore, not Hong Kong, as the bridgehead of China’s investment overseas,” noted Li Qinghao, co-founder of NewBanker Tech Consulting.

Singapore offers other attractions for Chinese HNWIs. The city-state has world-class health facilities and international schools, while Mandarin is among its four official languages.

And with real estate far cheaper than in Hong Kong, mainland Chinese emerged as the biggest foreign buyers of luxury properties in Singapore in H1 2017, said Cushman & Wakefield.

credits: propertyguru

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20,000 people own 3 to 10 private homes in S’pore: Ministry

Posted by Singapore Property Launch on 7th February 2018 in Blog
20,000 people own 3 to 10 private homes in S’pore: Ministry

Only a few people own over 10 private homes in Singapore, revealed the Ministry of National Development.

Fewer than 200 people currently have more than 10 private residential properties in Singapore, according to a written answer from the Ministry of National Development released on Monday (5 February).

It stated this in response to a query from Gan Thiam Poh, MP for Ang Mo Kio GRC, who also asked about the current number of individuals who own a specific number of private units.

“About 381,000 Singapore citizens, permanent residents, and foreigners own one private residential property in Singapore.  About 59,000 own two (and) 20,000 own three to ten private residential properties,” replied the Ministry.

“Of these private residential property owners, 15 percent also own an HDB flat,” it said in response to another question from Gan, who worked as a Senior Vice-President at DBS Bank.

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Govt to unveil underground masterplan in 2019

Posted by Singapore Property Launch on 5th February 2018 in Blog
Underground city in Singapore resized

Artist’s impression of an underground city in Singapore. (Photo: JTC Corporation)

In a bid to provide a comprehensive look of what lies beneath, the government will unveil an underground masterplan mapping out the city-state’s underground spaces and their potential uses next year, reported the Straits Times.

Urban Redevelopment Authority (URA) chief planner Hwang Yu-Ning revealed that the underground masterplan will be released as part of the next masterplan guiding the city-state’s development in the medium term.

She noted that URA is working at having a more complete 3D map of the subterranean spaces and infrastructure.

This comes as the government has to “take stock and have a good database of information” of what is underground “so we have a good basis plan”, said National Development Minister Lawrence Wong.

The idea of a plan for Singapore’s underground development was first raised in a blog post by then National Development Minister Khaw Boon Wan in 2013.

Details of what lies underground are currently known to each relevant authority only – the power grids to the Energy Market Authority and the water pipes to PUB.

As such, a developer trying to build underground has a hard time figuring out whether there is scope to do anything as the information is spread out, noted Sing Tien Foo, director of the Institute of Real Estate Studies.

And while the URA aims to provide a complete map of the underground space, not everyone will be given free access to said information due to security concerns.

“If we share too much, we are concerned about the security threat of having unsavoury people use this information,” said Hwang.

“We are still thinking how precise and how much information we want to make available to the public.”

credits: propertyguru

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Resale condo prices up 0.6% in December

Posted by Singapore Property Launch on 31st January 2018 in Blog
Resale condo prices up 0.6% in December

Prices of completed non-landed private homes in Singapore continued to rise in December at 0.6 percent, following a revised 1.6 percent hike during the previous month, revealed flash estimates of the NUS Singapore Residential Price Index (SRPI).

Excluding small units, home prices in the central region rose 0.5 percent in December, down from the 1.8 percent increase registered in November.

Prices in the non-central region climbed 0.7 percent, also lower compared to the 1.4 percent growth seen during the previous month.

Meanwhile, prices of small units measuring 506 sq ft or below held flat in December, after it rose 1.1 percent in November.

The central region sub-basket comprises properties found in postal districts 1 to 4 as well as 9 to 11. Properties located in the other postal districts fall under the non-central region sub-basket.

credits: propertyguru

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